Steel Sandwich Panels Market Analysis and Global Forecast 2023-2033

Steel Sandwich Panels Market Overview

The Steel Sandwich Panels Market Size is expected to reach USD 20.65 Billion by 2033. The Steel Sandwich Panels Market industry size accounted for USD 9.14 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.74% from 2023 to 2033. The Steel Sandwich Panels Market refers to the industry involved in the production, distribution, and sale of steel sandwich panels. Steel sandwich panels are composite building materials consisting of two thin steel sheets bonded to a lightweight core, typically made of materials like polyurethane, polystyrene, or mineral wool. These panels are used in various construction applications due to their excellent thermal insulation, fire resistance, and structural strength.

The Steel Sandwich Panels Market is driven by the need for efficient, durable, and sustainable building materials and is expected to grow due to the ongoing development in the construction industry and rising demand for energy-efficient solutions.

Global Steel Sandwich Panels Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had significant impacts on the Steel Sandwich Panels Market. Lockdowns and restrictions disrupted supply chains, causing delays in the production and delivery of raw materials and finished products. Many construction projects were put on hold or delayed due to lockdowns, social distancing measures, and labor shortages. Reduced construction activity led to a decrease in demand for steel sandwich panels. The need for temporary healthcare facilities and quarantine centers surged, boosting demand for quick-to-install construction solutions like steel sandwich panels. These panels were used in the rapid construction of temporary hospitals, testing centers, and isolation units. The pandemic highlighted the importance of sustainability and energy efficiency in construction. Steel sandwich panels, known for their excellent thermal insulation properties, became more attractive as part of energy-efficient building solutions. The pandemic increased the need for cold storage facilities for vaccines, medical supplies, and food products. Steel sandwich panels are ideal for cold storage construction due to their insulating properties, driving demand in this segment.

Steel Sandwich Panels Market Dynamics

The major factors that have impacted the growth of Steel Sandwich Panels Market are as follows:

Drivers:

Ø  Growing Demand for Energy-Efficient Building Solutions

Steel sandwich panels offer excellent thermal insulation, reducing energy consumption for heating and cooling in buildings. Increasing emphasis on sustainable construction practices drives the demand for energy-efficient materials like steel sandwich panels. The expanding food and beverage industry requires efficient cold storage facilities, driving demand for insulated panels. The need for proper storage of pharmaceuticals and vaccines, especially highlighted during the COVID-19 pandemic, boosts demand for high-quality insulated panels. Advances in manufacturing technologies enhance the quality and performance of steel sandwich panels.

Restraint:

• Perception of High Initial Costs

The production of high-quality steel sandwich panels involves significant costs, including raw materials like steel and core insulation materials. Although lightweight and easy to install, the overall cost of installation can be high due to specialized labor and equipment requirements. The price of steel, a primary material for these panels, is subject to market fluctuations, which can impact the cost and pricing of the final product. Prices for core materials like polyurethane, polystyrene, and mineral wool can also vary, affecting the overall cost structure.

Opportunity:

⮚      Growth in Green Building Initiatives

Increasing focus on sustainable and eco-friendly building practices drives demand for energy-efficient materials like steel sandwich panels. Incentives and subsidies for green buildings can boost market growth, encouraging the adoption of insulated panels. The need for quick and efficient construction solutions drives the demand for prefabricated and modular buildings, which extensively use steel sandwich panels. The cost-effectiveness and reduced construction time associated with modular construction offer significant growth opportunities. Growing awareness of fire safety standards and regulations promotes the use of fire-resistant steel sandwich panels in construction.

Steel Sandwich Panels Market Segment Overview

By Product Type

 Based on Product Type, the market is segmented based on EPS Panels, PU Panels, Glass Wool Panels, PF Panels and Others. The EPS Panels segment dominated the market. the EPS panels segment is anticipated to witness a significant growth rate, as these panels are cost-effective and provide good thermal insulation, long lifespan, air-tightness, and low maintenance costs. Applications of EPS panels as insulation materials include sandwich panel systems, covered with steel on both sides, for walls, roofs, and floors, and facades for residential and commercial buildings. These features make EPS panels the dominating segment in the steel sandwich panels market.

By Application

Based on Application, the market segment has been divided into the Building Wall, Building Roof, Cold Storage and Others. The Building Wall segment dominant the market. The market focuses on the use of these panels as wall systems in various types of construction. This segment is critical as building walls are fundamental to both structural integrity and thermal efficiency

Global Steel Sandwich Panels Market Regional Analysis

Based on region, the global Steel Sandwich Panels Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Steel Sandwich Panels Market followed by the Asia-Pacific and Europe regions.

Steel Sandwich Panels North America Market

North America holds a dominant position in the Steel Sandwich Panels Market. North America has a mature market for steel sandwich panels, driven by advanced construction practices and high demand for energy-efficient building materials. They do innovation in Development and adoption of more eco-friendly core materials. Growth in the cold storage and food processing industries and Increasing adoption of prefabricated and modular construction techniques.

Steel Sandwich Panels Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Steel Sandwich Panels Market industry. The Asia-Pacific region represents a high-growth market for steel sandwich panels, driven by rapid urbanization and industrialization. Expanding infrastructure development and construction activities. Rising demand for energy-efficient and cost-effective building materials and growth in the manufacturing and cold storage industries.

Competitive Landscape

The global Steel Sandwich Panels Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• ArcelorMittal SA
• Alubel Spa
• Balex Metal SP Z.O.O.
• Fischer Profil GmbH
• Silex
• Isomec SRL
• Isopan SPA
• Kingspan Group PLC
• Metecno Pty Ltd.
• Omnis exteriors Ltd.

Key Development

In October 2022, Kingspan acquired Invespane, a mineral wool-based sandwich panel producer. The strategic acquisition of Invespanel into Kingspan will create an opportunity to complement their product offerings in sandwich panels for different applications.

In November 2021, Industrial Engineering Company for Construction and Development (ICON) received an offer from Kingspan Insulated Panels seeking a collaboration in manufacturing sandwich panels.

Scope of the Report

Global Steel Sandwich Panels Market, by Product Type

• EPS Panels
• PU Panels
• Glass Wool Panels
• PF Panels
• Others

Global Steel Sandwich Panels Market, by Application

• Building Wall
• Building Roof
• Cold Storage
• Others

Global Steel Sandwich Panels Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $20.65 Billion
CAGR	7.74% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Product Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	ArcelorMittal SA, Alubel Spa, Balex Metal SP Z.O.O., Fischer Profil GmbH, Silex, Isomec SRL, Isopan SPA, Kingspan Group PLC, Metecno Pty Ltd. And Omnis exteriors Ltd.
Key Market Opportunities	• Growth in Green Building Initiatives • Rising Demand for Prefabricated and Modular Construction
Key Market Drivers	• Growing Demand for Energy-Efficient Building Solutions • Growth in the Cold Storage Industry

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Steel Sandwich Panels Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Steel Sandwich Panels Market historical market size for the year 2021, and forecast from 2023 to 2033
• Steel Sandwich Panels Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Steel Sandwich Panels Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.