Sandwich Panel Market Analysis, Opportunities & Trends 2031
Sandwich Panel Market Analysis, Opportunities & Trends 2031
Segments - Sandwich Panel Market by Type (Polyurethane, Polystyrene, Glass Wool, and Others), Outer Material (Aluminum, Steel, and Others), Application (Non-Residential and Residential), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-5797
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Report Description
Sandwich Panel Market Outlook 2031
The global sandwich panel market size was USD 9.18 Billion in 2022 and is likely to reach USD 18.19 Billion by 2031, expanding at a CAGR of 8.5% during 2023–2031. The increasing demand for lightweight building materials across the globe propels the market.
Growth of the real estate and construction industry is projected to boost the market during the assessment period. The high demand for commercial and residential spaces promotes fast-paced construction for numerous applications such as cold storage, shopping complexes, and living spaces. The recent surge in industrialization and urbanization with an increasing population in the developing economies is likely create lucrative prospects in the market in the coming years.
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According to the data published in 2022 by the United Nations Conference on Trade and Development, there has been a surge in the number of people living in developing nations over the past few decades, reaching from 66% in 1950 to 83% in 2022. This value is estimated to reach 86% by the end of 2050.
Sandwich panels are durable and lightweight materials used to clad external walls and roofs of buildings. They are also used for insulating internal walls and cold storage. These panels guard the building against external factors that cause deterioration and provide a very economical and convenient solution.
The COVID-19 pandemic hindered the market, owing to the lockdown restrictions imposed by several governments across the globe. This completely disturbed the supply chain network and led to a decline in manufacturing activities. Therefore, disparity was created in supply and demand, leading to the market slowdown.
Sandwich Panel Market Dynamics
Major Drivers
Functional benefits of using sandwich panels are expected to drive the market during the projection period. These panels have excellent thermal insulation, they are simple & quick to install, and they contribute to enhancing the aesthetic appeal of the buildings. They come in the form of ready-to-assemble components with the right dimensions, insulation type, and color as per the specifications. These factors are anticipated to provide significant propulsion to the market in the coming years.
Existing Restraints
Restrictions in architecture caused by sandwich panels are likely to hamper the market during the forecast period. Sandwich panels pose limitations in architectural designs that involve multiple angles, due to the inflexibility of pre-made foam panels and wire mesh. These makes it difficult to cut or bend these panels in accordance with certain design requirements.
Sandwich panels do not offer optimal waterproofing capabilities, making them unsuitable for use in areas that are exposed to water or at the base of a wall. Another safety concern with sandwich panels is the insulation material used, which is considered highly combustible and increases the risk of fire. This is likely to impede the market during the forecast period.
Emerging Opportunities
Increasing construction of commercial and industrial buildings in developing economies is anticipated to provide substantial growth opportunities for the market during the forecast period. The practical advantages of sandwich panels make them suitable for large-scale constructions in developing nations.
Factors such as a growing population and a rise in per capita income are leading to a high requirement for the construction of commercial and residential real estate properties. The increasing demand for sandwich panels in such construction activities is expected to create lucrative prospects for the market.
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In January 2020, Prestige Group, one of the prominent market players, planned the development of six state-of-the-art shopping malls in India. Apart from this, there are five Forum malls that are under construction in cities such as Bengaluru, Chennai, and Kochi, with an approximate retail space of 8.1 million sq ft.
Scope of the Sandwich Panel Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Sandwich Panel Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Polyurethane, Polystyrene, Glass Wool, and Others), Outer Material (Aluminum, Steel, and Others), Application (Non-Residential and Residential) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Tata Steel; Sintex Group; Rautaruukki Corporation; Kingspan Group; Extreme Panel Technologies, INC.; DANA Group; Building Component Solutions LLC; Assan Panel A.S.; Areco Group; and ArcelorMittal. |
Sandwich Panel Market Segment Insights
Type Segment Analysis
Based on type, the sandwich panel market is segregated into polyurethane, polystyrene, glass wool, and others. The polyurethane segment is projected to hold the major share of the market during the projection period, owing to its numerous properties that are suitable for construction.
Polyurethane has high density, strong corrosion resistance, and is very cost-effective. Furthermore, it is fire retardant, waterproof, and has excellent thermal insulation. These characteristics are projected to lead to a high adoption of this material, thereby propelling the segment during the forecast period.
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As per a survey report published in July 2023, the global market volume for polyurethane in 2022 was close to approximately 25.78 million metric tons. This is anticipated to grow further and reach 31.27 million tons of volume by the year 2030.
The glass wool segment is anticipated to expand at a substantial CAGR in the coming years, due to its excellent insulating properties and low thermal conductivity. Therefore, sandwich panels made from glass wool are particularly suitable to use in structures located in cold regions, as they effectively prevent heat loss and increase energy efficiency. In addition, they are widely used in construction, both residential and commercial, and are made up of a core material for stiffness and insulation, two-facing sheets, and other components.
Outer Material Segment Analysis
On the basis of outer material, the global market is segregated into aluminum, steel, and others. The steel segment is projected to register a high CAGR during the forecast period, owing to its unique advantages. It is extremely cost-effective and has strong fire resistance properties, making it an increasingly popular choice for non-residential applications.
Steel is a suitable material for applications where weight and flexibility are important considerations. Consequently, the segment is likely to have considerable growth in the coming years.
Application Segment Analysis
On the basis of application, the sandwich panel market is segmented into non-residential and residential. The non-residential segment is expected to register a robust growth rate during the projection period, as the sandwich panels are extensively used in the construction industry for commercial spaces. These include institutional buildings, commercial & healthcare cold storage facilities, and industrial buildings, all of which have specific requirements that are required to be met with the use of sandwich panels.
Commercial buildings have a major preference for sandwich panels, due to their ease of installation and cost-saving attributes. Moreover, the growth of cold storage needs from various industries is expected to drive this segment during the forecast period.
Regional Outlook
In terms of region, the global sandwich panel market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period due to the presence of several developing nations such as India and China.
The construction and real estate industries are growing at an unprecedented rate in these places. This has raised the requirement for lightweight and reliable building materials. In addition, factors such as increasing population and rise in per capita income are expected to create a high demand for sandwich panels for construction in this region.
The market in North America is likely to witness considerable propulsion during the projection period, as a result of its extensive infrastructural development. Modular construction materials are increasingly being employed by end-users to build lightweight structures. Notably, governments are taking initiatives to construct cold storage facilities and warehouses, which are expected to drive the demand for these materials during the projected timeline.
Segments
The sandwich panel market has been segmented on the basis of
Type
- Polyurethane
- Polystyrene
- Glass Wool
- Others
Outer Material
- Aluminum
- Steel
- Others
Application
- Non-Residential
- Residential
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Tata Steel
- Sintex Group
- Rautaruukki Corporation
- Kingspan Group
- Extreme Panel Technologies, INC.
- DANA Group
- Building Component Solutions LLC
- Assan Panel A.S.
- Areco Group
- ArcelorMittal
Competitive Landscape
Key players competing in the global sandwich panel market are Tata Steel; Sintex Group; Rautaruukki Corporation; Kingspan Group; Extreme Panel Technologies, INC.; DANA Group; Building Component Solutions LLC; Assan Panel A.S.; Areco Group; and ArcelorMittal.
These companies incorporate numerous development strategies such as mergers, partnerships, product launches, acquisitions, collaboration, and production expansion to get an edge over the competitors. These key players overcome obstacles such as fluctuations in the prices of raw materials while heavily investing in research & innovation. For instance,
- In October 2022, Kingspan Group completed the acquisition of Invespanel, a producer of sandwich panels that are mineral wool-based. This is intended to strengthen the company portfolio and help develop new panels for various applications.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Sandwich Panel Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Sandwich Panel Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Sandwich Panel Market - Supply Chain
4.5. Global Sandwich Panel Market Forecast
4.5.1. Sandwich Panel Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Sandwich Panel Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Sandwich Panel Market Absolute $ Opportunity
5. Global Sandwich Panel Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Sandwich Panel Market Size and Volume Forecast by Types
5.3.1. Polyurethane
5.3.2. Polystyrene
5.3.3. Glass Wool
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Sandwich Panel Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Sandwich Panel Market Size and Volume Forecast by Applications
6.3.1. Non-Residential
6.3.2. Residential
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Sandwich Panel Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Sandwich Panel Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Sandwich Panel Demand Share Forecast, 2019-2026
8. North America Sandwich Panel Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Sandwich Panel Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Sandwich Panel Market Size and Volume Forecast by Types
8.4.1. Polyurethane
8.4.2. Polystyrene
8.4.3. Glass Wool
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Sandwich Panel Market Size and Volume Forecast by Applications
8.7.1. Non-Residential
8.7.2. Residential
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Sandwich Panel Demand Share Forecast, 2019-2026
9. Latin America Sandwich Panel Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Sandwich Panel Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Sandwich Panel Market Size and Volume Forecast by Types
9.4.1. Polyurethane
9.4.2. Polystyrene
9.4.3. Glass Wool
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Sandwich Panel Market Size and Volume Forecast by Applications
9.7.1. Non-Residential
9.7.2. Residential
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Sandwich Panel Demand Share Forecast, 2019-2026
10. Europe Sandwich Panel Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Sandwich Panel Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Sandwich Panel Market Size and Volume Forecast by Types
10.4.1. Polyurethane
10.4.2. Polystyrene
10.4.3. Glass Wool
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Sandwich Panel Market Size and Volume Forecast by Applications
10.7.1. Non-Residential
10.7.2. Residential
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Sandwich Panel Demand Share Forecast, 2019-2026
11. Asia Pacific Sandwich Panel Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Sandwich Panel Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Sandwich Panel Market Size and Volume Forecast by Types
11.4.1. Polyurethane
11.4.2. Polystyrene
11.4.3. Glass Wool
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Sandwich Panel Market Size and Volume Forecast by Applications
11.7.1. Non-Residential
11.7.2. Residential
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Sandwich Panel Demand Share Forecast, 2019-2026
12. Middle East & Africa Sandwich Panel Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Sandwich Panel Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Sandwich Panel Market Size and Volume Forecast by Types
12.4.1. Polyurethane
12.4.2. Polystyrene
12.4.3. Glass Wool
12.4.4. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Sandwich Panel Market Size and Volume Forecast by Applications
12.7.1. Non-Residential
12.7.2. Residential
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Sandwich Panel Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Sandwich Panel Market: Market Share Analysis
13.2. Sandwich Panel Distributors and Customers
13.3. Sandwich Panel Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Tata Steel
13.4.2. Sintex Group
13.4.3. Rautaruukki Corporation
13.4.4. Kingspan Group
13.4.5. Extreme Panel Technologies, INC.
13.4.6. DANA Group
13.4.7. Building Component Solutions LLC
13.4.8. Assan Panel A.S.
13.4.9. Areco Group
13.4.10. ArcelorMittal
Methodology
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