The global sandwich panels market size was valued at $20.21 billion in 2021, and is estimated to reach $39.16 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
Sandwich panels refer to a system that protects the building from external influences and provides a very convenient and economical solution for powerful stands. They are a modern, lightweight and durable building element. Sandwich panels are used to cover the walls and floors, roofs and exterior walls of buildings and create insulated internal walls and cold storages.
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Rise in construction of residential & commercial buildings as well as warehouses is expected to offer remunerative lucrative opportunities for the sandwich panel market. In addition, surge in demand for green buildings and need for eliminating heat transfer from external environment through conduction, which, in turn, reduces the energy expenditure on cooling of building structure. In addition, rapid expansion of the e-commerce industry creates demands for warehouses and distribution centers, which is expected to provide lucrative opportunities for the sandwich panels market growth. For instance, in March 2021, Amazon is building its new 1,30,000 square foot distribution center in Hollister, California. Such factors are expected to boost the demand of the sandwich panels market.
Major players have adopted product launch, acquisition and business expansion, as key strategies to sustain the competition and improve their product portfolio. For instance, Metecno Group installed a brand-new production line of sandwich panels with a yearly capacity of 2.000 m2 in PUR and PIR High Index panels. This aims to improve the production capacity and flexibility, to widen its range of products.
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Asia-Pacific accounted for the highest share of the sandwich panels market share, in terms of revenue in 2021, owing to rise in urbanization and growth of construction sector.
However, during the COVID-19 pandemic, various manufacturers in the sandwich panels market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of sandwich panels companies. In addition, lack of manpower and raw materials also constricted supply of sandwich panels, which negatively influenced the growth of the sandwich panels market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of sandwich panel companies.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging global sandwich panels market trends and dynamics.
- Depending on product type, the polystyrene panels segment has dominated the sandwich panels market, in terms of revenue in 2021 and projected to grow at a significant CAGR during the forecast period.
- By end-user, the non-residential segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the global sandwich panels market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the sandwich panels industry.
- The sandwich panels market forecast analysis from 2022 to 2031 is included in the report.
- In-depth global sandwich panels market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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