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Sandwich Panel Market: Business Growth, Development Factors, Applications, and Future Prospects
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According to our latest market study “Sandwich Panel Market was valued at US$ 2,711.11 million in 2021 and is projected to reach US$ 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028. The report highlights key factors driving the market and prominent players, along with their developments in the market.
Sandwich panels are easy to install and cost-effective. Moreover, they require no maintenance. These features make them an ideal choice over traditional panels, particularly in applications such as cold storage warehouses and rural area construction. In 2020, polyurethane was the fastest-growing segment of the sandwich panel market. The rising demand for polyurethane-based sandwich panels from various end users such as industrial buildings, warehouses, and office buildings is a major driver for the segment.
Many commercial settings that include large refrigeration areas make use of sandwich panels. Factors such as increasing urbanization and rising retail food processing create the demand for products that need efficient cold storage facilities. In addition, sandwich panels are used in refrigerated trucks, also known as reefer trailers. Reefer vehicles maintain temperature throughout the supply chain to ensure the product reaches consumers in fresh condition. With the growth in the foodservice industry, the demand for reefer trucks is increasing, which, in turn, is creating the demand for sandwich panels.
Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, and Multicolor Steel India Pvt. Ltd. are among the major players operating in the sandwich panel market.
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Impact of COVID-19 Pandemic on Sandwich Panel Market
The COVID-19 pandemic has negatively impacted the growth of the sandwich panel market. Industries such as construction, cold storage, and chemical have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Various industries have faced supply chain disruption due to the COVID-19 pandemic. Due to the total shutdown of construction activities and halt in expansion or new construction of plants and factories, the demand for sandwich panels has been negatively affected. However, as several economies are resuming and companies from the manufacturing industries are regaining their operations to normalcy, the demand for sandwich panels is expected to rise globally. Moreover, the previously postponed construction projects are ready to resume, which would further provide an opportunity for the sandwich panel market players to witness revenue growth.
The report includes the segmentation of the global sandwich panel market as follows:
Based on material, the global sandwich panel market is segmented into polyurethane, polyisocyanurate, mineral wool, and others. Based on application, the sandwich panel market is segmented into wall panels, roof panels, and others. Based on end use, the sandwich panel market is divided into residential and non-residential. By geography, the sandwich panel market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. North America includes countries like the US, Canada, and Mexico. Europe includes Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific includes China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) includes South Africa, Saudi Arabia, UAE, and the Rest of MEA. South and Central America includes Brazil, Argentina, and the Rest of South and Central America.
Sandwich Panel Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polyurethane, Polyisocyanurate, Mineral Wool, and Others), Application (Wall Panels, Roof Panels, and Others), and End Use (Residential and Non-Residential)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
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