The Phenolic panels propose acoustically solidity apposite for interior divisions in construction with structural characteristics assembled from concrete, steel, and glass. Such phenolic panels are optimized in several end-use industries, such as cement & combined, mining & quarrying, steel, and several others.
According to the report analysis, ‘Global Phenolic Panel Market to reach USD 2.5 billion by 2026’ states that the positive increment in the requirement for quality products in the construction industry is one of the protruding aspects underwriting towards the market growth. The construction industry is the foremost industry in the worldwide phenolic panel market with a great requirement from both residential and commercial projects owing to the effective increment in the concern towards fire-safety. Augmented implementation of phenolic panels around elevator walls, decorative internal & exterior, escalator claddings, and balcony cladding, amongst others, are increasing the growth of the phenolic panel market across the construction industry. The positive augment in construction spending is probable to generate a significant growth opportunity in the market over the review period. Dependent on the Association of Equipment Manufacturer, the U.S construction industry augmented from 1.1% during 2017 to 1.9% in 2018. Similarly, as per the National Investment Promotion & Facilitation Agency, the construction industry across India is likely to reach up to USD 738.5 billion by 2022. However, great initial cost restricts the growth of the market over the review period of 2020-2026.
In addition, the Phenolic panels offer greater fire resistance than the traditional wood and drywall assembled interior walls or exterior vinyl submissions. The Phenolic panels are a favored choice as a building material in the construction industry and it also supports develop the entire energy performance of a building as well as delivers effective weather fortification due to its great pressure laminate finish. Foremost properties of phenolic panels likewise flame resistance is a competitive improvement that it has over alternatives likewise wood walls. This aspect is projected to support the augment Phenolic Panel Market requirement in the future. Not only has this, but the cost of phenolic panels is also reasonably low compared to its substitutions such as aluminum panels, glass panels, and steel and concrete walls, which performs as a foremost driver of the Phenolic Panel Market.
Although, the worldwide Phenolic Panel Market is worth nearly USD 1.6 billion in 2019 and is projected to increase with a growth rate of more than 6.5% over the review period of 2020-2026. The regional investigation of the global Phenolic Panel market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is the leading/momentous region across the world in terms of market share due to the high requirement of phenolic panels, advancements in technology, supervisory policies, and government standards in the region. Whereas, the Asia-Pacific is also predicted to exhibit the greatest growth rate / CAGR over the forecast duration of 2020-2026. Aspects such as the augmented implementation of phenolic panels around elevator walls, decorative interior & exterior, escalator claddings, and balcony cladding, amongst others would generate lucrative growth prospects for the Phenolic Panel market around the Asia-Pacific region. Therefore, in the near years, it is predicted that the market of the phenolic panels will increase around the globe more positively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications