Novolac Resins Market Size, Status and Forecast 2021-2025 | Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL
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.
Top leading Manufacturers Profiled in Novolac Resins Market Report are: Hexion, DIC CORPORATION, SBHPP, KANGNAM CHEMICAL, and BASF SE
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Regional Analysis for Novolac Resins Market:
For a comprehensive understanding of market dynamics, the global Novolac Resins market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.
Asia-Pacific Region to Dominate Novolac Resins Market
- Asia-Pacific region is expected to have the highest growth rate attributing to the high consumption of novolac resins from end-users in emerging economies like China, India, etc. from the region.
- The revenue of Japans furniture market is projected to be USD 102.83 billion in 2020 and is forecasted to grow at an annual CAGR of 2.5% during 2020-2023.
- In China, the total income of the consumer electronics division is projected to account for USD 173.76 billion in 2020 and is foreseen to develop to a market size of USD 190.23 billion by 2024.
- In 2019, the total number of vehicles manufactured in India was around 4.516 million units.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast period.
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What is the Impact of Covid-19 Outbreak on the Novolac Resins?
- Optimistic Scenario: COVID-19 is contained by May or June, With Normalcy returning to global operations through the End of Q2.
- Conservative Scenario: COVID-19 Remains Prevalent, with Continued Impacts Lasting into Q4.
- Estimated Impact of the Coronavirus (COVID-19) Epidemic on the Global Novolac Resins.
- Novolac Resins Market Size in 2021
- Corporate Strategy the Manufacturers Should Be Thinking About Right Now.
Frequently Asked Questions about the Novolac Resins market:
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The research includes historic data from 2015 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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