Phenolic Boards Market size is projected to surpass USD 4 Billion by the end of 2035, growing at a CAGR of 4% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of phenolic boards was over USD 3 Billion.The growth of the market can be attributed to its usage in the construction industry for both interiors as well as external applications. It is estimated that around 14 million homes in the United States are at risk of flooding. Phenolic boards are infused with a special coating that enables them to withstand moisture, heat, and chemical attack, which is predicted to create a greater demand for them in the construction industry. The increasing spending capacity of people with rising disposable income is estimated to drive the construction sector. The construction sector uses huge amounts of phenolic boars for floors, tables, cupboards, and furniture.
Phenolic boards are made by splicing wooden sheets together using Phenol-Formaldehyde. They are also called phenolic panels. These boards are used in the manufacture of furniture, countertops, and cabinetry as they are available in different sizes, colors, and dimensional stability. The booming furniture industry is expected to widen the global phenolic boards market size. For instance, the global export of furniture amounted to USD 190 billion, while the import of furniture was valued at USD 175 billion in 2021. The furniture industry is growing widely with the rising economic standards of people. Also, the increasing number of cafes, restaurants, motels, hotels and educational institutions increases the applications of phenolic boards. The phenolic boards are water-resistant, and heat-resistant which increases their use in the furniture sector. People prefer products that are durable and long-lasting over temporary and cheap ones.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 3 Billion |
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Forecast Year Market Size (2035) |
~ USD 4 Billion |
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Regional Scope |
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Application (Building & Construction, Interior Applications, Insulation Panels, Furniture)
The global phenolic boards market is segmented and analyzed for demand and supply by application into building & construction, interior applications, insulation panels, furniture, and others. Out of these, the insulation panels segment is estimated to gain the largest market share of 35% over the projected time frame. The rising use of insulation panels and industrial insulation around the world is estimated to rise the growth of the market. The phenolic boards are used for insulation material to reduce the loss of heat. As per the estimations, the uninsulated house loses about 30% from ceilings, over 20% from walls, and over 18% via floor and windows of the house. The insulation property of phenolic boards helps to prevent the loss of energy and regulate the internal temperature. A lot of energy is saved by using phenolic boards for insulation. These are also used as sound insulators as they are made of high-density fiber with phenolic resin. All these together give the characteristics of thermal, mechanical, and acoustic strength to the phenolic boards. The insulation phenolic boards are used in the construction of floors, the building of walls, ceilings, and small chambers.
End-user (Residential, Commercial, Industrial)
The global phenolic boards market is also segmented and analyzed for demand and supply by end-use into residential phenolic boards, commercial phenolic boards, and industrial phenolic boards. Of these sub-segments, the residential phenolic boards are projected to acquire a larger market share of 48% during the forecast period owing to the steady increase in the construction of buildings to house a growing population. In the United States, the construction industry contributed to around 4% of the national GDP in 2021. The construction of commercial, residential, and entertainment buildings is rising across the world. The increasing disposable income of people makes them affordable for everyone. The increase in the number of hospitals, educational institutions, and daycare centers for the well-being of people is also estimated to rise the market growth. The increasing number of government projects to provide permanent houses for poor and lower middle-class people is increasing the construction sector. The furniture, tables, floor, doors, and windows are made of phenolic boards to prevent damage from corrosion in the future. The phenolic boards are lightweight, easy to handle, and free from termite damage. Termites are insects that live on eating wood and plant materials.
Our in-depth analysis of the global market includes the following segments:
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By Thickness |
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By Application |
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By End-Use |
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APAC Market Statistics
The Asia Pacific phenolic boards market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the population explosion as well as rapid urbanization. According to the World Bank data, 35% of the population of South Asia, and 61% of the total population of east Asia and the Pacific lived in urban settlements. There has been an exponential rise in government spending on infrastructure in some developing countries which is also predicted to drive the growth of the phenolic boards market in the region. The increase in the cases of COVID-19 during the pandemic has increased the growth of hospital construction. The phenolic boards are also used in the construction of many laboratories such as chemical, physical, and biochemical laboratories across the region. The increasing need for clinical trials and new drug discoveries led to a growing number of institutions and research centers. Also, the need for quarantine hubs and health education programs to raise awareness regarding the spread and prevention of the disease is estimated to hike the growth of the market as per the market analysis.
North American Market Forecast
Moreover, the North American region is anticipated to share a significant market value in the coming years. The increasing research and development activities across the region are estimated to rise the need for infrastructure facilities. According to the estimations, about 1800 new infrastructure development projects are estimated to rise in the great U.S. as of 2022 reports. The increase in the infrastructure needs thereby increasing the use of phenolic boards. The presence of prominent key players also drives the market growth during the forecast period.
Kingspan Group announced a collaboration with AquaTrace to provide clients with efficient and smart-roofing technology that is resistant to heat and moisture and continually monitors leaks
Unilin Group along with Pelican Creations Home have initiated a new patent called the Comfort Core Technology which incorporates soft comfort cushioning between robust layers to enhance its user-friendliness
Author Credits: Smruti Ranjan, Rajrani Baghel
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