Novolac Resins Market: Overview
Novaloc resins have attracted the attention of numerous industries on the back of utilization of the salient characteristics of the resin category. Most prominently, they combine good mechanical properties and good flame resistance. Further, these resins possess high strength, high thermal stability, and are lightweight. Some of the key end users are transportation, construction, marine, and furniture.
However, producers struggle with void problems during novolac condensation reactions, among several other formulation reactions. Hence, chemical industry in the novaloc resins market is leaning on achieving good processability and high crosslinking degree. Advances in cyano addition reaction are leading to generation of better products in the novolac resins market.
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Novolac Resins Market: Key Trends
Extensive use of novolac resins in making laminates and molded materials is a key driver for demand in the novolac resins market. Rapid pace of industrialization has been spurring the application areas in the market. Demand for energy-efficient vehicles has also augmented the prospects of novolac resins market. This has been driven by strides being made by transportation industry. Rise in uptake for wood adhesives application is fueling the expansion of the novolac resins market. The resins are also employed in oil drilling applications, bolstering the commercialization pace of various products in the market.
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Novolac Resins Market: Competitive Assessment
There exists intense competition among players in the novolac resins market. Several players are trying to gain competitive edge on the back of the increasing trend of customization. Some players are adopting strategies that can help them gain a stronghold in cost-sensitive markets, such as in Asia Pacific. Most players are also looking for untapped revenue potential, such as in emerging economies of Asia. Top players are focusing on niche applications to strengthen their position in the novolac resins market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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