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Phenolic Panel Market Research, Size, Forecast To 2033
Phenolic Panel Market Research
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The increasing demand for green building is expected to propel the growth of the phenolic panel market going forward. Green building refers to the practice of designing, constructing, and operating buildings in an environmentally responsible and resource-efficient manner. Green buildings use phenolic panel for creating a more energy-efficient building envelope by providing thermal resistance, which reduces the need for heating or cooling, to lower energy consumption. For instance, in October 2022, according to 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, over 36,835 projects covering 4.63 billion gross square feet earned Leadership in Energy and Environmental Design (green building) certification until 2021. Moreover, in the first three quarters of 2022, over 5,000 additional projects were certified, with the highest concentration in the United States and Canada (74%), followed by East Asia (9%) and Europe (6%). Therefore, the increasing demand for green building is driving the growth of the phenolic panel market.
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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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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 Panel Market 2024 Key Insights:
• 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%.
• Surging Phenolic Panel Market Fueled By Booming Construction Industry Growth
• Phenolic Panels Market Thrives Amidst Accelerated Urbanization In Developing Nations
• Europe was the largest region in the phenolic panel market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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