The sandwich panel market size was valued at $2,711.11 million in 2021 and is projected to reach $4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028.
NEW YORK, Feb. 23, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Sandwich Panel Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polyurethane, Polyisocyanurate, Mineral Wool, and Others), Application (Wall Panels, Roof Panels, and Others), and End Use (Residential and Non-Residential)". The sandwich panel market growth is driven by the rising cold storage applications of sandwich panels and increasing demand for PVDF-based aluminum composite panels.
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Report Coverage | Details |
Market Size Value in | US$ 2,711.11 Million in 2021 |
Market Size Value by | US$ 4,256.62 Million by 2028 |
Growth rate | CAGR of 6.7% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 154 |
No. Tables | 82 |
No. of Charts & Figures | 76 |
Historical data available | Yes |
Segments covered | Material, Application, and End Use |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | 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.
In 2018, Tata Steel announced to build a new factory to enable its subsidiary SAB- profile in Geldermalsen, the Netherlands, which replaced their previous manufacturing facility in Nieuwegein. The new factory was planned to meet the increased demand for steel roofs and wall sandwich panels.
In 2020, Italpannelli launched its new product Italdoor EI. Italdoor EI is a sandwich panel for residential garage doors made of steel.
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.
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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.
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.
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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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