Wilmington, Delaware, United States, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Innovations in designs of sandwich panels have hinged on rising demand for thermally efficient cladding solutions in new buildings and renovation projects. The trend has spurred the development of sandwich precast concrete panels for building cladding. Customers in end-use industries are carefully evaluating sandwich panel features, advantages, and applications in order to find the optimal solutions for thermal insulation. The global sandwich panels market is projected to advance at CAGR of 6.3% from 2022 to 2031 (forecast period).
Firms are witnessing substantial lucrative avenue in the rising demand for sandwich roofing and wall panels in commercial and residential buildings. Thickness and types of sandwich panels depend on technical specifications of the construction projects, and the decision shapes the demand dynamic for products in sandwich panels market. Sandwich panel manufacturers are geared toward meeting the unique performance characteristics required for sandwich panels for external walls, observed the analysts for an in-depth TMR study.
Firms are unveiling products for outer sheets for sandwich panels that can offer superior temperature and UV resistance as well reduce the effect of atmospheric pollution. Furthermore, rise in use of acoustic sandwich panels in industrial buildings is generating revenue streams for various manufacturers in the sandwich panels market.
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Key Findings of Sandwich Panels Market Study
- Application in Cold Storage Panels to Provide Vast Profitable Avenues: The use of sandwich panels to attain refrigeration in cold storage facilities is rising globally. Market players are tapping into the enormous demand for cold storage panels for meeting air-conditioning features and environmentally friendly temperature insulation solutions. Continuous R&D on the insulation materials used in sandwich panels market will pave the way for affordable and durable products for various end-use industries.
- Rising Demand for Meeting Range of Insulation Objectives in Buildings Steer Revenue Streams: Rise in demand for sandwich panels for new and old buildings is propelling revenue streams for manufacturers and sellers. They have been widely adopted for ensuring both indoor and outdoor insulations in roof and walls of buildings.
- Firms Gain Substantial Revenues from Wide Preference of Polyurethane (PUR): The authors of the study found that polyurethane (PUR) has remained as widely preferred and modern insulation materials for various end-use industries. Indeed, the segment held a major market share in 2021. Massive uptake of the materials will fuel the lucrativeness of the segment during the forecast period, assert the report on sandwich panels market.
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Sandwich Panels Market: Key Drivers
- The sandwich panels market is witnessing steady growth opportunities on back of rising spending on industrial constructions and residential and commercial building projects, especially in developing countries
- Rise in spending notably by multinational companies on expanding cold storage facilities is a key driver for demand for various types of sandwich panels. Stridently, the use of cold room panels for the storage of agricultural products and food is rapidly increasing worldwide.
Sandwich Panels Market: Regional Growth Dynamics
- The TMR study finds that North America and Europe are expected to witness sizable lucrative product demand for use in industrial buildings. Leading players are also keen on growing their shares in these regional markets.
- Asia Pacific is anticipated to offer substantial revenue streams to market players on account on proliferating demand for insulation materials in residential, commercial, and industrial buildings. Rapid pace of planned urbanization in some emerging economies will fuel the growth prospects of Asia Pacific sandwich panels during the next few years.
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Sandwich Panels Market: Key Players
Most prominent players are leaning on expanding their product lines and entering into strategic partnerships to strengthen their positions.
Some of the key players in the sandwich panels market are Metecno Group, Nucor Corporation, Manni Group, Kingspan Group, Tata Steel Ltd., DANA Group of Companies, Assan Panel A.S., Areco Group, and ArcelorMittal.
Sandwich Panels Market Segmentation
- By Core Material
- Polyurethane (PUR)
- Mineral Wool
- Expanded Polystyrene (EPS)
- Polyisocyanurate (PIR)
- Others (Glass Wool Fiber, Rock Wool, etc.)
- By Application
- Wall
- Roof
- Floor
- By Thickness
- Below 50 mm
- 50 - 100 mm
- 101 - 150 mm
- 151 - 200 mm
- Above 200 mm
- By End-use
- Residential Building
- Commercial Building
- Industrial Building
- Cold Storage
- Others (Power Plant, Agricultural and Husbandry Buildings, etc.)
- By Distribution Channel
- Direct Sales
- Indirect Sales
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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