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NEW YORK , April 12, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Sandwich Panel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Application, and End Use," the market was valued at US$ 2,711.11 million in 2021 and is projected to reach US$ 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028. The market's growth is attributed to the rising cold storage applications of sandwich panels and increasing demand for PVDF-based aluminum composite panels.
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No. of Charts & Figures
Material, Application, and End Use
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Sandwich Panel Market: Competition Landscape and Key Developments
Kingspan Group, Assan Panel, Isopan, Tata Steel , ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, and Multicolor Steel India Pvt. Ltd. are among the leading players operating in the global sandwich panel market.
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In 2020, Asia Pacific held the largest share of the global sandwich panel market. There is an increase in the utilization of sandwich panels in the region, owing to the surge in construction activities and growth in cold storage facilities. The increasing use of sandwich panels in residential and non-residential sectors is anticipated to offer more growth opportunities for the sandwich panel market in Asia Pacific. In recent years, the major market players in the region have invested heavily in R&D initiatives. These manufacturers are also focusing on product development and innovation and product portfolio expansion strategies.
During the forecast period, Asia-Pacific is anticipated to account for the largest share of the global sandwich panel market. Asia-Pacific region comprises several developed and developing economies, including China , India , Japan , South Korea , among others. The growth of the market in the region can be attributed to the rapid industrialization and building construction activities. The region is witnessing rise in the construction of cold storage, warehouses, shopping malls, industrial and commercial buildings. Furthermore, the region is also known as the largest producer of agricultural products globally, and this factor resulting in a greater number of agricultural premises construction across the region to store agricultural crops. Hence, the above-mentioned factors in the region are fostering the demand for the sandwich panel.
Based on application, the wall panels segment led the global sandwich panel market in 2020. Wall panel provides sound insulation which minimizes the harmful effects of noise on humans, leaves out unwanted sounds, and reduces the sound spreading around from noisy areas. Additionally, growing demand for air and watertight sandwich wall panels to ensure the continuity of temperature insulation at cold storage and warehouses. Thus, the growing need for sound and thermal proof premises at various industries is expected to propel the growth of the wall panels segment of the sandwich panel market in the forecast years.
Increasing Demand for PVDF-based Aluminum Composite Panels
Aluminum composite panels have been one of the popular building materials for cladding. The PVDF-based aluminum composite panel comes in various thicknesses. There are wide uses of PVDF-based aluminum composite panels. PVDF-based aluminum composite panels incorporate exceptionally high mechanical quality, permitting different modern applications.
There is an increase in the use of different advanced and popular materials to construct buildings, homes, and offices. Various emerging economies are focusing on creating new buildings and structures. PVDF-coated aluminum composite panel panels are increasingly used to decorate storefronts, shopping malls, industrial facilities, educational institutes, advertisement screens, signage, display systems, hospitals, and curtain wall cladding of buildings. Hence, the increasing demand for PVDF-based aluminum composite panels in different application sectors drives the sandwich panel market.
Growing cold storage applications of sandwich panels and increasing demand for PVDF-based aluminum composite panels are the key factors driving the sandwich panel market during the forecast period. Moreover, there is increasing use of different advanced and popular materials for the construction of buildings, homes, and offices. Various emerging economies are focusing on creating new buildings and structures. PVDF-coated aluminum composite panel panels are increasingly used to decorate storefronts, shopping malls, industrial facilities, educational institutes, advertisement screens, signage, display systems, hospitals, and curtain wall cladding of buildings. Hence these are the key drivers for the growth of the global sandwich panel market.
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Sandwich Panel Market: Segmental Overview
Based on material, the sandwich panel market is segmented into polyurethane, polyisocyanurate, mineral wool, and others. The others segment held the largest share of the global sandwich panel market in 2020. The others segment comprises expanded polystyrene, glass wool, and rock wool, among others. The segment of the sandwich panel is expected to grow, owing to the rising demand for lightweight panel structures globally.
Based on end use, the global sandwich panel market has been segmented into residential and non-residential. The non-residential segment held a larger share of the global sandwich panel market in 2020. The rapid industrialization in developing economies is expected to boost the demand for sandwich panels. This can be attributed to their cost-effectiveness and reduced time of installation. Furthermore, the increasing number of warehouses and cold stores across the globe is further bolstering the application of sandwich panels.
Based on end use, the non-residential segment led the global sandwich panel market in 2020. The dominance of the non-residential segment can be attributed to the extensive application of sandwich panels at various end use industries. Moreover, the rapid industrialization in developing economies is expected to boost the demand for sandwich panels as in modern times, industrial buildings are heavily using sandwich panels due to cost-effectiveness and reduced time. Furthermore, increasing warehouses and cold stores across the globe is further bolstering the application of sandwich panels. Consequently, the growing number of sports facilities, cold stores, warehouses, and manufacturing buildings across the globe is accelerating the demand for the sandwich panel.
Impact of COVID-19 Pandemic on Sandwich Panel Market
The COVID-19 pandemic created a temporary distortion in operation efficiencies of industrial bases, resulting in halts in the expansion of their manufacturing facilities. In Europe , the construction of commercial buildings, cold stores, logistics warehouses, and agriculture facilities was almost negligible due to the shortage of laborers, sandwich panels, and other construction materials. The supply networks for construction materials were also disrupted. However, the various industries are coming on track after supply constraints affecting these industries are resolving gradually. The rising demand for sandwich panels across diverse industrial applications is expected to boost market growth substantially.
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The growing inclination for sustainable products is the key trend for the sandwich panel market. There is a rising inclination toward sustainable and green products. Buildings constructed with sandwich insulated panels are more energy-efficient than traditional buildings. The sandwich panel also helps lower energy costs. Besides, many sustainable bio-based foam cores and resins are being introduced. Market players are also focusing on offering composite panels made from bio-based materials.
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