According to Stratistics MRC, the “Global Phenolic Panel Market” is accounted for $1.44 billion in 2018 and is expected to reach $2.77 billion by 2027 growing at a CAGR of 8.5% during the forecast period. Superior fire-resistant properties and requirement for quality products in the construction sector are the major factors driving the market growth. However, declining economy due to COVID-19 is restraining the market growth.
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Phenolic panels, also known as compact phenolic panels or phenolic boards, are composed of core made with resins and cellulose fibers to produce a unique composite building material with distinct properties and advantages. Different materials are used for finishing over this compact core, which includes laminates and wood panels. They are generally used as interior wall panels and exterior building facades. They are an efficient solution for high-impact surfaces such as walls, lockers, countertops, restroom partitions, and cubicles.
Opportunity: Increasing construction spending would provide ample opportunities for the market growth.
The high demand from both commercial and residential projects is due to the growing concern towards fire-safety. These panels are widely adopted across elevator walls, decorative interior & exterior, escalator claddings, and balcony cladding, among others and are providing ample opportunities for the growth of the market.
Driver: A superior fire-resistant property is driving the market growth.
Phenolic panels offer higher fire resistance than traditional wood and drywall constructed interior walls or exterior vinyl applications. They are a preferred choice as building material in the construction industry and it also helps improve the overall energy performance of a building as well as provides effective weather protection owing to its high pressure laminate finish. Their key property such as flame resistance is a competitive advantage that it has over alternatives such as wood walls. This factor is expected to help augment market demand in the future.
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Depending on type, sandwich segment is expected to grow at the significant market share during the forecast period due to high demand from construction, transportation, marine, and aerospace & defense industries. Increasing implementation of aluminum-based phenolic panels across various applications, including furniture, air conditioning duct panel, floor, partitions, etc. are responsible for the high growth of the sandwich segment.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. China, the U.S., and India alone account for 57% of construction activities across the globe as per a report published by Global Construction Perspectives and Oxford Economics. Governments of both China and India are aiming to fulfill the housing needs of their population.
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Some of the key players profiled in the Phenolic Panel Market include Asahi Kasei Corporation, ASI Group, Bobrick Washroom Equipment Inc, Broadview Holding B.V., Fiberesin Industries Inc, Fundermax GmbH, General Partitions Mfg Corp, Guangdong Yuhua Building Materials Co Ltd (Jialifu), Kingspan Group, Milwaukee Composites Incorporated, Pearl Industries LLC, Spigo Group, Werzalit of America Inc, Wilsonart LLC and Xtratherm Limited.
Broadview Holding B.V.: In June 2019, Broadview Holding B.V. acquired Cincinnati-based Formica Group from Fletcher Building Ltd, a leading provider of branded designed surfacing solutions for commercial and residential customers worldwide. This acquisition has helped Broadview Holding to increase its presence in Europe, North America, and Asia.
Asahi Kasei Corporation: In March 2014, Asahi Kasei Corporation expanded phenolic foam insulation panel production. Asahi Kasei Construction Materials has added a new production line for Neoma phenolic foam insulation panels at its plant at Sashima in Ibaraki, Japan. The new production line will allow it to continue to meet demand for its Neoma insulation panels, as well as Jupii floor insulation panels.
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