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Saudi Arabia Phenolic Resin Market was Valued at USD 140.4 Million in 2022 and is Expected to Reach USD 214.0 Million by 2030 and Grow at a CAGR of 5.50% Over the Forecast Period.

Infograph - Saudi Arabia Phenolic Resin Market was Valued at USD 140.4 Million in 2022 and

By Infinium Global Research Feb, 2024

Phenolic resins are blended with other materials to form a modified phenolic adhesive that is used in different industry verticals. The demand for phenolic resin-based components in automotive, electronic, construction, and other industrial sectors is expected to create growth opportunities for the market in Saudi Arabia. Phenol resins are ideally suited for molded automobile components such as engine, transmission, and brake parts owing to the high moisture and chemical resistance as well as high heat resistance quality of the product. Phenol formaldehyde resins also have high friction resistance and are used to make clutches, automatic transmission parts, and brake pads, and also used for decorative laminates for automobile interiors. Thus, the extensive use of phenolic resin in the automotive industry is driving the growth of the market in Saudi Arabia. Additionally, Saudi Arabia is an absolute monarch and provides a stable and conducive political environment for the industry. Saudi Arabian government has turned its attention towards modernizing the country in various ways which also propels the market growth. Along with this, Saudi Arabia is focusing on diversifying its economic base and developing its industrial sector as part of its National Industrial Development and Logistics Program (NIDLP) and Saudi Vision 2030. The excellent electrical, and mechanical properties, superior heat resistance quality, and adhesive performance make them ideal to use in several industries providing robust growth to the phenolic resin market in Saudi Arabia.

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