The exceptional developments observed in the global construction sector has increased the need for sandwich panels significantly. Market reports linked to the construction industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is anticipated to achieve revenue levels worth USD 1,956.5 million while progressing at a 7.04% CAGR in the forecast period.
The benefits of sandwich panels have escalated their demand globally. The rising use of sandwich panels has been attributed to their quick and easy installation service in structures. The growing variances of climate globally have also added to the expansion of the sandwich panel market. Moreover, increasing insulation requirements in buildings and structures globally are expected to generate beneficial prospects for growth in the forecast period.
The segmentation of the sandwich panel market size is carried out on the basis of type, application, and region. On the basis of type, the sandwich panels market consists of polyisocyanurate (PIR) and polyurethane (PUR) sandwich panels, glass wool, expanded polystyrene (EPS), rock wool, and others. Based on application, the sandwich panels market encompasses buildings such as commercial, residential, agricultural and cold storage. The regions covered in the sandwich panel market are Asia Pacific, Europe, North America, and Rest of the World.
Detailed Regional Analysis
The region-based assessment of the sandwich panels market globally consists of regions such as Europe, Asia Pacific, North America, and the rest of the world. The European regions control 43.3% of the market share globally and is directing the sandwich panels market. Its market value is projected to touch USD 851.4 million by 2023 while growing with a healthy CAGR of 7.13% during the forecast period. Germany is observed to be leading the regional market with an estimated market worth of USD 491.3 million and is expected to develop with a healthy CAGR of 7.13% through the same period. The developing economies in the APAC region are offering enough stimulation to the sector to make it the swiftest growing region in the world. It is anticipated that the sandwich panels market valuation could reach a valuation of USD 596.1 million while progressing with the fastest CAGR of 7.49% by 2023. China is observed with the principal market share with USD 276.4 million valuation, while, India is anticipated to achieve the fastest CAGR of 8.64% during the forecast period. The North American region is anticipated to have a significant market valuation of USD 370.8 million, with the U.S. playing a pivotal role by contributing with an expected USD 315.5 million valuation to back the regional development.
The commencement of new technology is furthering the growth capability of the market. The market has the elements for displaying a better comparative or differential value. The market trends imply advantageous growth of the products that can bring in improvement to the product range and tackle the customer need better. The incidence of productive units is projected to generate more sales or greater margins as compared to its market adversaries. Considerable reductions in administrative finances are bringing more developments to the market. The making of a strong value chain is additionally encouraging the development of the market. The market contestants find themselves in a promising position with the capacity to handle the pace of change.
The distinguished contenders in the sandwich panels market globally are INVESPANEL SL (Spain), Kingspan Group (Ireland), DANA Group of Companies (UAE), Assan Panel A.S. (Turkey), Nucor Corporation (U.S.), Hoesch Siegerlandwerke GmbH (Germany), Building Component Solutions LLC (Saudi Arabia), ArcelorMittal S.A. (U.S.), Multicolor Steels India Pvt Ltd. (India), Romakowski GmbH & Co. KG (Germany), Zhong Jie Group (China), Tata Steel Limited (India), NCI Building Systems Inc. (U.S.), MANNI Group (Italy), and Sintex (India).