Phenolic Panel Market Growth Driven by Construction Industry Surge, Forecasted to Reach $5.02 Billion by 2028

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 in the historic period can be attributed to increased use in architectural applications, rising awareness of fire safety, sustainability and environmental concerns, expansion of commercial spaces, use in educational and healthcare facilities.

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 growth in the forecast period can be attributed to rise in prefabricated construction, integration in smart building systems, demand for lightweight construction materials, growth in hospitality industry, advancements in material, market expansion in emerging economies. Major trends in the forecast period include innovation in design and finishes, versatility in applications, advancements in manufacturing technologies, digital printing technology, collaborations with architects and designers, fire-resistant technologies.

Market Overview -
Phenolic panels are flat panels based on thermosetting resins, homogenously reinforced with wood fibers, and produced under high pressure and temperature. The panels have an integrated, decorative surface with pigmented resins which provides resistance to scratch, and water thus, offering relatively better durability.

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Surging Phenolic Panel Market Fueled By Booming Construction Industry Growth
The growth in the construction industry is expected to drive the growth of the phenolic panel market going forward. The construction industry refers to the industrial branch of manufacturing and trade related to building, repairing, renovating, and maintaining infrastructures. Because of their flexibility and versatility, phenolic panels are replacing steel and wood designs while offering a longer life span compared to other materials such as wood in construction. For instance, in September 2021, according to Oxford Economics, a UK-based economic information services company, the global construction output by 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Thus, the growth in the construction industry will drive the growth of the phenolic panel market.

Competitive Landscape -
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.

Phenolic Panels Market Thrives Amidst Accelerated Urbanization In Developing Nations
Rapid urbanization in developing and emerging nations are expected to drive the phenolic panels market going forward. Urbanization is the process of concentrating people into small geographic areas, which transforms the land for residential, commercial, industrial, and transportation uses. Phenolic panels significantly help create a durable and energy-saving envelope for buildings with an aesthetically pleasing design in residential, commercial, and industrial structures as well as congested urban areas. For instance, according to a report by the UN, an intergovernmental organization responsible for international peace and security, friendly relations among nations, and international cooperation, India's urban population are expected to reach 543 million by 2025. In addition, China's urban population is expected to reach 1.05 billion by 2035. Therefore, rapid urbanization in developing and emerging nations will drive the phenolic panels market in the forecast period.

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Key Segments -
The phenolic panel market covered in this report is segmented -
1) By Type: Sandwich, Plain
2) By Class: Class A, Class B, Other Classes
3) By Application: Interior, Exterior, Furniture, Air Conditioning Duct Panel, Other Applications
4) By End-Use Industry: Construction, Marine, Transportation, Aerospace And Defense, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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