The Building panels Market Is Estimated To Record a CAGR of Around 6.25% During The Forecast Period
Market Highlights
The Global Building panels market is projected to be valued at USD 385.11 Billion by 2033, recording a CAGR of around 6.25% during the forecast period. Building panels are prefabricated building materials used to construct buildings’ exteriors and interiors, made from a variety of materials including concrete, wood, metal, and plastic. They offer advantages such as speed of construction, reduced labor costs, energy efficiency, and improved safety. The global building panels market is expected to grow due to factors such as the construction industry’s growth, urbanization, stringent building codes, and product innovations. The market is segmented by panel type, material type, application, and region. Key players include Nippon Steel & Sumitomo Metal Corporation, CRH plc, Lafarge, Evonik Industries AG, and Huntsman International LLC.
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The Building panels market experienced a detrimental effect due to the Covid-19 pandemic. Building panel shortages or decreased demand are the results of supply chain disruptions brought on by the COVID-19 pandemic. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, prompting manufacturers, developers, and service providers to implement diverse tactics aimed at stabilizing their businesses
Segmental Analysis
The global Building panels market has been segmented based on Type, End-use , Application and  Raw Material
Based on the Type, the market is segmented based on Concrete panels, Wooden panels, Structural insulated panels, Vacuum insulated panels and Others. The concrete panel segment will account for the major shares of the building panel materials market throughout the forecast period. Because structural-architectural concrete panels are highly engineered and provide a robust and durable wall surface, they are an affordable solution for construction projects. Because pre-stressed concrete panels are stronger than reinforced panels, they are frequently utilized for floors and roofs.
Based on End-use , the market has been divided into Floor, Roofs, Walls, Staircase, Beams and Others. The floors & roofs segment is the largest end-use segment due to the high demand for improved and high-quality floors and roof panels in buildings. The residential segment is projected to be the largest end-use segment in the structural insulated panels market, primarily due to favorable government policies and the increasing demand for energy-efficient buildings
Based on the Application, the market has been divided into Residential, Non-residential, Industrial, Infrastructure, Commercial and Others. According to this market research and analysis, the residential segment will account for the major shares of this market throughout the forecast period.
Based on Raw Material, the market has been divided into Metal, Wood, Plastics, Concrete, Silica and Others. The concrete segment is expected to be the largest and fastest-growing material type in the market during the forecast period. The market is expanding in line with the construction industry’s growth trends, and building panels are more cost-effective than site-built construction, resulting in less material waste, reducing construction time delays, enabling worker safety, and being environmentally benign
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Regional Analysis
The Building panels market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Building panels market. In 2019, North America held a dominant position in the market, contributing more than 38.0% of the worldwide revenue. Some of the main reasons for the market expansion in North America include the government’s attempts to create social infrastructure, the cold chain and logistics industries’ widespread development, and the rise in demand from the residential sector. In the upcoming years, growing awareness of the advantages of insulating building structures is anticipated to propel the market. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Building panels industry. Because of the implementation of numerous green building standards and the rapid growth of the residential and commercial construction sectors, the Asia Pacific area is predicted to have the quickest rate of growth among all the other regional markets. Over the course of the projection period, a sizable CAGR is anticipated in the Middle East and Africa. Because to the arid climate and lack of rainfall, the majority of food goods in the region are imported from outside. The UAE has become the region’s center for food product import and trade.
