Europe is the largest phenolic panel market globally
Phenolic panels are used in the interior, exterior, furniture, and various other applications of end-use industries, such as construction, marine, aerospace & defense, and transportation, to name a few. The main purpose of these phenolic panels is to offer fire-resistance and moisture-resistance properties. For instance, phenolic panels are used in the exterior cladding, partitions, cubicles, and other applications to prevent fire accidents.
The phenolic panel market is segmented based on region into Europe, North America, APAC, MEA, and South America. Europe is the major consumer of phenolic panels owing to the high demand from the UK, Germany, and other European countries. The UK is the leading market in the region. Major applications of phenolic panels in the European market include building interior, aircraft interior, exterior cladding, furniture, and air conditioning duct panels, among others. The growth of the market is also attributed to the presence of established manufacturers and technological advancement related to the development of phenolic panel products.
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The global phenolic panel market size is expected to grow from USD 1.7 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 6.5% during the forecast period. The market is growing due to the increase in the demand for phenolic panels in the construction, transportation, and aerospace & defense industries.
Recent Developments
In April 2017, Kingspan Group added two new products to its Kooltherm K100 range; the K112 Framing Board and K107 Pitched Roof Board. These insulation boards deliver low U-values with minimal thickness.
In June 2019, Broadview Holding acquired Cincinnati-based Formica Group from Fletcher Building Ltd. This acquisition has helped Broadview Holding to increase its presence in Europe, North America, and Asia.