The global "Sandwich Panels market" size is expected to grow at a high CAGR of 8.80% during the forecast period 2022-2029
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.
High growth in the construction industry globally is the major driver of the growth of the market. In building and construction, these prefabricated products are designed for use as building envelopes. They appear in industrial and office buildings, clean and cold rooms, and 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 in the last 40 years.
Previously, sandwich panels were considered products suitable only for functional constructions and industrial buildings. However, their good insulation characteristics, versatility, quality, and appealing visual appearance, have resulted in a growing and widespread use of the panels across a huge variety of buildings. Companies are launching sandwich panels for industrial and commercial construction segments. For instance, Alucoil has launched Larcore ®, a sandwich panel with honeycomb core and aluminum skins agencies, in a continuous industrial process.
However, Fluctuations in the prices of raw materials are the key restraint hindering market growth.
The sandwich panels market is segmented into side wall paneling, facade panels, roof panels, wall panels, and insulated panels by the application. The global Sandwich Panels market size by wall panels was worth USD YY million in 2018 and is estimated to reach USD YY million by 2029, at a high CAGR during the forecast period.
The sandwich panels market is classified into residential construction, commercial construction, industrial construction, and others by end-use industry. Others include automotive and transportation. The global sandwich panels market size by residential construction was worth USD YY million in 2018. It is estimated to reach USD YY million by 2029, at a high CAGR during the forecast period.
Based on type, the sandwich panels market is classified into mineral wool, expanded polystyrene (EPS), polyisocyanurate (PIR), polyurethane (PUR), and others. Others include glass wool and rock wool. The global sandwich panels market size by expanded polystyrene (EPS) was worth USD YY million in 2018 and is estimated to reach USD YY million by 2029, at a high CAGR during the forecast period. The expanded polystyrene (EPS) segment is expected to grow with a high CAGR rate in the forecast period owing to its cost-effective, lightweight construction material with excellent insulation properties.
Sandwich panels with expanded polystyrene core are the most economical solution for roofs, outside, and inside walls. The right proliferation of panels provides tightness and stiffness; the polystyrene core placement system on the panel connection makes using additional sealants unnecessary, which greatly accelerates the panels' installation and makes it easier. As expanded polystyrene offerings grow in popularity and acceptance, new technologies and uses for the material will continue to evolve. The material has already proven itself and its capabilities in numerous construction applications.
The Asia Pacific sandwich panels market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2029, at a high CAGR 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 Asia Pacific market, especially in India. Tax redemption is likely to drive the construction market of middle-class houses in Asia Pacific economies. For instance, the Indian Government has reduced the GST taxes from 12% to 5%. High Budget allocations, Smart City Mission, Pradhan Mantri Awas Yojana, new metro rail policy, Housing for all, North East Special Infrastructure Development Scheme (NESIDS), etc., are some important initiatives taken by the government which is driving the growth of India's infrastructure sector.
The Sandwich Panels market is highly competitive with existing players in the market. Some of the major players include Cornerstone Building Brands, INVESPANEL SL, Rautaruukki Corporation, ArcelorMittal Construction, Assan Panel AS, Safal Group, Cornerstone Building Brands, Areco, Kingspan Group, and Tata Steel Limited.
Tata Steel has launched Coretinium®, which acts as a steel sandwich for the floor panel and firewall, complying with the industry standard R118 Annex 6.
Alucoil has launched Larcore ®, a sandwich panel with honeycomb core and aluminum skins agencies in a continuous industrial process.
In January 2017, Isopan launched a new product, “intelligent sandwich panel,” to evolve buildings into smart buildings.
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