Global Sandwich Panels Market Size & Growth Trends Analysis Report

Sandwich panels, which have excellent insulating qualities, are being used more frequently as a result of the growing need for energy-efficient structures. The demand for affordable, long-lasting building materials like sandwich panels has increased due to the growth in infrastructure development, especially in emerging nations. The industry has been further stimulated by the adoption of eco-friendly construction materials due to the growing awareness of environmental sustainability. As sandwich panels are essential to these building approaches, the growing popularity of prefabricated buildings and modular construction methods has also increased the demand for sandwich panels.

Several national and international standards that guarantee the quality and safety of sandwich panels have an impact on the market. Manufacturers are required to comply with these standards, which are established by organizations like the European Committee for Standardization (CEN) and the International Code Council (ICC). The market for sandwich panels is seeing noteworthy contributions from many entrepreneurs. To improve the performance and sustainability of sandwich panels, businesses like Metecno India, Isopan, and Kingspan Group have been developing new materials and technologies. To satisfy the changing demands of the building industry, these firms are concentrating on developing panels that are stronger, lighter, and more thermally efficient. Their initiatives are not only expanding the market but also establishing new standards for the entire sector.

Nonetheless, there are limitations in the market. Some prospective customers may be turned off by sandwich panels' high initial cost, particularly in areas with less developed economies. The sandwich panel installation can sometimes be difficult due to a shortage of experienced staff, especially in developing nations. In addition, the market is susceptible to changes in the price of raw materials, which may have an effect on sandwich panel pricing overall and market expansion.

The market for sandwich panels has a lot of potential despite these obstacles. There are fresh opportunities for market expansion as green buildings and sustainable construction methods come into greater prominence. Furthermore, sandwich panels are becoming more effective and affordable as a result of improvements in manufacturing methods, which may encourage greater deployment. There are also plenty of profitable prospects for market expansion presented by the expanding urbanization trend, particularly in Asia-Pacific and Africa.

Impact of COVID-19

The global sandwich panel market was affected by the COVID-19 pandemic in a variety of ways. The disruptions in the supply chain and a shortage of manpower caused major disruptions in the construction industry, which resulted in project delays and a decline in the market for sandwich panels and other building supplies. However, the pandemic also increased the need for quick-to-build, reasonably-priced construction solutions, especially for makeshift medical facilities and isolation camps. The market's difficulties during the pandemic were offset by this spike in demand for modular and prefabricated buildings, which heavily use sandwich panels. The emphasis on resilient infrastructure and energy-efficient buildings is anticipated to propel the market's growth in the upcoming years.

Segmentation

The global sandwich panels market is segmented into product, skin type, application, and end-use. By product, the market is segmented into polystyrene panels, polyurethane panels, glass wool panels, and others. Owing to its superior thermal insulation, polyurethane panels are very popular; major contributors to this include Kingspan Group and Metecno. The polystyrene panels are offered by big names like ArcelorMittal and Balex Metal and are renowned for being lightweight and affordable.

Based on skin material, the market is further bifurcated into continuous fiber-reinforced thermoplastics (CFRT), fiberglass reinforced panels (FRP), aluminum, steel, and others. Due to their strength and longevity, steel sandwich panels are the most popular; Tata Steel and Ruukki are at the top of this market. Aluminum panels are available from businesses like Alucobond and Arconic, which give a lighter alternative with similar strength. In specialised applications, other specialist skin materials are employed, and producers such as Dongbu Steel and Alstrong are important players.

Based on application, the market is further segmented into wall panel, roof panel, and cold storage panel. Kingspan and NCI Building Systems are well-known providers of roof panels, which are essential for insulation and weather protection. With manufacturers like Metecno and Isopan in the forefront, wall panels are necessary for both interior and exterior construction because they provide insulation and structural support. Another important application, driven by Kingspan and Tata Steel, is cold storage panels, which are made for better thermal insulation in storage facilities.

