Novolac resins are produced by reacting phenol and formaldehyde, which are both conventionally obtained from petroleum refining. However, phenolic compounds present in bio-oil obtained via fast pyrolysis of lignocellulosic biomass can be used to partially substitute petroleumderived phenol. Thus, the objective of this study was to analyze the techno-economic feasibility of producing novolac resin by partially substituting petroleum-derived phenol with biomass-based phenol in the U.S. The analysis was done at two different annual novolac resin production capacities of 25, 000 and 100, 000 t, respectively, representing the existing small-and large-scale resin production facilities in the U.S. Mass balance and energy analyses of the system were performed to estimate resources (equipment, raw materials, consumables, utilities, and labor) requirements, capital and operating costs, and the financial parameters, including the minimum selling price (MSP). The MSPs for biomass-based novolac resin for 25, 000