Phenolic Board Market

Phenolic Board Market Outlook from 2024 to 2034

The Phenolic Board Market is poised to witness a steady growth rate, with a CAGR of 3.63% during the estimated period, eventually reaching an evaluation of USD 3,764.0 million in 2024. This growth is primarily driven by the increasing demand for sustainable and eco-friendly packaging solutions in the cosmetics industry, which has spurred its adoption.

Looking ahead, the market is predicted to continue its growth trajectory, with an anticipated market value of USD 5,376.70 million by 2034. This growth is attributed to a rising emphasis on energy efficiency and the adoption of clean energy sources across various companies.

Attributes	Details
Market Value for 2024	USD 3,764.0 million
Projected Market Value for 2034	USD 5,376.70 million
Value-based CAGR of Market for 2024 to 2034	3.63%

Phenolic Board Market Dynamics

Urbanization Surge Ignites Phenolic Panel Demand

The trend of rapid urbanization and construction activities is growing. Due to the increasing population, construction activities are on the rise. This is leading to a large demand for construction materials, including phenolic panels.

Highlights Plywood's Bold Advancements

Construction companies have experienced significant growth in recent years. Factors such as infrastructure development, commercial spaces, and residential buildings contribute to the demand for phenolic panels.

Drawback of High Phenolic Panel Price

Phenolic boards are durable, fire-resistant, and low maintenance, but their high cost relative to conventional alternatives can limit their use in certain projects. Despite this, their unique applications make them attractive options for projects requiring high-performance building materials.

The Availability of Alternatives

The market is influenced negatively by substitutes with comparable performance qualities, given the competition among various insulation types such as fiberglass, mineral wool, and polyurethane foam.

Smart Choice for Safety-conscious Industries

The phenolic board is emerging as the top choice for safety-conscious industries due to its fire resistance, durability, and low maintenance. With increasing investment in infrastructure and stringent regulations for worker safety and well-being, phenolic panels are well-positioned to benefit from these trends.

Category-wise Outlook

Phenolic board is a highly popular choice for building and construction in the market, primarily used for residential purposes.

Green Building Trends Boost Demand for Phenolic Boards in Construction

Phenolic board is gaining popularity in developments for building and construction, with a market share of 34.50% as of 2024.

• Its ability to withstand extreme weather conditions, resist moisture, provide thermal insulation properties, be easy to install, and offer a high strength-to-weight ratio significantly drives the market growth rate.
• The growing demand for eco-friendly and sustainable construction materials, along with the increasing trend of green building, is expected to drive the market's growth.

Attributes	Details
Application	Phenolic board for building & construction
Market Share (2024)	34.50%

Phenolic Boards Gain Popularity as Sustainable Solution in Residential Construction

The residential segment leads the market with a market share of 44.50% as of 2024, driven by the growing popularity of eco-friendly construction materials.

• Residential consumers, becoming increasingly aware of environmental issues, are looking for eco-friendly options for building and construction. Sustainable construction materials, such as phenolic boards, are becoming more widespread as consumers look for ways to reduce their impact on the environment.
• Manufacturers are focusing on meeting the needs of environmentally conscious consumers in the residential sector, which is driving market growth.

Attributes	Details
End Use	Residential
Market Share (2024)	44.50%

Country-wise Analysis

The regional analysis of the market provides information on its size, volume, thickness, application, and end-use by country.

• The Asia Pacific market is growing due to increasing construction activities.
• The market in North America is expected to grow significantly due to research and development activities in resins and the use of additives to improve their performance.
• Europe's market growth is driven by rising demand for insulation materials in construction, energy-efficient buildings, and lightweight, durable materials in the automotive and aerospace industries.

Countries	CAGR (2024 to 2034)
Canada	2.40%
Spain	2.90%
France	2.72%
China	4.36%
India	5.81%

Infrastructure Investments Boost Phenolic Board Adoption in Canada

Canada is set to see the market expand at a CAGR of 2.40% over the forecast period. Prominent factors driving market growth are:

• The increasing demand for insulation material in the construction industry is expanding the market in Canada.
• The growing investment in infrastructure development projects contributes to the growth of the market.
• The presence of major players in the market, such as Kingspan Insulation, is further driving the expansion of the phenolic board market in Canada.

Favorable Government Policies Lift Demand for Phenolic Boards in Spain

The market is set to progress at a CAGR of 2.90% in Spain during the forecast period. Factors influencing the market growth in Spain include:

• The growing focus on energy-efficient buildings and infrastructure is expanding market growth in Spain.
• Favorable government regulatory policies and incentives for the use of energy-efficient materials in buildings are further driving market expansion.
• The presence of major players in the market, such as Grupo Antolin and Armacell, is also contributing to the growth of the phenolic board market in Spain.

