Phenolic resins are synthetic resins produced by the condensation of phenol or substituted phenol with an aldehyde like formaldehyde. There are two main types - novolacs and resols. Novolacs are produced under acidic conditions and resols under basic conditions. Phenolic resins have good electrical insulation properties and can retain properties at low temperatures. They are used in applications like circuit boards, radio cabinets, engine ignition equipment, cameras, and aerospace components.