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CHEMICALS AND ADVANCED MATERIALS

Phenolic Boards Market Analysis by Thickness (Phenolic Boards Measuring ≤ 40 mm, and Phenolic Boards Measuring >40 mm); by Application (Building & Construction, Interior Applications, Insulation Panels, Furniture, and Others); and by End-use (Residential Phenolic Boards, Commercial Phenolic Boards, and Industrial Phenolic Boards) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 4, 2022: Kingspan Groupannounced a collaboration with AquaTrace to provide clients with efficient and smartroofing technology that is resistant to heat and moisture and continually monitors leaks
  • January 27, 2022: 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

Global Phenolic Boards Market Highlights Over 2022 - 2031

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The global phenolic boards market is estimated to garner a revenue of around USD 4 Billion by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of approximately USD 3 Billion in the year 2021.The growth of the global phenolic boards market is 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. 

Phenolic-Boards-Market-share

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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, counter-tops, 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 import of furniture valued at USD 175 billion in 2021.

Global Phenolic Boards Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in Construction Industry-The ever-evolving construction industry is exploring novel ways of utilizing phenolic boards in various functional as well as aesthetic applications such as partition walls, false ceilings, cladding, and insulating units. It is estimated that the market size of the U.S. construction sector valued at around USD 1.6 trillion in 2021.

  • Demand for Environment-friendly and Sustainable Materials- There has been a gradual awakening of environmental consciousness among the elite and the educated population which is looking for eco-friendly materials that can be recycled or repurposed to reduce the global impact on environment.Various surveys conducted across the globe in 2021 collectively revealed that 40 to 55% of adults are more mindful of their impact on the environment. Moreover, over 80% people believe that major companies should integrate environmental concerns into their products.
  • Growing Scientific Research and Development Activities - As per the data by the World Bank, in 2020, 2.63% of the GDP was spent on research activities.
  • Growth in Transportation Industry– Phenolic boards are used for flooring in trucks and buses. In 2021, more than 11 million light trucks, and some 0.45 million heavy-duty trucks were sold in the United States.

Challenges

  • Expensive When Compared to Traditional Plywood

  • Moderately Toxic in Nature

  • Need for Skilled Labor in Handling

The global phenolic boards market is 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 during the forecast period owing to the steady increase in the construction of buildings to house a growing population. In the United States, construction industry contributed to around 4% in the national GDP in 2021.

Major Macro-Economic Indicators Impacting the Market Growth

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The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Phenolic Boards Market Regional Synopsis

Regionally, the global phenolic boards market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 owing 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 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.

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The global phenolic boards market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global phenolic boards market includes the following segments:

By Thickness

  • Phenolic Boards Measuring ≤ 40 mm
  • Phenolic Boards Measuring >40 mm

By Application

  • Building & Construction
  • Interior Applications
  • Insulation Panels
  • Furniture
  • Others

By End-use

  • Residential Phenolic Boards
  • Commercial Phenolic Boards
  • Industrial Phenolic Boards
 

Top Featured Companies Dominating the Global Phenolic Boards Market

  • Spigo Group

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Jialifu Panel Industry (Guangzhou) Co., Ltd.
  • Phenolam India Pvt. Ltd.
  • Kingspan Group
  • Unilin Group
  • SEKISUI CHEMICAL CO., LTD.

 

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