Phenolic Boards Market Share

APAC Market Statistics

Asia Pacific industry is set to account for largest revenue share of 36% by 2037. The growth of the market can be attributed majorly to the population explosion as well as rapid urbanization. According to the World Bank data, 35% of the population of South Asia, and 61% of the total population of east Asia and the Pacific lived in urban settlements. There has been an exponential rise in government spending on infrastructure in some developing countries which is also predicted to drive the growth of the phenolic boards market in the region. The increase in the cases of COVID-19 during the pandemic has increased the growth of hospital construction. The phenolic boards are also used in the construction of many laboratories such as chemical, physical, and biochemical laboratories across the region. The increasing need for clinical trials and new drug discoveries led to a growing number of institutions and research centers. Also, the need for quarantine hubs and health education programs to raise awareness regarding the spread and prevention of the disease is estimated to hike the growth of the market as per the market analysis.

North American Market Forecast

Moreover, the North American region is anticipated to share a significant market value in the coming years. The increasing research and development activities across the region are estimated to rise the need for infrastructure facilities. According to the estimations, about 1800 new infrastructure development projects are estimated to rise in the great U.S. as of 2022 reports. The increase in the infrastructure needs thereby increasing the use of phenolic boards. The presence of prominent key players also drives the market growth during the forecast period.