PUBLISHER: The Business Research Company | PRODUCT CODE: 1425722
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425722
Phenolic Panel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on phenolic panel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for phenolic panel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The phenolic panel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Phenolic panels, composed of thermosetting resins and wood fibers, are manufactured under high pressure and temperature, boasting a durable surface resistant to scratches and water damage, enhancing their longevity and reliability in various applications.
Distinct types of phenolic panels include sandwich and plain variants. A sandwich panel, constructed by bonding layers of sturdy material on each side of a lightweight core, functions as a composite unit, leveraging the collective strengths of its components to deliver superior performance compared to their individual properties. These panels are classified into types like class A, class B, among others, catering to diverse industries such as construction, marine, transportation, aerospace and defense. They find applications in interior design, exterior cladding, furniture, air conditioning duct panels, and more.
The phenolic panel market research report is one of a series of new reports from The Business Research Company that provides phenolic panel market statistics, including phenolic panel industry global market size, regional shares, competitors with a phenolic panel market share, detailed phenolic panel market segments, market trends and opportunities, and any further data you may need to thrive in the phenolic panel industry. This phenolic panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The phenolic panel market size has grown strongly in recent years. It will grow from $3.36 billion in 2023 to $3.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historic period can be linked to several factors, including heightened utilization in architectural applications, amplified awareness regarding fire safety, escalating concerns about sustainability and the environment, the expansion of commercial spaces, and increased usage in educational and healthcare facilities. These elements collectively contributed to the growth and adoption of the mentioned technology or material during that period.
The phenolic panel market size is expected to see strong growth in the next few years. It will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period is expected to stem from several factors, including an upsurge in prefabricated construction, heightened integration within smart building systems, increased demand for lightweight construction materials, expansion within the hospitality industry, continual advancements in materials, and the market's expansion in emerging economies. Notable trends projected for this period include innovative strides in design and finishes, enhanced versatility in applications, advancements in manufacturing technologies, the integration of digital printing technology, collaborations with architects and designers, and the evolution of fire-resistant technologies. These trends are poised to significantly impact the landscape of the industry during this forecast period.
The projected rise in the construction industry is set to be a key driver for the phenolic panel market's growth. Within construction, which involves building, renovating, and maintaining infrastructures, phenolic panels are increasingly replacing materials like steel and wood due to their adaptability and prolonged durability. Reports from September 2021 by Oxford Economics indicate an expected 42% surge, equivalent to $4.5 trillion, in global construction output by 2030, reaching an estimated USD 15.2 trillion. This forecasted growth in construction will significantly impact the phenolic panel market.
The escalating demand for green building initiatives is anticipated to be a major catalyst for the phenolic panel market. Green building practices emphasize environmentally responsible designs and operations. Phenolic panels are instrumental in creating energy-efficient building envelopes by providing thermal resistance, subsequently reducing the need for excessive heating or cooling. According to an October 2022 report from the US Green Building Council, over 36,835 projects, spanning 4.63 billion gross square feet, had earned green building certification by 2021. The surging interest in green building methodologies continues to steer the phenolic panel market's growth.
Rapid urbanization in emerging nations is poised to propel the phenolic panels market. Urbanization concentrates populations into smaller areas, altering landscapes for residential, commercial, and transportation purposes. Phenolic panels are integral in constructing durable, energy-conserving building envelopes, notably in congested urban areas. A United Nations report projects India's urban population to hit 543 million by 2025 and estimates China's urban population to reach 1.05 billion by 2035. This significant urbanization trend in emerging nations is set to drive the phenolic panels market in the foreseeable future.
Key players in the phenolic panel market are prioritizing product innovation, exemplified by offerings like PaperStone, to maintain a competitive edge. PaperStone, a solid surface material crafted from recycled paper and phenolic resin, was introduced by CDUK in October 2021. With a tactile warmth and subtle texture, PaperStone offers a distinctive and visually appealing surface available in 11 colors across series designed for kitchen and bath countertops, commercial surfaces, wall cladding, and partitions. This focus on innovative products reinforces the competitive stance of companies in the phenolic panel market.
In December 2021, Bakelite Synthetics, a leading US-based manufacturer specializing in phenolic specialty resins, aromatic polyols, molding compounds, and formaldehyde derivatives, completed the acquisition of Georgia-Pacific's phenolic resins business for an undisclosed sum. This strategic move allows Bakelite Synthetics to further enrich its robust product line, brand reputation, and clientele, aligning with its growth strategy of providing innovative, sustainable solutions to its customer base. Georgia-Pacific, a prominent US-based corporation known for tissue, pulp, paper, packaging, building products, and associated chemicals, previously operated within the realm of phenolic boards.
Major companies operating in the phenolic panel market report are Asahi Kasei Corporation, ASI Group, Bobrick Washroom Equipment Inc., Broadview Holding BV, Fiberesin Industries Inc., Fundermax GmbH, General Partitions Manufacturing, Kingspan Group plc., Wilsonart International Holdings LLC, Werzalit of America Inc., Trespa International BV, SI Group, Formica Group, Panel Decor Private Limited, Arpa Industriale S.p.A., Abet Laminati S.p.A., OMNOVA Solutions Inc., Greenlam Industries Ltd., Merino Group, Stylam Industries Ltd., Century Plyboards Ltd., Hexcel Corporation, Kolon Industries Inc., Mitsubishi Chemical Corporation, SGL Carbon SE, Solvay SA, Teijin Limited, Alstrong Enterprises India Pvt Ltd., Alubond U.S.A., Aludecor Lamination Pvt. Ltd., Alstone Industries Pvt Ltd., Eurobond Industries Pvt Ltd.
Europe was the largest region in the phenolic panel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the phenolic panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the phenolic panel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The phenolic panel market consists of sales of high-quality high-pressure phenolic panels used for soffits, balconies, signage, and deck flooring. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.