Expansion, Product Launches, and Acquisitions are the Key Development Strategies Adopted by the Leading Players for the Growth of the Global Phenolic Panel Market
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 global phenolic panel market size was USD 1.7 billion in 2020 and is projected to reach 2.4 billion by 2025, registering a growth of 6.5%.
Over the past years, companies have strengthened their position in the global phenolic panel market by adopting several business strategies. From 2016 to 2019, expansions, product launch, and acquisition were the key strategies adopted by the market players to maintain growth in the market. For instance, in June 2019, Bobrick Washroom Equipment, Inc. (US) expanded its existing manufacturing and distribution facility in Jackson, Tennessee (US), by an additional 40,000 square feet. This expansion of the company was prompted by significant growth in toilet partition business and is leading to the additional production capacity. The expansion has helped Bobrick Washroom Equipment, Inc. to further strengthen its business in the North America region.
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The major manufacturers profiled in the global phenolic panel market report include Wilsonart LLC (US), Broadview Holding B.V. (Netherlands), Fundermax GmbH (Austria), Bobrick Washroom Equipment, Inc. (US), Fiberesin Industries Inc. (US), Asahi Kasei Corporation (Japan), Kingspan Group (Ireland), general Partitions Mfg. Ltd. (US), Werzalit of America, Inc. (US), and others.
These companies have adopted various organic and inorganic growth strategies. For instance, 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 a minimal thickness. This would build Kingspan Group’s position as a leading player in the phenolic panel market.
Related Reports:
Phenolic Panel Market by Type (Sandwich, Plain), Class, End-Use Industry (Construction, Marine, Transportation, Aerospace & Defense), Application (Interior, Exterior, Furniture, Air Conditioning Duct Panel), Class, and Region - Global Forecast to 2025
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