PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503338
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503338
According to Stratistics MRC, the Global Sandwich Panels Market is accounted for $10.9 billion in 2024 and is expected to reach $19.7 billion by 2030 growing at a CAGR of 10.4% during the forecast period. Sandwich panels are composite materials consisting of two outer layers, called facings, and a core material in between. The facings are typically made of metal, such as steel or aluminum, or sometimes composite materials, while the core is usually made of a lightweight material like polyurethane foam, expanded polystyrene (EPS), or mineral wool. This structure creates a high strength-to-weight ratio, providing excellent thermal insulation, soundproofing, and structural stability. They are also popular in industries like automotive, aerospace, and marine for applications requiring strong, lightweight materials.
According to China Construction Industry Association, in 2021, residential buildings accounted for a significant share of finished construction in China. Buildings intended for housing accounted for over 67% of finished floor space
Rising demand for faster, more cost-effective construction methods
Many sandwich panel applications utilize prefabricated techniques. Walls, roofs, and other building sections can be prefabricated off-site in controlled environments, ensuring consistent quality and further accelerating the construction process. This reduces wastage and rework at the construction site, contributing to cost savings. Moreover the ease and speed of installation associated with sandwich panels translate to lower labor costs. Less manpower is required on-site for assembly, reducing overall construction expenditure thus driving the growth of the market.
High cost of raw materials
Key materials used in sandwich panels, such as steel, aluminum, and high-quality core materials like polyurethane foam and mineral wool, have experienced price volatility and increases. This rise in raw material costs translates into higher prices for the end product, which can deter potential buyers and slow market growth. Additionally, fluctuating material prices can lead to supply chain uncertainties, affecting the timely availability of panels and complicating project planning and budgeting for construction companies.
Rapid urbanization in emerging economies
As urban populations grow, there's an increasing demand for affordable, quick-to-construct housing and infrastructure. Sandwich panels offer a solution by providing cost-effective, efficient building materials that enable faster construction times and reduced labor requirements. In these emerging economies, where construction projects often need to be completed swiftly to meet the demands of growing populations, sandwich panels serve as an attractive option due to their prefabricated nature and ease of installation.
Specific technical limitations
Sandwich panels, despite their strengths, have technical limitations that hinder wider adoption. Fire resistance can vary between core materials, limiting use in safety-critical applications. Different material expansion rates can cause warping or structural issues if not addressed in design. Load capacity and spanning capabilities might not meet specific structural needs. These limitations can lead to higher design complexity, project delays, or excluding sandwich panels from certain applications altogether, potentially slowing down market growth.
Covid-19 Impact
The COVID-19 pandemic significantly affected the market. Disruption in the supply chain, labor shortages, and economic uncertainties led to delays in production and increased material costs. Construction projects are a key market for sandwich panels, experienced slowdowns, affecting demand. However, as global economies gradually recover, the industry is adapting to new norms, and demand for energy-efficient and cost-effective building solutions, including sandwich panels, is expected to rebound over the forecast period.
The aluminum segment is expected to be the largest during the forecast period
The aluminum is expected to be the largest during the forecast period attributed to their lightweight, high strength, easy to assemble, excellent resistance to chemicals, waterproof and moisture-proof, and high weather ability properties. Additionally 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.
The industrial & infrastructure segment is expected to have the highest CAGR during the forecast period
The industrial & infrastructure segment is expected to have the highest CAGR during the forecast period as in modern-day construction, the use of high-performance materials is essential. High performance entails that the material is strong, lightweight, and durable and can be used in various applications. For this reliability, sandwich panels can be one of the best options for industrial buildings. Moreover the vast spectrum of applications includes everything from industrial building construction to insulated roof and wall panels. Sandwich panels are in high demand in industrial applications, particularly in cold storage facilities and warehouses.
North America is projected to hold the largest market share during the forecast period as End-users are using modular construction materials to create a lightweight structure. Rising initiatives by governments to build cold storage facilities and warehouses will propel product demand during the forecast timeline. Moreover, the Europe market is expected to grow positively during the forecast timeframe. The growing demand from consumers for modular structures is attributed to rising research and innovation activity for producing lightweight construction materials.
Asia Pacific is projected to hold the highest CAGR over the forecast period due to rise in urbanization and surge in investment by the government authorities. Moreover, increase in awareness about building insulation materials to improve thermal performance of building and lower overall energy consumption in construction sector is expected to boost the demand for the sandwich panel market. Moreover, owing to their superior shock absorbing characteristic, enhanced thermal & noise insulating properties, and high strength to weight ratio.
Key players in the market
Some of the key players in Sandwich Panels market include 3A Composites, ArcelorMittal, Arconic Inc., Areco, Arpanel, Assan Panel A.S., Building Components Solutions LLC, Cornerstone Building Brands, DANA Group of Companies, Extreme Panel Technologies Inc., ITALPANNELLI SRL, Jiangsu Jingxue Insulation Technology Co. Ltd, Kingspan Group, Metecno group, Multicolor Steels (India) Pvt Ltd, Nucor Corporation, Rautaruukki Corporation, Safal group, Sintex and Tata Steel
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