Sandwich panel market worth USD 3.25 billion by 2027,
New York, July 21, 2021 (GLOBE NEWSWIRE) – Sandwich panel market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Sandwich panel market Research Report, Type, Application and Region – Forecast to 2027 ” The market is expected 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 $ 1.46 billion in 2020.
Growing number of infrastructure projects
The global sandwich panel market size is expected to grow rapidly over the next few years. This is mainly due to the continued growth of the global construction industry, which is expanding the use of sandwich panels in building construction. In addition, the growing number of infrastructure projects, especially in developing and developed economies, will drive market expansion in the years to come. Another factor that will drive end users to choose sandwich panels in the years to come is the growing importance given to the construction of special economic zones and commercial buildings due to rapid industrialization. Sandwich panels are introduced by a number of leading manufacturers for the industrial and commercial construction segments. The housing recovery and new buildings are expected to have a substantial impact on the commercial and residential construction industries. Further, the demand for simple and quick construction solutions is expected to drive the growth of the sandwich panel systems market throughout the forecast period.
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Notable players in the global sandwich panel market include –
- DANA Group of Companies (UAE)
- Building Component Solutions LLC (Saudi Arabia)
- INVESPANEL SL (Spain)
- Assan Panel AS (Turkey)
- Kingspan Group (Ireland)
- Nucor Corporation (United States)
- Hoesch Siegerlandwerke GmbH (Germany)
- ArcelorMittal SA (United States)
- 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. (United States)
- Sintex (India)
Browse the in-depth market research report (123 pages) on Sandwich Panels
Lockdowns caused by COVID-19 to restrict construction projects
The COVID-19 pandemic is having a significant adverse influence on the construction industry, while legal ramifications vary by region and contract. Contractually, the focus is more on international consulting firms that provide guidelines and standards such as FIDIC (International Federation of Consulting Engineers) and NEC. The current stage of the pandemic has made it impossible to carry out construction projects. The COVID-19 outbreak is reducing the growth of the construction industry, causing disruption and delays, which can be attributed to various affected supply chains. A few governments have also ordered the closure of specific businesses in all regions. Most residential and non-residential construction projects have been halted.
Sandwich panel manufacturers and the construction industry at large are likely to face a number of hurdles, with the majority of housing projects left unfinished due to supply chain disruptions, cash flow constraints and stopping production. The almost total absence of construction activity at the project sites further strained the financial situation of various manufacturers and developers. Despite the fact that demand for low-cost sandwich panels in single and multi-family homes has increased in recent years, the COVID-19 crisis has caused a significant setback for the sandwich panel industry. Workers have returned to their homelands amid the COVID-19 outbreak. Due to the labor shortage, sandwich panel manufacturers are struggling to complete their projects on time. Additionally, as manufacturing units close due to supply chain disruption and contractual ramifications, many companies struggle to source low-cost inputs.
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The global sandwich panel industry has been segmented by type and application.
By type, the global sandwich panel market has been segmented into glass wool and rock wool.
By application, the global sandwich panel market has been segmented into commercial buildings and agricultural buildings.
Europe will dominate the global market
Europe is considered to be one of the most valuable regions in the global sandwich panel market, and it is expected to grow at a CAGR of 7.9% during the forecast period.
APAC will grow at the fastest rate
During the assessment period, the Asia-Pacific region is expected to grow fastest in the global sandwich panel market. China is one of the fastest growing economies in the world, and virtually all end-user industries in the country are growing at a rapid pace due to the country’s population growth, improving level of life and increased per capita income. In addition, the increased emphasis on migration from rural to urban areas, especially in China and India, is increasing market demand in the Asian region.
Market segmentation covered by research:
Information by type (glass wool, rock wool), application (commercial buildings, farm buildings) and by region (North America, Europe and Asia-Pacific)
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