By end use, the market is further segmented into commercial buildings, residential buildings, agricultural buildings, and cold storage. In residential applications, energy-efficient structures are the main focus, and major providers are Alucobond and Paroc Group. Major firms like Kingspan and Ruukki serve the commercial sector, which includes offices and malls. The food and pharmaceutical industries depend on cold storage facilities, which use specialist panels from Kingspan and Isopan. Sandwich panels are also used in the agriculture industry for buildings such as greenhouses and farm buildings; ArcelorMittal and Balex Metal cater to this specific market.

Regional Analysis

Sandwich panels have a large market in North America owing to the region's thriving construction sector, which is especially strong in the U.S. Sandwich panels are becoming widely used in the commercial and industrial sectors mainly because of the demand for sustainable and energy-efficient construction solutions. The prominent players in this sector, including Kingspan and Nucor, concentrate on developing cutting-edge product lines and growing their market share.

Owing to its strict building codes and emphasis on energy conservation, Europe commands a sizable portion of the sandwich panel industry. The leading contributions include the UK, Germany, and France, with a particular emphasis on lowering carbon footprints in the building sector. Companies such as ArcelorMittal, Metecno, and Ruukki are also based in this region; they are constantly investing in cutting-edge manufacturing technology to improve product performance and adhere to legal requirements.

Due to the fast-paced urbanisation, industrialization, and growing construction industry in nations like China, India, and Japan, the sandwich panels market is expanding at the quickest rate in the Asia Pacific region. The sandwich panels are becoming very popular in both residential and commercial buildings owing to the growing demand for inexpensive and energy-efficient building materials. To meet the rising demand, significant businesses like Tata Steel, Alucobond, and Paroc Group are aggressively extending their operations and production capabilities in this region.

The market for sandwich panels is steadily expanding in Latin America, with Brazil being the main supplier. The development of infrastructure and government programs to support sustainable building methods are driving an upward trend in the region's construction industry. Companies like Kingspan and ArcelorMittal are major players in the industrial and commercial applications that drive the market for sandwich panels in this region.

Due to the rising need for energy-efficient building solutions and the expansion of construction activity in the GCC countries, the Middle East and Africa is also showing promise as a market for sandwich panels. Both residential and commercial buildings must have insulated panels due to the severe weather in the region. To capitalize on this region's potential, major firms including Building Component Solutions LLC, Dana Group, Kingspan, Ruukki, and Metecno are concentrating on growing their product lines and fortifying their distribution networks.

Competitive Analysis

The key players in the global sandwich panels market are Kingspan Group (Ireland), Tata Steel (India), Sintex Group (India), Metecno (Italy), ArcelorMittal (Europe), Areco Group (Europe), PFB Corporation (Canada), (Assan Panel A.S. (Turkey), Greenspan Profiles (U.S.), American Insulated Panel (U.S.), Building Component Solutions LLC (Saudi Arabia), DANA Group (UAE), Rautaruukki Corporation (Finland), and NCI Building Systems (U.S.), among others.

In October 2022, Kingspan Group acquired Invespanel, a company specializing in the production of sandwich panels made from mineral wool. Invespanel's product range includes refrigeration panels with cores made of extruded polystyrene (XPS) and expanded polystyrene (EPS). The company also focuses on developing new panels for diverse applications, and this acquisition is expected to strengthen Kingspan's product portfolio.

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The global sandwich panels market is segmented as follows:

By Product Type (Revenue: USD Billion, 2019 – 2031)
●    Polystyrene Panels
●    Polyurethane Panels
●    Glass Wood Panels
●    Others

By Skin Type (Revenue: USD Billion, 2019 – 2031)
●    Continuous Fibre Reinforced Thermoplastics (CFRT)
●    Fibreglass Reinforced Panel (FRP)
●    Aluminium
●    Steel
●    Others

By Application (Revenue: USD Billion, 2019 – 2031)
●    Wall Panel
●    Roof Panel
●    Cold Storage Panel

By End Use (Revenue: USD Billion, 2019 – 2031)
●    Commercial Buildings
●    Residential Buildings
●    Agricultural Buildings
●    Cold Storage

By Region (Revenue: USD Billion, 2019 – 2031)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe

● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa