Market Size of Novolac Resins Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Novolac Resin Market Analysis
The novolac resins market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the novolac resins market is the high demand for fuel-efficient light vehicles. Furthermore, increasing demand from the consumer electronics segment is expected to propel the market. The abrupt flare-up of the COVID-19 is foreseen to thwart the development of the market studied.
- Automotive application is anticipated to dominate the overall market owing to its various properties inlcuding heat resistance, fireproof, chemical resistance, and electrical insulating.
- Asia-Pacific is expected to be the largest market because of the high demand of the product from various industries in the region.
