Phenolic Panel Market

Phenolic Panel Market Size (2023-2028):

The phenolic panel market size is estimated to rise from USD 2.9 billion in 2022 to USD 4.3 billion by 2028, at a CAGR of 8.8% over the foreseen period.

The phenolic panel is plywood a material that is made with the assistance of woven fabrics/high-density thermo-setting cellulose fabrics along with phenolic resins. The phenolic panel is made out of wood hence it does not have issues related to plywood. On the main surface of phenolic panels, several materials like laminates and wood panels can be employed, due to their featured properties, it is employed for various purposes in the construction sector. Phenolic panels are used in small cabins or cubicles for changing rooms, toilets, etc., in buildings. Phenolic panels are also employed in furniture making and the building of lockers employed in changing rooms. They are also employed as partitions and as countertops for washbasins/sinks. Phenolic panels can also be employed for facade cladding.

Drivers & Restraints in the Phenolic Panel Market:

The phenolic panel industry is developing owing to the increase in the call from the construction, aerospace & defense, and transportation industries.  The perennial population expansion along with the fast urbanization rate in growing regions has catalyzed building & construction activities across the world. The construction industry has registered substantial development in the last few years. Moreover, a rebound in residential buildings is further estimated to boost the expansion of the construction industry which is estimated to positively impact the phenolic panel industry. In the past years, there has been a high escalation in commercial construction activities in growing nations that is estimated to uprise the call for phenolic panels. The escalation in GDP expansion of a country will indirectly impact the infrastructural spending of the nation due to which GDP expansion will indirectly impact the expansion of the phenolic panel industry. 

The imposition of stringent industrial rules for worker safety and welfare has led to an increase in infrastructural activities that in turn are a positive outlook for the phenolic panel industry. The high price of the phenolic panel, when compared to conventional plywood, is a drawback for the phenolic panel industry in cost-sensitive regions. Moreover, with an escalated degree of spending in building interiors like false ceilings, wall partitions and insulating units have been instrumental in driving the sales of phenolic panels to a sound extent and will continue to gain the same in the next ten years. The under-going populace advancement alongside the fast urbanization rate in creating areas has catalyzed the structure and advancement exercises over the world. The advancement of business has seen high advancement throughout recent years.

PHENOLIC PANEL MARKET REPORT COVERAGE:

Phenolic Panel Market is Segmented into the following segments until 2028.

Phenolic Panel Market - By Type:

• Sandwich

• Plain

The sandwich-type phenolic panel holds the highest share in the industry due to high calls from the construction, transportation, marine, and aerospace & defense industries. 

Phenolic Panel Market - By Class:

• Class A

• Class B

• Others

Class A led the phenolic panel industry in the class sector. Class A phenolic panels are highly employed for interior, exterior, and other applications due to their extreme fire resistance features.

Phenolic Panel Market - By Application:

• Interior

• Exterior

• Furniture

• Air conditioning duct panel

• Others

The Interior is the most significant application of phenolic panel. Phenolic panels are used for interior applications in different industries, involving construction, marine, and transportation.

Phenolic Panel Market - By end-use:

• Construction

• Marine

• Transportation

• Aerospace and Defense

• Others

The construction end-use business is the major business in the global phenolic panel industry on account of the high call from both commercial and residential projects due to rising concern towards fire safety. 

Phenolic Panel Market – By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Rising population and increasing urbanization have led to an increase in the number of building & construction activities in the Asia Pacific region. Also, in recent years there is a high increase in residential and also commercial construction activities mainly in the nations like India and China, due to which Asia Pacific can be considered as a prominent industry for the phenolic panel. In the areas like Europe and North America, there is an increasing call for efficient materials with featured properties for building & construction due to which North America and Europe can be treated as promising areas for this phenolic panel. Escalating urbanization has led to an increase in the building & construction activities in Latin America together with escalating commercial construction in the Middle East & Africa, collectively making LAMEA a suitable industry for the phenolic panel. North America is estimated to be the quickest-growing region in the phenolic panel industry throughout the foreseen period. The US and Canada in the region are the two key industries that are developing at a high pace in the area owing to the presence of established construction, aerospace & defense, and marine industries. The expansion in the phenolic panel industry in this locale is driven majorly by its use for fire safety.

Recent Developments in the Phenolic Panel Industry:

• Aica Kogyo is looking forward to introducing the Thai Production of Phenolic Resins.

• Kingspan launches the latest duct panel production line in Dubai. Kingspan Insulation LLC, introduced a novel production line to develop UL 181 listed PalDuct phenolic pre-insulated duct panels.

Some of the major players identified in the worldwide phenolic panel industry are:

1. SPIGO Group

2. Guangdong Yuhua Building Materials Co., Ltd.

3. Mega Plywood Corp.

4. Kingspan Insulation

5. Sekisui Chemical

6. Asahi Kasei

7. Jinan Shengquan Group

8. Langfang Sanxing Chemical

9. Linyi Longer Imp. & Exp. Co., Ltd.

10. Linyi Haoqing Wood Co., Ltd.

11. Linyi Baochen Wood Co., Ltd.

12. Shandong Jitong Panel Industry Co., Ltd.

13. Stonewood Architectural Panel

14. Fiberesin Industries