Growing Demand for Sustainable Insulation Solutions Drives France’s Market

The market is expected to register a CAGR of 2.72% in France from 2024 to 2034. Some of the reasons for market growth in the country are:

• France is focusing on energy-efficient buildings and infrastructure, which is expanding market growth.
• Regulatory bodies promote the use of eco-friendly construction materials for construction and building projects, driving market expansion.
• The presence of major players in the market, such as Saint-Gobain and Kingspan Insulation, is also contributing to the growth of the phenolic board market in France.

Rising Demand in China's Construction Sector Propels Phenolic Board Market

The market is expected to register a CAGR of 4.36% in China throughout the forecast period. Some of the factors driving market expansion in China are:

• The demand for these boards in China's construction industry, owing to their excellent insulation and fire-resistant properties, is one of the major factors driving market growth.
• The rising usage in the automotive and aerospace industries is further fueling market progression in China.
• The presence of major players in the market, such as Kingspan Insulation and Jinan Shengquan Group, is also contributing to market growth in China.

Presence of Top Industry Giants Propel India's Phenolic Board Market Size

The market is anticipated to register a CAGR of 5.81% in India for the forecast period. Some of the factors driving the growth of the market in the country are:

• The intensifying awareness regarding the benefits, such as their resistance to fire, moisture, and termites, is also contributing to the growth of the market in India.
• The presence of major players in the market, such as Havelock AHI and Asbestos India, is further driving the expansion of the market in India.

Competitive Landscape of Phenolic Boards

The market is tremendously competitive, with numerous market players vying for market share. To gain an edge over their competitors, industries are investing in research and development, exploring new initiatives, and expanding their global presence.

Along with company financials, revenue generation, and market potential, the competitive landscape also includes factors such as production sites and facilities, production capacities, product launches, product range, and application dominance.

Recent Developments

• In September 2023, South Korean chemical manufacturer Kumho P&B Chemicals launched its phenolic foam (PF) board, a phenolic foam insulation material, via Huegreen, its building materials brand. The company expects demand for PF boards to shift as regulations on quasi-incombustible materials tighten. D&K Chem Tech, formed in January 2020, specializes in manufacturing PF boards.
• In April 2019, Wetherby Building Systems, a United Kingdom-based firm, launched a new BBA-approved Wetherby Internal Wall Insulation (IWI) system. The system uses a high-performance rigid phenolic insulation board bonded to standard 12.5mm plasterboard, available in various thicknesses. It can be used in conjunction with Wetherby's external wall insulation system to create a hybrid solution.

Key Companies

• Guangdong Yuhua Building Materials Co., Ltd.
• Linyi Jiate Import & Export Co., Ltd.
• Phenolam India Pvt. Ltd.
• UNILIN, Kingspan Group
• SEKISUI CHEMICAL CO., LTD.
• Asahi Kasei Corporation
• Unitech Enterprise Private Limited
• LINYI CONSMOS WOOD INDUSTRY CO., LTD.
• Changzhou Zhongtian Fireproof Decorative Sheets Co., Ltd.
• Shallin Electronics Co., Ltd.
• Linyi Yachen Wood Co., Ltd.
• Shandong Green Plastic Co., Ltd.
• Stonewood Architectural Panel
• Shouguang Fuji Wood Industry Co., Ltd.
• Sourci, OKCHEM, LG HAUSYS
• Fiberesin Industries, Inc.

Key Coverage in the Phenolic Board Market Report

• Emerging Markets for Phenolic Boards
• Opportunistic Analysis of the Phenolic Board Industry

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Thickness:
  • 5.1. Measuring ≤ 40 mm
  • 5.2. Measuring >40 mm
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 6.1. Building & Construction
    • 6.1.1. Interior
    • 6.1.2. Exterior
  • 6.2. Insulation Panels
  • 6.3. Furniture
  • 6.4. Other
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
  • 7.1. Residential
  • 7.2. Commercial
  • 7.3. Industrial
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. Spigo Group
  • 18.2. Guangdong Yuhua Building Materials Co., Ltd.
  • 18.3. Phenolam India Pvt. Ltd.
  • 18.4. SEKISUI CHEMICAL CO., LTD.
  • 18.5. Asahi Kasei Corporation
  • 18.6. LINYI CONSMOS WOOD INDUSTRY CO., LTD.
  • 18.7. Changzhou Zhongtian Fireproof Decorative Sheets Co., Ltd.
  • 18.8. Shallin Electronics Co., Ltd.
  • 18.9. Fiberesin Industries, Inc.
  • 18.10. Shandong Green Plastic Co., Ltd.
• 19. Assumptions & Acronyms Used
• 20. Research Methodology