Rise in need for fast construction in various sectors such as cold storage, residential, and commercial building is projected to drive the global market for sandwich panels during the forecast period.
Wilmington, Delaware, United States, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global sandwich panels market is projected to flourish at a CAGR of 6.3% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 28.8 billion is anticipated for the market in 2031. As of 2023, the market for sandwich panels is expected to close at US$ 18.05 billion. Sound Insulation Board
With growing urban populations, the need for residential and commercial buildings also increases, creating a demand for efficient construction materials like sandwich panels, boosting the market for sandwich panels during the forecast
Sandwich panels are widely used in the construction industry due to their numerous advantages and insulation properties. Demand for sandwich panels is increasing among real estate developers and architects across the globe.
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The sandwich panels market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global sandwich panels market report:
Key Developments in the Sandwich Panels Market
ArcelorMittal, a global steel and mining company, has been collaborating with various partners to develop advanced sandwich panel solutions. Their focus is on producing panels with lightweight yet durable materials that offer excellent thermal insulation properties.
TATA Steel has been working on introducing sandwich panels with enhanced acoustic insulation capabilities. These panels are designed to improve indoor comfort by reducing noise levels in buildings.
Kingspan Group, a prominent player in the sandwich panels market, has been focusing on sustainable solutions. They have introduced high-performance insulation materials and panels designed to enhance energy efficiency and reduce carbon footprint in buildings.
Key Takeaways from the Market Study
As of 2022, the sandwich panel market was valued at US$ 17.03 billion
By core material, the polyurethane (PUR) segment enjoys high demand, accumulating a high revenue share during the forecast period
Based on the end-use, the industrial building segment held the major share of the global sandwich panels market in 2021.
Based on application, the commercial buildings segment is expected to generate high revenue during the forecast period.
Sandwich Panels: Key Trends and Opportunistic Frontiers
The growing industries such as manufacturing, cold storage, and logistics have increased the demand for warehouses, industrial facilities, and storage spaces, driving the demand for sandwich panels., and contributing to the growth of the sandwich panels market.
The rising demand for speedy installation, reduced labor costs, and energy savings contribute to overall cost savings for construction projects, making sandwich panels an attractive option for builders and contractors
Growth in the pharmaceutical and food & beverage industries is also expected to offer lucrative opportunities to market players during the forecast period.
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Sandwich Panels Market – Regional Analysis
Asia Pacific is expected to dominate the global sandwich panels market during the forecast period, owing to the increase in construction activities in industrial and commercial sectors in the region. The construction of commercial spaces, warehouses, and industrial buildings is driving the demand for efficient building solutions, including sandwich panels in the region. The increasing adoption of green building practices is contributing to the growth of the market in this region.
North America is anticipated to offer a lucrative opportunity for the sandwich panel market during the forecast period. The demand for sandwich panels in commercial, residential, and industrial construction projects is driven by the need to meet stringent building codes and regulations related to insulation and energy conservation.
Sandwich Panels Market – Key Segments
Others (Glass Wool Fiber, Rock Wool, etc.)
Others (Power Plant, Agricultural and Husbandry Buildings, etc.)
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