Phenolic Resins Market Share | Dynamics, Comprehensive Analysis, Business Growth, Revealing Key Drivers, Prospects
The global Phenolic resins market anticipated to grow significantly on account of growing demand from the automotive and building & construction industries. Moreover, the advanced properties associated with phenolic resins and increasing demand from tire industry are expected to drive market over the forecast period. The high demand from the friction material & rubber in the transportation sector favors growth of the lightweight & durable phenolic compounds. Furthermore, rising awareness regarding new & existing products has compelled the new players to provide high quality products and utilize advanced processing technologies, which is likely to have positive impact on the growth in the near future. Technological advancement is expected to open new growth opportunities for phenolic resins over the forecast period. However, environmental regulations and issues pertaining to recyclability factors may hamper the growth of the market during the forecast period. Mark