Phenolic Panel Market Size [2022-2028] to Reach USD 2.64

2022-07-12 13:32:28 By : Mr. Cai Jack

June 29, 2022 08:26 ET | Source: The Brainy Insights The Brainy Insights

Newark, June 29, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global phenolic panel market is anticipated to grow from USD 1.35 billion in 2020 to USD 2.64 billion by 2028 at a CAGR of 8.78% during the forecast period 2021-2028.

The constant population growth in developing regions along with the rapid urbanization has catalyzed building & construction activities all over the globe. Thus, boosting the global phenolic panel market growth. The construction sector has witnessed enormous growth over the last few years. Moreover, a rebound of residential buildings is expected to boost the growth of the construction industry which is expected to positively impact the growth of the market.

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Phenolic panels are an architectural product which have become very popular amongst end-customers and contractors due to their flexible application. These are composed of cellulose fibersand resins to develop a unique composite building material of distinct benefits and properties. These are flat panels based on thermosetting resins, made under high temperature and reinforced homogenously with wood fibers.Because of their durability, ease of maintenance, versatility and code-compliance, solid phenolic wall panels have become increasingly popular among the different types of building materials that architects and specifiers may use. Phenolic panels provide far better protection against fire than traditional interior walls consisting of wood and drywall, or vinyl exterior.The panels have an integrated, decorative appearance utilizing special techniques, with pigmented resins. The unique coating gives extra protection from moisture to the phenolic panels. Phenolic panels are also used for this reason in the manufacture of furniture and other wood products for use in especially moist conditions such as bathrooms, toilets, and changing rooms.

Imposition of strict industrial regulations for worker wellbeing and safety led to the rise in infrastructural investments, which successively will have a positive effect on the phenolic panel market. Lack of knowledge regarding the advantages of the product combined with lower innovation efforts by conventional manufactures is a big obstacle for the phenolic panel market.

Key players operating in the global phenolic panel marketinclude Asahi Kasei Corporation, ASI Group, Bobrick Washroom Equipment, Inc., Fiberesin Industries Inc., Fundermax GmbH, General Partitions Mfg. Corp., Kingspan Group, Werzalit of America, Inc. and Wilsonart LLC KG among others. The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global virtual phenolic panel industry.

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• For instance, In June, 2019,Broadview Holding acquired Cincinnati-based Formica Group from Fletcher Building Ltd. This acquisition helped Broadview Holding to enhance its presence in North America, Europe, and Asia. • In April, 2017, Kingspan Group also launched two additional products to the Kooltherm K100 product range; the K107 Pitched Roof Board and the K112 Framing Board. These insulation boards offer minimal thickness with low U-values.

The sandwich segment is anticipated to grow at the highest CAGR of around 9.8% over the forecast period.

The type segment is divided into sandwich and plain.The rise in the adoption of aluminum-based phenolic panels in a number of applications, including air conditioning duct panels, furniture, partitions, floors, etc., will lead to the growth of the sandwich segment over the forecast period. Therefore, the sandwich segment is anticipated to grow at the highest CAGR of around 9.8% over the forecast period.

The class A segment is anticipated to grow at the highest CAGR of around 9.1% over the forecast period.

The class type segment includes class A, class B and others. Becauseof their lower Flame Spread Index (FSI), these class A phenolic panels are experiencing a high demand from the European and North America market. Therefore, the class A segment is anticipated to grow at the highest CAGR of around 9.1% over the forecast period.

The construction industry held the largest market value of around USD 438.5 Million in 2020.

The end-use industry segment includes construction, marine, transportation, defense & aerospace and others. The phenolic panel has a massive demand for interior applications in the construction industry due to superior fireplace resistance traits of the phenolic panel, which allows avoiding fire-related accidents. Therefore, the construction industry held the largest market value of around USD 438.5 million in 2020.

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Regional Segment Analysis of the Phenolic Panel Market

• Europe (Germany, U.K., France, Spain, Italy, Rest of the Europe) • North America (U.S. , Mexico, Canada) • Middle East and Africa (UAE, South Africa, Rest of MEA) • South America (Brazil and Rest of South America) • Asia-Pacific (China, Japan India, Rest of APAC)

Because of the large demand from the Germany, UK, other European countries, the Europe region held the largest phenolic panel market value of USD 396.6 million in 2020. Main uses of phenolic panels in the European market consist ofbuilding interior, external cladding, aircraft interior, air conditioning duct panels, and furniture, among others. Technological developments, government regulations and regulatory policies are some of the main factors that fuel growth for the regional phenolic panel market. Moreover, due to the growing population, rising urbanization and thus, increasing construction activities in the Asia Pacific region, the Asia-Pacific is anticipated to grow at the highest CAGR over the forecast period.

The global phenolic panel market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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