New York City, NY, 22 April, 2020/ 24 Market Reports: It is estimated for the phenolic panel market to reach USD 2.4 billion by 2025, at a CAGR of 6.5% during the forecast period. The rise in the demand from construction, aerospace & defence, and transportation industries is driving the global market during the forecast period.
Commercial and residential projects to create huge in the global market
Owing to growing concern towards fire-safety, there is a high demand from both commercial and residential projects thus driving the construction segment. Increased adoption of phenolic panels across elevator walls, decorative interior & exterior, escalator claddings, and balcony cladding are the propelling factors during the forecast period.
Sandwich type phenolic panel holds the majority of the market share
Sandwich type phenolic panel holds the majority of the market share owing to high demand from construction, transportation, marine, and aerospace & defence industries. Increasing implementation of aluminium-based phenolic panels across various applications, including furniture, air conditioning duct panel, floor, partitions, etc. are responsible for the high growth of the sandwich segment.
Interior to be the most prominent application of phenolic panel during the forecast period
Interior is the most prominent application of phenolic panel. Phenolic panels are used for interior applications in various industries, including construction, marine, and transportation. Phenolic panels offer superior fire resistance characteristics; hence they are gaining acceptance across the globe for interior application to avoid fire-related accidents.
Europe to lead the global market during the forecast period
Europe is driving the market and is estimated to lead during the forecast period. Building interior, aircraft interior, exterior cladding, furniture, and air conditioning duct panels, among others, are the major applications for the market in the region during the forecast period. Advancements in technology, regulatory policies, and government norms are some of the major factors driving the market for the phenolic panel in the region.