July 27, 2023 04:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 27, 2023 (GLOBE NEWSWIRE) -- The global sandwich panel market size was valued at USD 9.19 billion in 2022 and is expected to be worth USD 9.91 billion in 2023. The market is projected to reach USD 17.45 billion by 2030, recording a CAGR of 8.4% during the forecast period. Cleanroom Door Price
Sandwich panels are mainly used in the construction sector as a modern building material to offer structural stability and efficiency. It is used by binding a combination of a wide range of composite materials. The demand for fast construction is growing at a robust pace for various applications, such as cold storage, residential complexes, and commercial buildings. This will positively impact the sandwich panel market growth.
Fortune Business Insights™ displays this information in a report titled, "Sandwich Panel Market, 2023-2030."
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List of Key Players Profiled in the Global Sandwich Panel Market Report:
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COVID-19 Pandemic Slumped Product Adoption Due to Lockdown Restrictions and Supply Chain Challenges
The COVID-19 pandemic forced governments to introduce several movement restrictions and lockdowns to contain the spread of the virus. This caused many delays in the supply chain networks, ultimately causing several challenges to manufacturers and suppliers. This factor had a negative impact on the market progress. Governments across the world imposed several other strict rules, which further caused a severe shortage of raw materials and labor force. These aspects restricted the expansion of the sandwich panel market share.
Polyurethane to Gain Traction for Their Attractive Properties
Based on type, the market is segmented into polystyrene, polyurethane, mineral wool, and others. The polyurethane segment held a dominant market share in 2022 as it has several attractive features, such as strong resistance to corrosion, lightweight, cost-effectiveness, and high density.
Rising Non-Residential Construction to Boost Demand for Steel-based Outer Materials
Based on outer material, the market is segmented into steel, aluminum, and others. The steel segment is set to dominate the market during the forecast period as non-residential construction is on the rise across the world. Steel has several important properties, such as affordability and high fire resistance, further boosting its demand.
Product Demand to Rise across Non-Residential Applications Due to High Demand from Cold Storage Facility
Based on application, the market is segmented into residential and non-residential. The non-residential segment is expected to capture the largest share of the global market as the demand for cold storage facilities is rising from many industries. These panels can protect the heat of products stored in cold storage, accelerating their demand among end-users.
With respect to region, the market covers North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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The research report analyzes the market in detail and highlights crucial areas, such as top companies, outer materials, types, and prominent product applications. It also provides insights into the latest market trends and covers vital industry developments. Besides the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.
Growing Product Use in Non-Residential Applications to Boost Market Outlook
The non-residential sector is growing at a notable pace every year as the demand for high-quality infrastructure is rising across the world. Some of the popular examples of non-residential construction include cold storage facilities, institutional buildings, and industrial buildings. More of these structures are increasing their reliance on sandwich panels as they offer economic and sustainability benefits. They also provide great insulation, making them an ideal product for cold storage establishments. These factors are expected to boost the market share.
However, weak resistance to fire can restrict product adoption, eventually having a negative impact on the market growth.
Asia Pacific Market to Witness Strong Growth with Expanding Building & Construction Industry
Asia Pacific captured a dominant market share in 2022 and is expected to maintain its position during the forecast period as well. One of the major factors contributing to the regional market’s growth is the ever-expanding building & construction sector. This sector needs sandwich panels to create strong public establishments and fulfill the demands of a growing regional population.
North America is also predicted to hold a major share in the global market as end-users across the region are using modular construction materials to develop a lightweight structure.
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Companies to Adopt Strategic Planning to Fortify Market Competition
The market is highly fragmented with the presence of notable companies, such as Rautaruukki Corporation, Kingspan Group, Sintex, Assan Panel A.S., Areco, Tata Steel, ArcelorMittal, DANA Group of Companies, and Building Components Solutions LLC, among others. These companies are adopting various growth strategies, such as partnerships, mergers, and acquisitions to boost competition in the market.
In December 2022 – Ruukki Construction announced the acquisition of Poimukate Oy, a roof and wall profile manufacturer. Poimukate produces roofing sheets, accessories and façade cladding products from steel and hires around 30 people. In 2021, the company’s sales touched EUR 7 million. This move will help Ruukki Construction offer complete roofing solutions and strengthens its products and services offered to customers across Finland.
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