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Sandwich Panel Market Size, Share and Growth Forecast, 2031

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Global sandwich panels market size was valued at USD 7.76 billion in 2023, which is expected to grow to USD 14.58 billion in 2031, with a CAGR of 8.2% during the forecast period between 2024 and 2031. The booming non-residential construction activities at the global level are driving the growth of the market. For instance, according to the recent report published by GCP Global, the global construction industry, including non-residential construction projects, will reach USD 8 trillion by the end of 2030.

The rise in building and construction activities, especially across the Asia-Pacific region, is fostering the revenue expansion of the sandwich panels market. For example, as of December 2023, the Penang Chip Packaging Facility in Malaysia is under the construction phase. The construction of the project will be completed by the end of the year 2024.

Non-residential construction activities are growing due to various factors, such as increased federal infrastructure spending, exorbitant financing costs for private projects, and a strong demand for construction. Hence, the rise in non-residential construction activities is fueling the demand for sandwich panels to ensure superior thermal-humidity insulation and waterproofing, which, in turn, is boosting the growth of the market. In addition, the recent government initiatives for the development of affordable housing projects, increasing demand for larger living spaces, and the development of high-rise residential buildings are the key trends accelerating the surge in the development of new residential projects. Therefore, the booming residential construction activities are fueling the demand for sandwich panels to prevent mold and humidity. This prominent aspect is proliferating the growth of the market.

The development of a new range of sandwich panels with improved performance efficiency will create a lucrative growth outlook for market growth in the long run. For instance, in April 2022, Romakowski GmbH & Co. KG, a Germany-based manufacturer of sandwich panels introduced the latest range of sandwich panels, including FV, FP, FD, or eco range to ensure superior performance efficiency & insulation. However, the limited flexibility associated with the sandwich panels is posing a roadblock to the growth of the market.

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Increasing Traction from Non-residential Construction Projects is Augmenting the Market Growth

Sandwich panels are manufactured and installed quickly, and they offer better insulation compared to other systems. Sandwich panels are used on roofs and facades, and they can also be found for interior partitions that require insulation. Additionally, sandwich panels are highly energy-efficient and ensure minimized smoke contamination when non-combustible insulation is deployed. As a result, sandwich panels are utilized in non-residential construction projects, such as industrial buildings, factories, warehouses, public buildings, and purification projects. The increasing public-private partnership projects, the surging government funding for the development of commercial buildings, and the rising renovation activities related to public buildings are some of the prime aspects spurring the development of non-residential construction projects.

For instance, several upcoming semiconductor manufacturing plants under the development phase include USD 100 billion Micron ‘megafab’ in the United States (completion year 2024), USD 40 billion TSMC fabs in the United States (completion year 2026), and USD 10.3 billion Nanya chip facility in Taiwan (completion year 2025). Likewise, in December 2023, Panattoni announced the development of a new 360000 square feet warehouse in India. Therefore, it is evident from the above data the development of non-residential construction projects will continue to prosper, thereby accelerating the growth of the sandwich panels market.     

Recent Product Innovations Related to Sandwich Panels is Supplementing the Market Growth

The sandwich panels market is experiencing growth due to recent product innovations and technological advancements. These innovations include the development of recyclable and bio-based sandwich panel solutions, as well as the integration of advanced technologies like 3D printing and smart materials, particularly in the aerospace industry. Also, the increasing demand for lightweight materials and the rising need to reduce fuel consumption and emissions in construction projects are expected to drive the demand for sandwich panels in the upcoming years. As a result, the leading manufacturers of sandwich panels are developing a new range of products to increase their market share at the global level.

For instance, in June 2023, the Gill Corporation, headquartered in the United States, introduced a new range of sandwich panels named Gillfab 4037. The Gillfab 4037 sandwich panel is composed of a Dura-Core II aluminum honeycomb core and 7581 fiberglass cloth-reinforced epoxy laminate facings. The sandwich panel is designed for non-structural interior applications in business aircraft. Henceforth, the recent innovations associated with the sandwich panels equipped with superior efficiency and durability will boost the demand for panels having applications in wall, roof, and insulated panels, thereby creating a prominent potential for market growth in the coming years. 

The Significant Revenue Share of the Asia-Pacific Region in the Overall Market

The market for sandwich panels is increasing in Asia-Pacific due to the growing demand from the building and construction industry, particularly in countries such as India, China, and Southeast Asia. Additionally, the increasing construction of residential buildings is also contributing to the market growth in the forecast period. The increasing government investments in the development of new infrastructure projects and surging public-private partnerships for residential construction projects are boosting the revenue growth of the building and construction industry in the Asia-Pacific region, thereby fostering the growth of the market.

For instance, in the year 2023, multiple building and construction projects commenced in the Asia-Pacific region, including Infosys Pocharam Office Campus Expansion in India (project completion year 2027), Qinzhou Petrochemical refining and chemical integration upgrade project in China (project completion year 2025), Chashma Power Plant Unit V 1200 MW in Pakistan (project completion year 2030), and Dushanzi Petrochemical Complex in China (project completion year 2026). Furthermore, according to the recent survey conducted by the CBRE Group Inc. in July 2023, approximately 68% of the logistics players across the 120 countries in the Asia-Pacific region plan to acquire and occupy more space over the next three years. This expansion strategy for warehouses will create a prominent scope for demand growth of the sandwich panels to ensure superior insulation in such facilities. As a result, the recent ongoing development of building and construction projects across the Asia-Pacific region is spurring the growth of the sandwich panels market.      

Government Initiative Act as a Catalyst

Various countries at the global level are taking initiatives to aid the growth of the sandwich panels market. For instance, drafted by European standardization bodies (CEN-Cenelec) in response to mandates from the Commission, harmonized standards outline methods and criteria for evaluating the performance of construction products concerning their essential characteristics. The Commission is responsible for verifying the alignment of these standards with the issued mandates. Upon confirmation of conformity, the Commission publishes the references of harmonized standards in the Official Journal of the EU (OJEU). For instance, standards like EN 12467:2012+A2:2018 for fiber-cement flat sheets and EN 1279-5:2018 for insulating glass units (IGU) intended for buildings are included in the OJEU, as seen in OJ L 77, 20.3.2019.

In addition, European Assessment Documents (EADs) serve as alternatives to harmonized standards and apply to construction products not addressed by these standards. When the manufacturer of a construction product lacking coverage under a harmonized standard seeks to affix the CE mark, they must request a European Technical Assessment (ETA) from a Technical Assessment Body (TAB). The ETA is subsequently issued, relying on harmonized technical specifications outlined in a European Assessment Document (EAD). Coordination and adoption of the European Assessment Document are overseen by the European Organization for Technical Assessment (EOTA). This organization, established under the Construction Products Regulation (CPR), functions as a Europe-wide association of technical assessment bodies for construction products.

Future Market Scenario (2024 – 2031F)

·         Sustainable building and construction materials will scatter the market in prospects.

·       Government initiatives for new residential projects, especially in Middle Eastern, Asia-Pacific, and Latin American regions, will boost the demand for sandwich panels, thereby spurring the market growth at the global level.

·         Polyurethane-based sandwich panel will capture further traction to upscale market growth in the upcoming years.

·         Growing demand for larger commercial spaces in Europe, along with the American region, will supplement the growth of the market in the long run.

Report Scope

“Sandwich Panels Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global sandwich panels market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Click here for full report- https://www.marketsandata.com/industry-reports/sandwich-panels-market

Contact

Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343–3258
Email: [email protected]
Website: https://www.marketsandata.com



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