The global phenolic panel market is witnessing significant growth due to its diverse applications across various industries. Phenolic panels are composite materials made from layers of phenolic resin-impregnated paper or fabric, compressed under high pressure and temperature. These panels offer exceptional properties such as high strength, fire resistance, durability, and excellent thermal insulation. The global phenolic panel market size was USD 1.7 billion in 2020 and is projected to reach 2.4 billion by 2025, registering a growth of 6.5%.
Browse 95 market data Tables and 41 Figures spread through 127 Pages and in-depth TOC on “Phenolic Panel Market by Type (Sandwich, Plain), Class, End-Use Industry (Construction, Marine, Transportation, Aerospace & Defense), Application (Interior, Exterior, Furniture, Air Conditioning Duct Panel), Class, and Region – Global Forecast to 2025”
One of the key drivers for the phenolic panel market is the increasing demand for energy-efficient buildings and infrastructure. Phenolic panels are widely used in construction projects for wall cladding, roofing, and insulation purposes. Their superior thermal insulation properties help in reducing energy consumption and improving overall energy efficiency. Additionally, the fire-resistant nature of phenolic panels makes them a preferred choice for buildings where fire safety is a concern.
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The transportation industry is also contributing to the growth of the phenolic panel market. Phenolic panels find extensive usage in the manufacturing of lightweight and fuel-efficient vehicles. These panels help in reducing the overall weight of vehicles, thereby improving fuel efficiency and reducing carbon emissions.
Furthermore, the rising awareness regarding environmental sustainability is driving the adoption of phenolic panels. They are made from renewable resources and have low volatile organic compound (VOC) emissions, making them eco-friendly alternatives to traditional building materials.
However, the phenolic panel market faces challenges such as the high cost of raw materials and the availability of substitutes. Despite these challenges, manufacturers are investing in research and development to improve product performance and reduce costs.
Phenolic panels used in the hot bond process comprises the major share of the market in terms of value.
The hot bond segment dominated the market in terms of value in 2019. Adhesives used in the hot bond process offers a strong, long-lasting repair with minimal risk of tearing, snagging, and other wear to the belt. They are mostly polyurethane-based and have a high demand for rubber conveyor belt repairing in the mining & quarrying industry.
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Interior is the largest application of phenolic panel
Amongst all applications, the interior is the largest application of phenolic panel. Phenolic panels are used extensively for aircraft interior, railway interior, decorative interior in construction, partitions, and cubicles in various end-use industries. Superior fire-resistance and chemical resistance offered by the phenolic panel is responsible for the high consumption in an interior application.
The construction end-use industry accounted for the largest share in the global phenolic panel market
Phenolic panels are used in various end-use industries, such as mining & quarrying, cement & aggregate, steel, and others. The construction industry dominated the global phenolic panel market. The phenolic panel has a large demand for interior applications in the construction industry owing to superior fire resistance characteristics of the phenolic panel, which helps in avoiding fire-related accidents.
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Europe is the largest phenolic panel market globally.
The phenolic panel market is segmented based on region into Europe, North America, APAC, MEA, and South America. Europe is the major consumer of phenolic panels owing to the high demand from the UK, Germany, and other European countries. The UK is the leading market in the region. Major applications of phenolic panels in the European market include building interior, aircraft interior, exterior cladding, furniture, and air conditioning duct panels, among others. The growth of the market is also attributed to the presence of established manufacturers and technological advancement related to the development of phenolic panel products.
The key players in the market include Kingspan Group (Ireland), Wilsonart LLC(US), Asahi Kasei Corporation (Japan), Fiberesin Industries Inc. (US), Broadview Holding B.V. (Netherlands), Fundermax GmbH (Austria), Bobrick Washroom Equipment, Inc. (US), Werzalit of America, Inc. (US), ASI Group (US), and General Partitions Mfg. Corp. (US).These companies are adopting various inorganic and organic strategies to increase their foothold in the phenolic panel market.
