The global phenolic panel market is projected to reach USD 2.64 billion by 2028, at a CAGR of 8.78% from 2021 to 2028. The global phenolic panel market is projected to grow at a significant rate in the coming years due to the increasing demand for lightweight, durable and cost-effective construction materials. Phenolic panels are used in a wide range of applications such as interior and exterior cladding, industrial and commercial applications, and roofing.
Rapid urbanization, increasing government initiatives for the development of smart cities, and growing construction activities are driving the demand for phenolic panels. In addition, their easy installation, low maintenance cost, and superior protection against fire, moisture, and corrosion are fuelling the growth of the global market. The use of phenolic panels in industrial and commercial applications is also contributing to the growth of the market.
The global phenolic panel market is segmented on the basis of type, application, and region. By type, the market is divided into phenolic core panels, melamine-faced panels, and others. By application, the market is divided into interior and exterior cladding, roofing, and others. Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Europe’s Phenolic Panel Market Share in 2020 was 29.4%. Europe is expected to dominate the global market owing to the presence of a large number of manufacturers, rapid technological advancements, and increasing construction activities in the region. The Asia Pacific region is expected to be the fastest-growing market due to the increasing demand for lightweight and durable construction materials in the region.
The leading players in the global phenolic panel market are Fundermax, Egger, Parklex, Abet Laminati, Finsa, and others. The market players are focusing on developing advanced and innovative products to gain a competitive edge in the market.