Phenolic Panel Market Report 2025

The phenolic panel market size has grown strongly in recent years. It will grow from $3.62 billion in 2024 to $3.93 billion in 2025 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 $5.52 billion in 2029 at a compound annual growth rate (CAGR) of 8.9%. 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.

The anticipated growth in the construction industry is expected to drive the expansion of the phenolic panel market in the future. The construction industry encompasses the manufacturing and trade sectors related to building, repairing, renovating, and maintaining infrastructures. Due to their flexibility and versatility, phenolic panels are increasingly replacing steel and wood designs while offering a longer lifespan compared to materials like wood in construction. For example, in August 2024, the Office for National Statistics, a UK-based independent producer of official statistics, reported that in June 2024, monthly construction output was estimated to have risen by 0.5%, spurred by growth in both new work (0.9%) and repair and maintenance (0.1%). At the sector level, seven out of nine sectors experienced growth, with the largest contributions coming from non-housing repair and maintenance (up 3.2%) and private commercial new work (up 2.1%). Therefore, the growth of the construction industry is propelling the phenolic panel market.

The rising demand for green building is projected to enhance the growth of the phenolic panel market in the future. Green building involves the practice of designing, constructing, and operating buildings in an environmentally responsible and resource-efficient manner. Phenolic panels are utilized in green buildings to create a more energy-efficient building envelope, providing thermal resistance that reduces the need for heating or cooling, thereby lowering energy consumption. For instance, in October 2022, an article published by the US Green Building Council (USGBC), a US-based non-profit organization that promotes sustainability in building design, construction, and operation, indicated that over 36,835 projects covering 4.63 billion gross square feet had earned Leadership in Energy and Environmental Design (LEED) certification by 2021. Furthermore, in the first three quarters of 2022, over 5,000 additional projects were certified, with the highest concentrations in the United States and Canada (74%), followed by East Asia (9%) and Europe (6%). Thus, the growing demand for green building is driving the phenolic panel market's growth.

Rapid urbanization in developing and emerging countries is expected to fuel the growth of the phenolic panels market in the future. Urbanization refers to the process of concentrating populations in smaller geographic areas, which transforms land for residential, commercial, industrial, and transportation purposes. Phenolic panels play a crucial role in creating a durable, energy-efficient building envelope with an aesthetically pleasing design for residential, commercial, and industrial structures, especially in densely populated urban environments. For example, in April 2023, a report by the UN, an intergovernmental organization focused on international peace and security, indicated that India’s urban population is projected to reach 543 million by 2025. Additionally, China’s urban population is anticipated to hit 1.05 billion by 2035. Consequently, rapid urbanization in developing and emerging nations will drive the phenolic panels market during the forecast period.

Key companies in the phenolic panel market are concentrating on product innovation, such as bio-attributed phenolic panels, to offer a sustainable alternative that minimizes environmental impact. Bio-attributed phenolic panels are derived from renewable resources while maintaining performance and durability. For instance, in June 2022, INEOS Phenol launched INVIRIDIS, a bio-attributed product line for phenol, acetone, and alpha-methylstyrene that provides a climate-friendly option by using bio-attributed cumene and certified renewable feedstock to significantly reduce the carbon footprint of its production.

In April 2023, INEOS Phenol, a US-based producer of phenol and acetone, acquired Mitsui Phenols Singapore Ltd for $330 million. This acquisition is intended to bolster INEOS Phenol's position in the Asia-Pacific market, increase its production capacity, and expand its portfolio of sustainable products to meet the rising demand for phenolic materials across various industries. Mitsui Phenols Singapore Ltd is a Singapore-based chemical company specializing in the production of phenol and its derivatives.

Major companies operating in the phenolic panel market 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 2024. 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.

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 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 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.

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