Phenolic Panel Market Size, Share, Opportunities, And Trends By Application (Interior, Exterior), By Installation (Replacement, New Installation), By End-User (Residential, Commercial and Industrial), And By Geography - Forecasts From 2025 To 2030

The phenolic panel market is evaluated at US$1.887 billion for the year 2025 growing at a CAGR of 4.56% reaching the market size of US$2.358 billion by the year 2030.

Phenolic panels have been gaining popularity as a material choice in recent years due to their ability to offer enhanced aesthetic appeal. Moreover, these panels are designed to ensure that the surface does not provide the necessary conditions for microbial growth. Furthermore, phenolic panels are significantly superior in terms of resistance to scratches, water, and other factors, thus offering relatively better durability. As a result, market demand for phenolic panels has been on an upward trajectory in recent years, with growth projections anticipated to be very promising.

Additionally, phenolic panels are considered relatively more environmentally friendly compared to their immediate substitutes, which further enhances their appeal. However, the significant availability of various substitutes may impact the market’s ability to reach its full potential.

What are the drivers of the phenolic panel market?

•  Rising investment in infrastructure development

Investment in the development of infrastructure is expected to increase, more specifically, in emerging and developing countries like India, China, and Vietnam, among others. For instance, India and China have been growing at above 5% per annum for the last couple of years, which is indicative of the development of infrastructure and growing urbanization.

Moreover, construction spending in the United States increased by 6.37% in 2023 from 2022. This growth gives the potential of the industry. These growths in the construction industry would lead to an increased demand for overall raw materials in the sector. A similar trend has been noticed in Europe. Thus, the growing investment in the development of infrastructure is expected to continue to drive the growth of the phenolic panels market during the forecast period.

Globally, investment in the construction of commercial infrastructure has been increasing. As indicated in the figure below, the construction of offices,  schools, and universities has surged in recent years in Great Britain as the focus on improving human capital and reducing unemployment continues.

Moreover, despite the threat of e-commerce, the preference of individuals to continue with in-store shopping is expected to increase the investment in the construction of malls. In United Arab Emirates’ infrastructure investment comprises US$132 million for social, USD$80 million for energy projects, and USD$83 million for unspecified infrastructure projects in the country.

• Rapid urbanization

One of the major reasons for the expansion of this market is due to the growing urbanization around the world. Urbanization causes the rapid industrialization of the country and region. The rate of urbanization in the developing part of the world is rising significantly. This includes the construction for the large urban population, that is, parks, hospitals, hotels, restaurants, houses, buildings, etc. for the living. The improvement of lifestyle The major part of the urbanization is taking place in the parts of Asia Pacific, Middle East, and Africa region.

Moreover, according to Eurostat, annual average production in construction for the year 2023, compared with 2022, increased slightly in both the euro area and the EU. However, in the European Union, building construction increased by 1.1% compared from 2022 to 2023 and civil engineering increased by 4.1%. Countries with significant increases are Romania, Poland, and Belgium, which are the top countries showing significant growth in the region. This increase in the construction industry indicates an overall increase in raw materials for inputs in the industry.

The phenolic panel market is segmented into five regions worldwide:

By geography, the phenolic panel  market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.

The demand for phenolic panels in the Middle East and Africa is projected to increase in the next couple of years. The rising construction activity in the region will be the key driver for the increasing demand for phenolic panels in Israel during the forecast period. In an attempt to adapt to the new situation, Saudi Arabia, which has been known for its abundant oil reserves, plans to shift its economic dependence on non-petroleum sectors by investing in other industries like construction and manufacturing – which eventually can be considered a step towards achieving the Saudi Arabian Vision 2030.

The demand for phenolic panels in the region will be mainly driven by the growing construction activities in the country. Increasing government initiatives toward the development of green buildings in the country are expected to drive the growth of the phenolic panels market during the forecast period. The country’s investment in green buildings is currently the third biggest investment of its kind in the world, and the country is set to become the industry’s global leader. Currently, multiple projects under construction are either LEED-certified or LEED-registered.

According to the Saudi Green Building Forum (SGBF), currently, there are around 30 million sq. ft. of LEED-certified space in the country. All such factors, events, and initiatives are expected to widen the growth opportunities for the market of phenolic panels in the coming years. In the United Arab Emirates, increasing government initiatives and investment towards the adoption of sustainable and green buildings are expected to drive the growth of the phenolic panels market during the forecast period.

The focus on sustainability is considered one of the biggest trends in the GCC’s building sector, and this is supported by Dubai’s being ranked third in the list of cities in the world with the highest number of green-certified buildings, with over 550 projects under LEED certification and the implementation of the estimated framework in Abu Dhabi vision 2030

Key developments in the Phenolic panel market:

The market leaders for the phenolic panel market are Xtratherm Limited, Milwaukee Composites, Inc, Pearl Industries, Artboard AB, ALPHA DUCTS LLC, American Architectural Millwork LLC, Fiberesin Industries, General Partition Manufacturing Company, Wall Panel Systems, Inc, Architectural Panel Systems, and ECO Cladding. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,

• In November 2023, Cepsa produced circular phenol from single-use plastics for the first time in Spain. This phenol has numerous applications, such as manufacturing wind turbines, solar panels, and technological products, among others.

The phenolic panel market is segmented and analyzed as below:

• By Application
  • Interior
  • Exterior
• By Installation
  • Replacement
  • New Installation
• By End-user
  • Residential
  • Commercial/Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Rising investment in infrastructure development

4.1.2. Rapid urabization

4.2. Market Restraints

4.2.1. Fluctuation in price of the raw material

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. PHENOLIC PANEL MARKET BY APPLICATION 

5.1. Introduction

5.2. Interior

5.3. Exterior

6. PHENOLIC PANEL MARKET BY INSTALLATION

6.1. Introduction

6.2. Replacement

6.3. New Installation

7. PHENOLIC PANEL MARKET BY END-USER

7.1. Introduction

7.2. Residential

7.3. Commercial/Industrial

8. PHENOLIC PANEL MARKET BY GEOGRAPHY

8.1. Global Overview

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Rest of South America

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Rest of Europe

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. United Arab Emirates

8.5.3. Rest of Middle East and Africa

8.6. Asia-Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Taiwan

8.6.6. Thailand

8.6.7. Indonesia

8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Xtratherm Limited

10.2. Milwaukee Composites, Inc.

10.3. Pearl Industries

10.4. Artboard AB

10.5. ALPHA DUCTS LLC

10.6. American Architectural Millwork LLC

10.7. Fiberesin Industries

10.8. General Partition Manufacturing Company

10.9. Wall Panel Systems, Inc.

10.10. Architectural Panel Systems

10.11. ECO Cladding

Xtratherm Limited

Milwaukee Composites, Inc.

Pearl Industries

Artboard AB

ALPHA DUCTS LLC

American Architectural Millwork LLC

Fiberesin Industries

General Partition Manufacturing Company

Wall Panel Systems, Inc.

Architectural Panel Systems

ECO Cladding