Sandwich Panels Market - Forecasts from 2024 to 2029

The sandwich panels market is expected to grow at a CAGR of 7.44% during the forecast period (2024-2029).

Sandwich panels are lightweight, insulating, and strong building materials made up of two thin layers bonded with a lightweight core. The outer layers are usually made of steel, aluminum, or fiber-reinforced plastic. The lightweight cores are usually PUR, mineral wool, EPS, or PIR.

Sandwich panels have great thermal and acoustic insulation properties and are used to construct walls, roofs, and floors in residential, commercial, and industrial buildings. They are also easy to install, maintain, and execute, making them a cost-effective solution for constructing energy-efficient structures. Various factors, such as the rapidly growing demand for energy-saving materials and rapid infrastructural development, are likely to steer the sandwich panel market towards tremendous growth in the near future.

• The rising demand for energy-efficient and green construction materials is the major driving factor in the sandwich panel market. Sandwich panels have excellent thermal and acoustic insulation properties, reducing any building's energy consumption and hence lowering the emission of greenhouse gases. With governments worldwide implementing stricter regulations on energy efficiency and carbon emissions, the demand for sandwich panels will likely rise rapidly.
• Other key drivers for the sandwich panels market include rapid urbanization and the resultant infrastructure growth, mainly in developing economies. Sandwich panels find broad programs in residential, commercial, and industrial buildings due to their ease of installation, sturdiness, and fee effectiveness. With the growing production of sports across countries like China, India, and Brazil.
• Another reason this is continuously feeding the call for sandwich panels is their increasing utilization of sustainable and modular production techniques. One of the blessings they provide is versatility and ease of customization to fit a task's requirements. This makes it quite an attractive choice for architects and developers seeking to incorporate sustainability and prefabrication in layout. The developing fashion toward green building and the adoption of modular construction strategies are anticipated to power the call for sandwich panels in the future.

SANDWICH PANELS MARKET DRIVERS:

• The Polyurethane (PUR) segment will likely be the fastest-growing segment during the forecast period.

The polyurethane (PUR) segment is predicted to be the quickest-developing in the rigid foam marketplace. One of the primary drivers for the increasing use of PUR foam is the growing call for constructing insulation. As the construction industry reports a fast increase, particularly in Asia Pacific due to the vicinity's commercial growth and surge in the populace, the want for strength-efficient and sustainable building materials is on the rise. PUR foam offers first-rate thermal and acoustic insulation homes, making it an excellent preference for partitions, roofs, and floors of residential, business, and industrial buildings. Their versatility, which may be tailored to meet stringent environmental standards, also contributes to their growing recognition within the production region.

Another issue fuelling the boom of the PUR foam segment is the increasing adoption of innovative manufacturing technology with superior capabilities. For example, the development of TPU and PU acrylate oligomers mixed and radiation-cured to advantage semi-interpenetrating polymer networks (IPN) is predicted to have a pleasant effect on the market. Additionally, the rising call for clever PU foam from the auto industry, which offers more suitable structural, chemical, and mechanical properties, is anticipated to strain the marketplace growth.

However, the presence of strong substitutes, along with linseed oil for timber remedy within the fixture's enterprise and polysiloxane coatings for marine applications, might also confine the marketplace increase to some extent. Nevertheless, the general outlook for the PUR foam section stays fantastic, with its versatility, insulation homes, and progressive applications anticipated to pressure its dominance in the rigid foam market at some point in the forecast period.

• The Continuous Fiber Reinforced Thermoplastics (CFRT) segment will likely be the fastest-growing segment during the forecast period.

