According to Stratistics MRC, the “Global Sandwich Panels Market” is accounted for $1.27 billion in 2018 and is expected to reach $2.75 billion by 2027 growing at a CAGR of 9.0% during the forecast period. High demand among real estate developers, and rise in infrastructural projects in developed and developing economies are the major factors propelling the market growth. However, factors such as fire performance of some sandwich panels and impact of COVID-19 pandemic are hampering the market growth.
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A sandwich panel is any structure made of three layers: a low-density core, and a thin skin-layer bonded to each side. Sandwich panels are used in applications where a combination of high structural rigidity and low weight is required. Sandwich panels are an example of a sandwich structured composite: the strength and lightness of this technology make it popular and widespread. Its versatility means that the panels have many applications and come in many forms: the core and skin materials can vary widely and the core may be a honeycomb or a solid filling. Sandwich panels are construction materials manufactured by joining the layers of covering metals with insulating materials and binding agents. Moreover, its durability and rapid installation owing to its simple design make it a viable choice over traditional roof panels. Sandwich panels are well-proven construction component that are effective solutions for temperature control, insulation as well as they meet the aesthetic requirements. These panels act as pioneer in the developing construction techniques. Such panels are manufactured by joining the layers of the covering metals, with insulating materials and other binding agents. Sandwich panels offer a range of benefits to the buildings including protection against weather conditions, such as acoustic insulation, fire protection, easy and quick installation, and long durability. A key feature of the sandwich panels that promotes market growth is the easy assembly and disassembly of these panels. These panels are suitable for both walls and roofs and thus are preferred over the traditional roof panels and concrete panels.
Opportunity: High growth in the construction industry would provide ample opportunities for the market growth.
Previously, sandwich panels were considered products suitable only for functional constructions and industrial buildings. However, their good insulation characteristics, their versatility, quality, and appealing visual appearance, have resulted in a growing and widespread use of the panels across a huge variety of buildings. High growth in the construction industry globally is the major driver for the growth of the market. In building and construction, these prefabricated products designed for use as building envelopes. They appear in industrial and office buildings, in clean and cold rooms and also in private houses, whether renovation or new-build. They combine a high-quality product with high flexibility regarding design. They generally have good energy-efficiency and sustainability. Sandwich panel construction techniques have experienced considerable development.. Companies are launching sandwich panels for industrial and commercial construction segments. Rising household income levels along with population migration from rural to urban areas is expected to continue to drive demand for residential building construction
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Driver: Easy installation of sandwich panels is driving the market growth.
The installation of sandwich panels minimizes thermal channels through the joints. The benefits of sandwich panels have escalated their demand globally. The rising use of sandwich panels has been attributed to their quick and easy installation service in structures. There are number of applications of sandwich panels such as in airport terminals, theatres, restaurants, factories, warehouse, schools, shopping malls, showroom, cold storage, office, industry and so on. They can be easily installed either vertically or horizontally. A popular option is to install the panels as external cladding for the outer walls of shopping malls, including sandwich-layered roofing structures as the process is very easy to handle.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. Asia Pacific is expected to grow with a high CAGR rate in the forecast period due to the increasing housing construction market, particularly in India and China. Furthermore, low-interest rates for home mortgages have increased residential construction is the other key driving factor for the growth of the market in Asia Pacific especially in India. Tax redemption is likely to drive the construction market of middle-class houses in Asia Pacific economies. China is one of the fastest-growing economies globally and almost all the end-user industries have been growing, owing to the rising population, living standards, and per capita income.
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Some of the key players profiled in the Sandwich Panels Market include Arcelor Mittal Construction, Areco, Assan Panel AS, Building Component Solutions LLC, Cornerstone Building Brands, Fischer Profil GmbH, Invespanel SL, ITALPANNELLI SRL, Kingspan Group, Paroc Group, Pioneer Coldstore & Cladding Pvt. Ltd, Rautaruukki Corporation, Safal Group, Tata Steel, and Vibgyor Steel.
Tata Steel: In January 2018, Tata Steel has launched two new products, Tata Aggreto and Tata Nirman, India’s first branded LD slag products for applications in road, fly ash brick and clinker making. The introduction of the two new branded products is part of Tata Steel’s journey of excellence.
Kingspan Group: In March 2020, Kingspan group has launched SmartServ Pro. Kingspan's new SmartServ Pro ensures proactive pollution prevention. Once installed, SmartServ Pro sends alerts to users about the need for servicing and emptying/tankering of an asset as and when required, rather than simply when a maintenance contract requires it. This intelligent monitoring solutions avoids the disruption and costs, as well as the additional carbon footprint associated with unnecessary tankering.
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