The global sandwich panels market size was valued at USD 6432.36 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.91% from 2022 to 2030. Increasing demand for energy-saving materials in commercial and residential construction sectors has accelerated the growth of the global sandwich panels industry. Moreover, the industrial building end-use segment is also performing well in the global market. In addition, the growing demand for PUR panels in solar panels on the roofs of buildings is further expected to drive growth of the global sandwich panel market.
Global Sandwich Panels Market: Regional Insights
Regionally, Asia Pacific is expected to dominate the global sandwich panels market over the forecast period due to the rapid urbanization in Asian countries, the demand for sandwich panel systems is rising. Moreover, the increased commercial aircraft fleet size is also expected to drive the demand for composite sandwich panel in the near future. In addition, the increase in the number of large-scale infrastructure projects in the region is also expected to propel the market growth. The market in China, India and Japan is expected to emerge as prominent regions, owing to the rising population and growing per capita income in these countries.
The construction industry has gained momentum in North America. North America has emerged as second leading market in the global sandwich panel market. Increasing government initiatives for developing warehouses and cold storage facilities will accelerate the growth of the sandwich panel market in the region. Moreover, the manufacturing sector has become more dominant in the region. Additionally, the growing demand for advanced interiors is also expected to drive the regional market growth.
Figure 1. Global Sandwich Panels Market Share (%), By Region, 2021
Global Sandwich Panels Market Drivers:
Growing Cold Storage Applications of Structural Insulated Panels To Propel Market Growth
Rapid urbanization and industrialization has fuelled demand for cold storage technology. It is widely used in food and beverage, industrial, chemical, and medical sector. It has gained tremendous demand due to growing need to reduce losses incurred from perishable goods. Moreover, increase food production, drug production, and chemicals production has boosted demand for cold storage, this in turn augmented growth of the sandwich panels market.
Rising Demand For PVDF-Based Aluminum Composite Panels Is Augmenting Market Growth
Due of its excellent weather-proof and other properties, aluminum composite panel are gaining popularity from cladding material application. The PVDF content is projected to be more than 70%, to safeguard the color and durability of excellent quality. As PVDF coating is retardant to external environment's damage, it could be used for more than twenty years in general. Thus, PDVF coating aluminum composite panel is used in buildings' exterior walls.
Global Sandwich Panels Market Opportunities:
Growing construction of industrial and commercial buildings is expected to provide significant growth opportunities. For instance, in June 2019, Singapore’s GIC and India’s DLF agreed for a joint venture to construct country’s biggest retail mall, Down-Town, of more than 2.5 million square feet, on a 23-acre land parcel. In January 2020, Prestige Group further planned to develop 6 state-of-the-art malls in the country, besides five Forum malls under construction across Chennai, Bengaluru, and Kochi, accounting for approximately 8.1 million square feet of retail space. In Malaysia, urban centers was observed facing glut of retail malls, with Kuala Lumpur having 42 new shopping complexes under development phase and another 27 complexes in planning stage, during November 2019.
Growing number of partnership and agreement is expected to provide potential growth opportunities. For instance, in May 2019, BASF and Wiskind formed strategic partnership to develop insulating polyurethane sandwich panels for use in the construction of refrigerated spaces in the cold chain industries in China. This is a joint development of insulating solutions for refrigerated spaces with better fire retardance and higher energy efficiency, which supports cold chain applications with up to 95% energy savings.
|Base Year:||2021||Market Size in 2021:||US$ 6432.36 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.91%||2030 Value Projection:||US$ 18,763.92 Mn|
ArcelorMittal Construction, Areco, Assan Panel AŞ, Building Components Solutions LLC, Cornerstone Building Brands, DANA Group of Companies, Kingspan Group, Multicolor Steels (India) Pvt Ltd, Rautaruukki Corporation, Safal Group., ITALPANNELLI SRL, Tata Steel, and Sintex
|Restraints & Challenges:||
Global Sandwich Panels Market Trends:
Rapidly Improving Living Standards
Rapidly improving living standards across developing countries could act as a key trend for the global market. Moreover, the growth in residential construction has been triggered by the low interest rates of home loans. Additionally, the tax redemption will also boost the growth of the construction market of middle class houses which will further favor the market growth.
Strict Regulations To Reduce Greenhouse Emissions
Government are implementing regulation in order to reduce greenhouse emissions due growing environmental concerns. This is expected to uplift the growth of sandwich panels market over the forecast period.
Global Sandwich Panels Market Restraints:
Less fire resistance ability of sandwich panels
Some panels have less fire resistance property which is restricting its use in various applications. In June 2017, a devastating fire was caught in Grenfell Tower, London, where more than 80 people lost their lives and many others got injured as the aluminum type cladding was used for finishing outer facade caught fire due to its low fire resistance.
