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The duration of the global phenolic resin market is expected to increase to $4.56 billion between 2020 and 2024. The report also provides an effect on market venue and new opportunities created as a result of the COVID-19 pandemic. We expect the effect to be significant in the first quarter, but it will gradually decline over the coming quarters, with a limited effect on year-round economic growth.
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Technavio announced its latest market report, Global Phenolic Resin Market 2020-2024 (Table: Business Wire)
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The benefits of phenolic resins are one of the key points in the expansion of the phenolic resins market. Phenolic resins have intelligent chemical and physical properties, such as low toxicity, superior mechanical resistance, low smoke formation, intelligent heat resistance and superior thermal stability. Phenolic resins are used in many programs, from molded products to coatings and adhesives. These are used in programs in end-user industries, adding automotive, electrical and electronics, and construction. Phenolic resins are also used in the manufacture of billiard balls due to their maximum mechanical strength. These are used in insulation and laminated plastics because they have smart homes with electrical insulation. Phenolic resins are also used in many household programs due to their intelligent electrical resistance, dimensional and thermal stability and water and solvent resistance.
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According to Technavio, expansion in structure and structure activities will have a positive effect on the market site and will contribute particularly to its expansion during the forecasting period. This study report also looks at other vital trends and market site drivers that will influence market site expansion by 2020-2024.
Phenolic resins market: development and activities
The global structure industry is expected to grow to $12 trillion during the forecast period. The APAC region includes the world’s major emerging economies, namely Indonesia, China, India and the Philippines. This structure in the global structure industry will stimulate the use of phenolic resins in the structure. Phenolic resins are widely used tails for structural qualities such as plywood, structure panels, beams and OSB, which must be waterproof. In addition, phenolic resin binders are used in the manufacture of particle or platelet panels. As a result, the expansion of the structure industry will stimulate market expansion during the forecasting period.
“Other points, such as the growing demand for phenolic resins from the automotive industry and the growing demand for customers’ goods, will have a significant effect on the expansion of the market price for phenolic resins during the forecast period,” he said. senior analyst at Technavio.
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Phenolic resins market: segmentation analysis
This market research report segments the phenolic resin market by type (resol, novoloc, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region governed the market percentage of phenolic resin in 2019, followed respectively by North America, Europe, South America and MEA. During the forecasting period, the APAC region is expected to revel in incremental expansion due to the increasing use of phenolic resins in molding components, which are used in infrastructure and structure in emerging countries such as China and India.
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Some of the key topics in the report include:
Market factors
Market challenges
Market trends
Seller’s landscape
Covered suppliers
Supplier rating
Positioning suppliers in the market
Competitive scenario
About Technavio
Technavio is a world-leading generation consulting and studies firm. His studies and studies focus on emerging market trends and provide actionable data for companies to identify market point opportunities and expand effective methods to optimize their market positions.
With more than 500 specialized analysts, Technavio’s reporting library includes more than 17,000 reports and counts, covering 800 technologies, in 50 countries. Its clientele is made up of corporations of all sizes, adding more than one hundred Fortune 500 corporations. This developing visitor base is based on Technavio’s comprehensive coverage, in-depth studies and the wisdom of market locations to identify opportunities in existing and potential market locations and assess their competitive positions in converting market location scenarios.
See the businesswire.com edition: https://www.businesswire.com/news/home/20200827005041/fr/
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