Sandwich panels are an affordable, durable and eco-friendly alternative to traditional roofing materials. They are manufactured by joining layers of covering metals and insulating materials under pressure. These panels are used in residential, commercial and industrial construction projects.
The global Sandwich Panels Market is estimated to account for US$ 6432.36 Mn in terms of value by the end of 2021.
Global Sandwich Panels Market: Drivers
Factors driving growth of the global sandwich panel market include the development of insulated thermal envelops in the building & construction industry. Moreover, the rising popularity of solar panels for the roofing of the buildings is also expected to boost the production of PUR sandwich panels. Another factor that has boosted the sandwich panel market in recent years is the rise in government subsidies for rural construction. In addition, the rising interest in renovating residential structures is also expected to drive the market.
Global Sandwich Panels Market: Opportunities
The food and beverage industry is expected to provide lucrative opportunities to the sandwich panel market. The increased consumption of cold storage in retail chains has also led to a spike in the market. Moreover, the growth of the pharmaceutical industry is expected to further boost the market growth. Furthermore, the rising emphasis on rural-urban migration is another factor boosting the market growth. Additionally, increasing demand for packaged foods, which need temperature controlled facilities for storage will further favour the market growth.
Global Sandwich Panels Market: Restraints
Fluctuating price of raw materials is expected to hinder the market growth over the forecast period.
Global Sandwich Panels Market - Impact of Coronavirus (Covid-19) Pandemic:
While COVID-19 outbreak started in Wuhan, China during the last quarter of 2019, it has now spread to about 184 countries, including India due to international air commute. As of 28 April 2020, the global coronavirus cases has reached over 3.07 million, with still continuously increasing number of cases. Considering the situation, COVID-19 is declared as pandemic and the governments across the world have imposed complete lockdown as per the condition in their respective countries. Under this lockdown, all economic activities, except specific shops, such as medical shop, supermarkets, hospitals, ration stores, and few online stores, have come to a temporary standstill. This has also led to temporary halt in the global production as well as demand for sandwich panels, which is likely to continue till the lockdown is removed.
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The global sandwich panels market was valued at US$ 6432.36 Mn in 2021 and is forecast to reach a value of US$ 18,763.92 Mn by 2030 at a CAGR of 5.91% between 2022 and 2030.
Aluminum segment held dominant position in the global sandwich panels market in 2021, accounting for 65.88% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Sandwich Panels Market Trends:
The increased number of warehouses and cold stores is boosting demand for this type of building material. Also, the growing focus on energy conservation measures is expected to be a key trend for the market. This trend is expected to continue in the near future due to growing environmental concerns.
Continuous launch of new product by key players due to ongoing innovation is another major trend observed in the market. For instance, in November 2021, AGACAD has announce the release of Sandwich Panels, the latest solution to join the ranks of specialized framing software for Autodesk® Revit®.
Global Sandwich Panels Market: Competitive Landscape
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
Global Sandwich Panels Market: Recent Developments