Global Sandwich Panels Market - Impact of Coronavirus (Covid-19) Pandemic :
One of the major challenges facing the sandwich panel industry is the COVID-19 pandemic. It affected several industries, including construction, automotive, electronics, chemicals, cold storage, and the aerospace and defense industry. Among these industries, the aerospace and defense sector is estimated to be one of the worst affected industries.
Figure 2. Global Sandwich Panels Market Share (%), By Segment Type, 2021
Global Sandwich Panels Market Segmentation:
The global sandwich panels market report is segmented into skin material, core material, application, end-user industry, and geography
Based on skin material, the market is segmented into Continuous Fiber Reinforced Thermoplastics (CFRT), Fiberglass Reinforced Panel (FRP), Aluminum, Steel, and Other Skin Materials. Out of which, Aluminum is expected to dominate the global market over the forecast period and this is attributed to their lightweight, high strength, easy to assemble, excellent resistance to chemicals, waterproof and moisture-proof, and high weatherability properties.
Aluminum segment is also expected to witness significant growth in the near future and this is owing to the growing demand from hoarding, interior and exterior decoration, cladding, railway carrier, insulation, and column cover and beam wrap application.
Based on core material, the market is segmented into Polyurethane (PUR), Polyisocyanurate (PIR), Mineral Wool, Expanded Polystyrene (EPS), and Other Core Materials. Out of which, Polyurethane (PUR) is expected to dominate the global market over the forecast period and this is attributed to their light weight, excellent shearing resistance, high mechanical strength, high durability, strong corrosion resistance, and weather fastness properties.
Polyisocyanurate (PIR) segment is also expected to witness significant growth in the near future owing to their outstanding fire rating of B1 degree. They offer excellent performance on fire resistivity. Moreover, they meet the strict heat insulation requirements.
Based on application, the market is segmented into Wall Panels, Roof Panels, Insulated Panels, and Other Applications. Out of which, Wall Panels is expected to dominate the global market over the forecast period and this is attributed to the fact that wall panels plays very crucial role in energy-saving buildings. Sandwich panel can be used in wall panels for the development of energy-saving buildings.
Roof Panels segment is also expected to witness significant growth in the near future and this is owing to the growing demand for low-cost housing requirement worldwide.
Based on end-user industry, the market is segmented into Residential, Commercial, Industrial, and Institutional/Infrastructure. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the growing use of sandwich panel to clad the walls and roofs of buildings. Growing need for energy-efficiency in residential buildings is again propelling segment growth.
Commercial segment is also expected to witness significant growth in the near future and this is owing to the fact that sandwich panels provide uncompromised quality and fulfill vast commercial applications.
Global Sandwich Panels Market: Key Developments
Global Sandwich Panels Market: Key Companies Insights
The global sandwich panels market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global sandwich panels market are ArcelorMittal Construction, Areco, Assan Panel AŞ, Building Components Solutions LLC, Cornerstone Building Brands, DANA Group of Companies, Kingspan Group, Multicolor Steels (India) Pvt Ltd, Rautaruukki Corporation, Safal Group., ITALPANNELLI SRL, Tata Steel, and Sintex
*Definition: Sandwich Panels are lightweight and insulating panels used for a variety of purposes. They are easy to install and maintain. These panels are popular in both commercial and residential construction applications.
Sandwich panels are an inexpensive insulator that are used in a variety of building types. They offer a number of advantages, including high strength and flexibility, low maintenance costs, and a low overall weight. Architects, builders, and engineers can choose from a wide range of options. The core of the sandwich panel is typically made of polyurethane foam. Polyurethane is a rigid foam that provides excellent thermal and compressive strength. It is also resistant to water and bacteria, which makes it a desirable insulation component. In addition, it is non-combustible, which helps prevent smoke from contaminating the air around it.
There is an increase in government spending and increased consumer expenditure, which result in increasing infrastructure and residential construction. These factors are likely to boost the global market growth. There is also a growing demand for energy efficient buildings. Moreover, the demand for advanced interiors is expected to enhance the demand for composite sandwich panels. Another factor driving sandwich panel market growth is the rapid urbanization in emerging economies. This is mainly because of the growing disposable income. This has led to an increase in the number of residential construction projects in developing countries. In addition, the residential building segment is expected to remain the leading segment over the forecast period.
However, there are major constraints pertaining to the production and application techniques, as well as the price of raw materials. In addition, the market has faced a downturn in the recent years, due to several economic and other factors.
Key features of the study: