The phenolic resin industry is expanding as a result of the rising trend of using natural alternatives, such as lignin, as a substitute for the base material phenol. Additionally, over the course of the forecast period, the phenolic resins market is likely to benefit greatly from product and application innovation in impregnated materials.
Demand for phenolic resins is primarily driven by the U.S. economic recovery and the housing construction industry's rapid expansion. In the Asian construction industry, decorative phenolic laminates, particularly for residential and commercial applications, are quickly gaining popularity. Another important factor driving this industry is the increase in construction activities brought on by a growing population and a significant rise in consumer disposable income in this nation.
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