As has been explained, it is a man-made product consisting of layers of paper or cloth and a resin which is cured under heat and pressure. It was originally intended and is still widely used for electrical insulators. The phenolic resin is an excellent insulator, but lacks structural strenth. So, the paper or cloth provides that structure.
Now, while it was originally made for electrical insulators, it quickly found other uses. It's easy to cut and shape, it's tough and durable. It's dimensionally stable, doesn't crack, split, checker, etc. It remains stable over extremes of temperature and humidity.
It can be made in many different colors. Depending on the nature of the paper or cloth used, it can have different "grain" characteristics many of which are quite attractive and quite unique. While it's a manufactured product, the nature of the process with paper or cloth under pressure makes each piece just a little bit unique. So, it has character.
Fine-grained paper Micarta can look very much like ivory only unlike real ivory, it's inexpensive, stable, and durable. Furthermore, it can be skrimshawed just like Ivory.
Micarta is still widely used as an electrical insulator. It's also used to construct many other things especially when temperature or humidity variations can be expected. It's especially popular in prototype or model shops because it's easy to work with.
So, there you have it.
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing!
http://www.balisongcollector.com