Phenolic Panel Market worth $2.4 billion by 2025 | Key Players include Kingspan Group, Wilsonart LLC, Asahi Kasei Corporation, Fiberesin Industries Inc., Broadview Holding B.V.
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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.
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.
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Phenolic panels are used in the interior, exterior, furniture, and various other applications of end-use industries, such as construction, marine, aerospace & defense, and transportation, to name a few. The main purpose of these phenolic panels is to offer fire-resistance and moisture-resistance properties. For instance, phenolic panels are used in the exterior cladding, partitions, cubicles, and other applications to prevent fire accidents. 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%.
Over the past years, companies have strengthened their position in the global phenolic panel market by adopting several business strategies. From 2016 to 2019, expansions, product launch, and acquisition were the key strategies adopted by the market players to maintain growth in the market. For instance, in June 2019, Bobrick Washroom Equipment, Inc. (US) expanded its existing manufacturing and distribution facility in Jackson, Tennessee (US), by an additional 40,000 square feet. This expansion of the company was prompted by significant growth in toilet partition business and is leading to the additional production capacity. The expansion has helped Bobrick Washroom Equipment, Inc. to further strengthen its business in the North America region.
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The major manufacturers profiled in the global phenolic panel market report include Wilsonart LLC (US), Broadview Holding B.V. (Netherlands), Fundermax GmbH (Austria), Bobrick Washroom Equipment, Inc. (US), Fiberesin Industries Inc. (US), Asahi Kasei Corporation (Japan), Kingspan Group (Ireland), general Partitions Mfg. Ltd. (US), Werzalit of America, Inc. (US), and others.
These companies have adopted various organic and inorganic growth strategies. For instance, in April 2017, Kingspan Group added two new products to its Kooltherm K100 range; the K112 Framing Board and K107 Pitched Roof Board. These insulation boards deliver low U-values with a minimal thickness. This would build Kingspan Group's position as a leading player in the phenolic panel market.
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