Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Sandwich panels market accounted for US$ 16.06 billion in 2021. Based on TMR's estimations, the sandwich panels market is expected to reach US$ 28.8 billion by 2031. The market is expected to expand at a CAGR of 6.3% through 2031.
The aerospace and automotive industries use sandwich panels to manufacture lightweight and durable components. Fuel-efficient vehicles and lightweight materials contribute to the market growth for sandwich panels.
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Sandwich panels are becoming more innovative and high-performance due to manufacturing technology and materials advancements. Building and manufacturing industries seek more efficient and innovative solutions to address these problems.
As environmental concerns persist and energy efficiency and building safety become more important, building regulations are becoming more stringent. To comply with these requirements, sandwich panels are typically chosen which meet a wide range of regulatory standards.
Installation and maintenance of sandwich panels are cost-effective. Sandwich panels may be preferred over traditional building materials by industries and construction projects that prioritize cost savings. It's easy to install sandwich panels in areas with various climates, as they're suitable for various climates. To provide controlled environments for sensitive electronic equipment in data centers, sandwich panels are used due to the increasing demand for data storage and technology infrastructure.
Key Findings of Market Report
- The cost-effectiveness and sustainability of sandwich panels make them popular in cold storage facilities.
- Architects and property developers worldwide are increasing their use of sandwich panels.
- Globally, industrial buildings accounted for the largest share of sandwich panels.
- On a global scale, polyurethane (PUR) held most of the market share.
- Asia Pacific will dominate sandwich panels during the forecast period
Global Sandwich Panels Market: Growth Drivers
Sandwich panels are widely used in the construction industry. Building facades, roofs, and insulation made from sandwich panels are highly in demand. Population growth and urbanization are causing a worldwide increase in population.
The sandwich panel provides insulation and reduces the need to add extra heat or cooling to buildings due to its energy-efficient properties. Sandwich panels have become more popular as a green building material due to a growing emphasis on sustainable and energy-efficient construction.
Sandwich panels are used in various industrial and commercial applications, including warehouses, manufacturing facilities, and cold storage. Industrialization and commercialization of many countries, particularly emerging economies, have led to an increase in the use of these panels.
Global Sandwich Panels Market: Regional Landscape
North America is expected to drive demand for sandwich panels in the market. As technologies evolve and a global technology hub develops, sandwich panels are expected to become more popular. Warehouses, factories, and distribution centers often use sandwich panels to develop commercial and industrial structures. Besides being quick to install, they are also energy-efficient and cost-effective.
Due to their excellent thermal insulation properties, cold storage warehouses and facilities are often constructed with sandwich panels. The use of sandwich panels in residential construction can improve energy efficiency and temperature control by providing insulation for roofs and exterior walls.
Asia Pacific region is expected to lead the demand for sandwich panels. Sandwich panels are expected to be popular in developing countries like China and India. As a structural and insulation material, sandwich panels are widely used in Asia Pacific for industrial structures such as processing plants and manufacturing plants.
Airports, bridges, and railway stations in the region are constructed with sandwich panels, contributing to rapid urbanization. As prefab construction and affordable housing projects increase in the Asia Pacific region, sandwich panels are playing an increasingly important role in providing cost-effective and quick construction options.
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Key Developments
- In May 2023, the ACoSaLUS project updated its automatic sandwich panel layup. Several project improvements have been made by Cevotec and project partners to meet the completion date 2023, such as the automated handling process and patch vision inspection.
- In September 2023, Avient Corp. will be introducing Hammerhead composite marine panels. A lighter and more efficient alternative to traditional marine construction materials, composite sandwich panels with continuous fibers can reduce weight by more than 50% over plywood.
Global Sandwich Panels Market: Key Players
There are fewer than a dozen large-scale vendors operating in the global sandwich panels market, which is consolidated. Technology advancements are at the forefront of the sandwich panel market. Expansion of product portfolios and mergers and acquisitions are major strategies players adopt. Additionally, market players strive to gain a competitive advantage by providing high-quality services.
- ArcelorMittal
- Areco Group
- Assan Panels A.S.
- DANA Group of Companies
- Tata Steel
- Kingspan Group
- Manni Group
- Nucor Corporation
- Metecno Group
- Romakowski GmbH & Co. KG
Global 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
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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