The continuous fibre bolstered thermoplastics (CFRT) segment is expected to be the fastest-growing inside the composites marketplace. One of the principal drivers for the increasing use of CFRT is the growing call for lightweight and high-energy substances in numerous industries, especially automobile and aerospace. CFRT offers an incredible electricity-to-weight ratio, making it a perfect preference for additives requiring sturdiness and weight reduction. The growing style toward gas performance and emissions discount within the vehicle corporation is fueling the call for CFRT because it enables reduced vehicle weight and enhanced gasoline economic devices. Similarly, the aerospace enterprise is increasingly adopting CFRT to increase lighter and greater gasoline-efficient planes, which is anticipated to pressure the market boom.

Another element fueling the boom of the CFRT phase is the growing adoption of innovative manufacturing technology with advanced features. For instance, the development of automated fiber placement (AFP) and automated tape laying (ATL) generation has enabled the manufacturing of complicated and big-scale CFRT components with advanced exceptional performance. Additionally, the developing call for CFRT inside the wind electricity sector, in which its miles are used for production turbine blades, is anticipated to increase the market.

However, the excessive value of CFRT compared to conventional substances can also restrict its adoption in superb packages. Additionally, the dearth of skilled hard work and the complexity of CFRT production strategies can challenge market growth. Nevertheless, the overall outlook for the CFRT section remains effective, with its versatility, energy-to-weight ratio, and innovative programs expected to electricity its dominance inside the composites market for the duration of the forecast period.

SANDWICH PANELS MARKET GEOGRAPHICAL OUTLOOK

• The Asia Pacific region to dominate the sandwich panels market during the forecast period.

The Asia-Pacific (APAC) place is predicted to dominate the sandwich panels marketplace for the duration of the forecast length because of the high demand from international locations, including China and India. China is one of the important countries in APAC with sufficient production activities, with the commercial and construction sectors accounting for approximately 50% of the GDP. According to the China Construction Industry Association, in 2021, residential buildings accounted for a great share of finished production in China, with residences applied as investment properties, additionally driving up demand. The growing population and unexpectedly increasing industrial region across the location fuel the boom of construction activities, that's riding the sandwich panels marketplace.

India is another key contributor to the APAC sandwich panels market increase. In the next 4-5 years, INR 21,000 crore (USD 2.53 billion) will be invested in setting up or upgrading cold garages to cope with the stockpiling of perishable commodities. This affords a significant opportunity for the sandwich panels marketplace, as these panels are widely used to create bloodless storage facilities due to their terrific thermal insulation properties. Moreover, the Government of India's "Pradhan Mantri Awas Yojana" undertaking, which aims to offer housing for all through 2022, is expected to power the call for sandwich panels inside the residential region. The growing creation activities in both China and India, pushed with the aid of elements inclusive of populace increase, urbanization, and government projects, are anticipated to propel the APAC sandwich panels marketplace for the duration of the forecast duration.

The sandwich panels market key developments:

• October 2022: Kingspan acquired Invespane, a mineral wool-based sandwich panel manufacturer. The strategic acquisition of Invespanel into Kingspan will allow them to supplement their product services in sandwich panels for specific programs.
• November 2021: Industrial Engineering Company for Construction and Development (ICON) received a proposal from Kingspan Insulated Panels in search of a collaboration in manufacturing sandwich panels.
• September 2021: L&L Products launched a new FST plane interior facet and core filler compound. L&L Reinforce L-9060 brings a new method to fill and improve aerospace indoor sandwich panels by offering a solution to improve the traditional manual system of different two-issue honeycomb panel reinforcements.

The sandwich panels market is segmented and analyzed as follows:

By Core Material

• Polyurethane (PUR)
• Polyisocyanurate (PIR)
• Mineral Wool
• Expanded Polystyrene (EPS)
• Other Core Materials

By Skin Material

• Continuous Fiber Reinforced Thermoplastics (CFRT)
• Fiberglass Reinforced Panel (FRP)
• Aluminum
• Steel
• Other Skin Material

By Application

• Wall Panels
• Roof Panels
• Insulated Panels
• Other Applications

By End User Sector

• Residential
• Commercial
• Industrial
• Institutional and Infrastructure

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific