Phenolic Boards Market to surpass US$ 5.0 Billion by 2032, Says FMI

The global phenolic boards market is predicted to reach to reach a valuation of US$3.5 Bn in 2022. It is expected to grow at a CAGR of 3.63% reaching a value of US$5.0 Bn by 2032. Phenolic boards are rapidly gaining traction across the chemicals and materials industry all over the world. This is driving the global phenolic boards market.

Phenolic boards or phenolic panels are produced by pressing phenolic resins with woven cellulose fabrics under extremely high pressure. These boards are used in the construction sector, in the manufacturing of furniture, and other such processes of creation.

The market is registering substantial growth owing to its increasing usage in end-use industries. Beneficial properties of phenolic boards like fire resistance, water-proof, weed, and termite resistance are pushing the demand for the material across multiple industry vertices.

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Furthermore, growing urbanization paired with the rising population growth has led to an increase in building and construction activities. Phenolic boards are in high demand in the construction sector. These boards are also utilized in the building of false ceilings, wall partitions, and insulating units. With increasing consumer spending on building and construction activities, phenolic boards are in high demand. All this contributes to the market expansion of phenolic boards across the world.

"Manufacturers are keenly interested in using novel techniques in combination with phenolic board so as to meet the requirement of end-use industries. This will likely increase sales of the phenolic boards in the market," says an FMI analyst.

Key Takeaways:
• Rapid urbanization and population growth indirectly lead to market expansion.
• High demand for residential buildings will propel market growth.
• Asia Pacific is expected to lead the market with a 4% CAGR during the forecast period.
• Rapid expansion of the construction industry in China and India will boost the market possibilities for the region.
• Rising research and development activities in resins promote market growth in North America.
• High cost of phenolic boards might limit market growth.

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Competitive Landscape

Spigo Group, Guangdong Yuhua Building Materials Co., Ltd., Linyi Jiate Import & Export Co., Ltd., Phenolam India Pvt. Ltd., UNILIN, Kingspan Group, SEKISUI CHEMICAL CO., LTD., Asahi Kasei Corporation, Unitech Enterprise Private Limited, LINYI CONSMOS WOOD INDUSTRY CO., LTD., Changzhou Zhongtian Fireproof Decorative Sheets Co., Ltd., Shallin Electronics Co., Ltd., Linyi Yachen Wood Co., Ltd., Shandong Green Plastic Co., Ltd., Stonewood Architectural Panel, Shouguang Fuji Wood Industry Co., Ltd., Sourci, OKCHEM, LG HAUSYS and Fiberesin Industries, Inc., among others are some of the major players in the phenolic boards market that are profiled in the full version of the report.

The global phenolic boards market is a highly competitive market. Major players in the market are investing in research and development activities so as to release novel products into the market to gain a competitive edge.

More Insights into the Phenolic Boards Market Report

In its latest report, FMI offers an unbiased analysis of the global phenolic boards market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market prospect, growth, and scope, the market is segmented based on product type (Phenolic Boards Measuring ≤ 40 mm, Phenolic Boards Measuring >40 mm), application (building and construction, interior application (bathroom & toilet partitions, interior partitions, cubicles), exterior application (wall claddings), insulation panels, furniture, others (countertops, screens, truck beds)), end use (residential, commercial, industrial) and region.

Phenolic Boards Market Regional Analysis

According to recent FMI reports, Asia Pacific reflects significant growth potential in the global phenolic boards market over the forecast period. Massive population growth coupled with expanding construction and building industry will amplify the sales of phenolic boards in the Asia Pacific market.

Densely populated and economically advancing countries like India and China lead the market growth of phenolic boards. The construction sector, too, is rapidly growing in these regions. This will propel the market growth for phenolic boards. All these factors are accountable for the 4% CAGR that the Asia Pacific phenolic boards market will present for the assessment period.

North America will account for substantive market growth of phenolic boards on a global scale. The rising adoption of additives and increasing investment in research and development activities relating to resins will bolster the phenolic boards market in the region.

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Phenolic Boards Market Segmentation Analysis

Based on end use segmentation, residential phenolic boards are on the rise due to the increase in construction and building activities. Rising population and rapid urbanization have lead to a rise in the demand for residential infrastructure. This, in turn, has led to an increase in the residential phenolic board segment.

Key Segments Profiled in the Phenolic Boards Market Industry Survey
Thickness:
• Phenolic Boards Measuring ≤ 40 mm
• Phenolic Boards Measuring >40 mm

Application:
• Phenolic Boards for Building & Construction
• Phenolic Boards for Interior (Bathroom & Toilet Partitions, Interior Partitions, Cubicles, etc.) Applications
• Phenolic Boards for Exterior (Wall Claddings) Applications
• Phenolic Boards for Insulation Panels
• Phenolic Boards for Furniture
• Phenolic Boards for Other (Countertops, Screens, Truck Beds) Applications

End Use:
• Residential Phenolic Boards
• Commercial Phenolic Boards
• Industrial Phenolic Boards

Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

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Report: https://www.futuremarketinsights.com/reports/phenolic-boards-market

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.