The global sandwich panels market is projected to exhibit a strong 7.04% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The market is mainly driven by the growing construction industry, which has driven the demand for roofing and flooring panels, as well as the growing demand for technical innovation in the materials industry, leading to the generation of several materials that can be viably used in building panels.
Sandwich panels are, as the name suggests, made of three layers, with a thin layer of adhesive/bonding agent holding together two panels of various naturally occurring, engineered, or composite substances. The structure of sandwich panels gives them a significant advantage in terms of lightness and structural strength, with the solid, composite structure providing higher structural strength and resistance than comparable panels made uniformly from a single material. The composite structure of sandwich panels also adds to their utility as sound insulation and thermal insulation. The use of fire-resistant materials in sandwich panels can also make them more fireproof than normal panels, thus further adding to their viability and utility in the construction industry.
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Competitive Analysis:
Leading players in the global sandwich panel market include Sintex, Multicolor Steels India Pvt. Ltd., NCI Building Systems Inc., Tata Steel Limited, Romakowski GmbH Co. KG, Zhong Jie Group, MANNI Group, ArcelorMittal S.A., Hoesch Siegerlandwerke GmbH, Assan Panel A.S., Nucor Corporation, Building Component Solutions LLC, Kingspan Group, INVESPANEL SL, and DANA Group of Companies
Major Market Drivers and Restraints
The global sandwich panel market is mainly driven by the growing demand from the construction industry. The construction industry has faced a growing demand across the world in the last few years due to the growing demand for industrialization, infrastructure construction, and residential construction in developing regions. A large number of developing countries are in the middle of long-term infrastructure enhancement plans that necessitate large-scale demand for construction materials, such as sandwich panels. The growing demand for industrial construction is also likely to be a major driver for the global sandwich panels market over the forecast period due to the growing demand for a stronger industrial sector in emerging regions.
The manufacturing sector has developed rapidly in developing regions such as Asia Pacific in recent years, with industries such as consumer electronics and automotive exhibiting a progressive growth rate. The growing demand for industrial construction in the manufacturing sector in emerging regions is likely to be a major driver for the global sandwich panel market over the forecast period. Many countries in the world are prioritizing the construction of special industrial zones in order to facilitate smooth growth of the manufacturing sector. This is likely to result in large-scale construction of office buildings. This is likely to drive the demand from the global Sandwich Panel Market over the forecast period, as sandwich panels are increasingly being used in applications where lightweight but sturdy and well-insulation construction materials are needed.
Segmentation:
The global sandwich panel market is segmented by type and application.
By type, the global sandwich panels market is segmented into glass wool, rock wool, polyurethane (PUR)/polyisocyanurate (PIR), expanded polystyrene (EPS), and others. PUR/PIR sandwich panels dominated the global market in 2017 with a 35.1% share. They can remain the leading revenue generator over the forecast period due to the growing demand for composite materials in the construction industry.
Major end uses of sandwich panels include residential buildings, commercial buildings, industrial buildings, and cold storage. Commercial buildings are the largest end user of sandwich panels, holding a 47.8% share in the global sandwich panels market.
Regional Analysis:
Europe is likely to dominate the global sandwich panels market over the forecast period due to the growing government support to environmental regulations in the construction industry, necessitating the use of effective insulation materials. The Europe market accounted for 43.3% of the global sandwich panel market in 2017 and is expected to grow at a CAGR of 7.13% over the forecast period from 2018 to 2023, rising to a market valuation of USD 851.4 million. Germany is likely to remain the leading national market within Europe.
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Asia Pacific could also exhibit rapid progress in the global sandwich panels market over the forecast period due to the immense demand in industrial and commercial construction in developing economies such as India, Malaysia, Indonesia, China, Vietnam, Thailand, Australia, and South Korea. The Asia Pacific market for sandwich panels is expected to rise to a valuation of USD 596.1 million by 2023, exhibiting the fastest CAGR of 7.49% over the forecast period. India is likely to be an important market for sandwich panels over the forecast period, with the region expected to exhibit a CAGR of 8.64% over the forecast period.
North America is also likely to play a leading role in the global sandwich panels market over the forecast period, though the region is likely to be overshadowed by Europe and Asia Pacific. The North America market for sandwich panels is expected to rise to a valuation of USD 370.8 million by 2023.
The Middle East, Africa, and Latin America are not likely to emerge as leading players in the global sandwich panels market, though the growing efforts to industrialize these regions could lead to steady demand for sandwich panels over the long term.
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