Sandwich Panels Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Sandwich Panels Market Research Report, Type, Application and Region - Forecast till 2027” the market is projected to be worth USD 3.25 billion by 2027, registering a CAGR of 8.85% during the forecast period (2021 - 2027), The market was valued at USD 1.46 billion in 2020.
Increasing Number of Infrastructure Projects
The global sandwich panel market size is expected to grow rapidly in the next years. This is mostly owing to the global construction sector's continued growth, which is expanding the use of sandwich panels in building construction. Furthermore, the growing number of infrastructure projects, particularly in developing and developed economies, will drive market expansion in the future years. Another factor that will drive end-users to choose sandwich panels in the coming years is the rising emphasis on the construction of special economic zones and commercial buildings as a result of rapid industrialization. Sandwich panels are being introduced by a number of leading manufacturers for the industrial and commercial construction segments. Housing recovery and new buildings are expected to have a substantial impact on the commercial and residential construction industries. In addition, the demand for simple and quick building solutions is expected to drive the growth of the sandwich panel systems market throughout the forecast period.
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Key Players
Notable players in the worldwide sandwich panels market include –
DANA Group of Companies (UAE)
Building Component Solutions LLC (Saudi Arabia)
INVESPANEL SL (Spain)
Assan Panel A.S. (Turkey)
Kingspan Group (Ireland)
Nucor Corporation (U.S.)
Hoesch Siegerlandwerke GmbH (Germany)
ArcelorMittal S.A. (U.S.)
Romakowski GmbH Co. KG (Germany)
MANNI Group (Italy)
Zhong Jie Group (China)
Tata Steel Limited (India)
Multicolor Steels India Pvt Ltd. (India)
NCI Building Systems Inc. (U.S.)
Sintex (India)
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COVID-19-Caused Lockdowns to Restrict Construction Projects
The COVID-19 pandemic is having a significant detrimental influence on the construction sector, while the legal ramifications vary by region and contract. On the contractual side, there is a greater emphasis on international consulting businesses that give guidelines and standards such as FIDIC (International Federation of Consulting Engineers) and NEC. The current stage of the pandemic has made it impossible to complete construction projects. The COVID-19 outbreak is reducing the construction industry's growth, generating disturbance and delay, which can be traced to various affected supply chains. A few governments have also ordered the closure of specific enterprises across regions. The bulk of residential and non-residential construction projects have been ordered to halt.
Sandwich panel manufacturers and the wider construction sector are likely to experience a number of obstacles, with the majority of housing projects projected to be left unfinished due to supply chain interruptions, cash flow constraints, and production shutdown. The nearly utter lack of construction activity on project sites has further strained the financial status of various manufacturers and developers. Despite the fact that demand for low-cost sandwich panels in single-family and multifamily homes has surged in recent years, the COVID-19 crisis has caused a significant setback for the sandwich panel sector. Laborers have returned to their native lands in the midst of the COVID-19 outbreak. As a result of workforce scarcity, sandwich panel manufacturers have found it difficult to complete projects on time. Furthermore, as manufacturing units close owing to supply chain disruption and contractual ramifications, many firms are having difficulty procuring low-cost input materials.
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Market Segmentation
The worldwide sandwich panels industry has been segmented into type and application.
By type, the global sandwich panels market has been segmented into glass wool and rock wool.
By application, the global sandwich panels market has been segmented into commercial buildings and agricultural buildings.
Regional Analysis
Europe to Dominate the Global Market
Europe is regarded as one of the most valuable areas in the worldwide sandwich panels market, and it is expected to rise at an 7.9% CAGR over the forecast period.
APAC to Grow at Fastest Rate
During the assessment period, the Asia Pacific region is predicted to develop the quickest in the worldwide sandwich panels market. China is one of the world's fastest-growing economies, and practically every end-user industry in the country is expanding at a rapid pace as a result of the country's growing population, improved living standards, and rising per capita income. Furthermore, the increased emphasis on migration from rural to urban areas, particularly in China and India, is raising market demand in the Asian region.
Segmentation of Market covered in the research:
Information by Type (Glass Wool, Rock Wool), Application (Commercial Buildings, Agricultural Buildings) and by Region (North America, Europe and Asia-Pacific)
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