In 2022, the size of the global market for building panels was estimated to be $200.01 billion, and it is expected to reach $380.02 billion by the end of 2030, with a CAGR of roughly 6.23% between 2023 and 2030.
Global Building Panels Market: Synopsis
Building panels are a specific type of construction panel that may be found in both residential and commercial settings. These panels are utilized in the construction of buildings. These goods have a variety of uses in the interior as well as the outside of buildings. According to some reports, the construction of panels can be done using a wide variety of materials, including wood, concrete, and metals, among others. Panels for buildings come in a variety of sizes and are utilized in a variety of construction-related activities. In addition, compared to conventional building methods, using building panels has a number of advantages, including a reduction in the amount of time and energy used on construction as well as the expense of materials and labor. In addition, rapid industrialization and urbanization have contributed to a growth in demand for building panels over the course of the past several years. In addition to this, the utilization of building panels helps to reduce the amount of wasted material and is employed for the purpose of insulating the inside of the buildings.
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Building Panels Market: Growth Factors
A notable increase in residential buildings across the world will drive the expansion of the global market.
The global market for building panels is expected to expand in breadth as a result of a thriving construction sector, an expanding population, and rising worries regarding power use. The global market trends will be bolstered by the ease with which premium construction materials can be accessed, as well as by an increase in research and development activities connected to building panels. The worldwide market will be able to design a path toward profitable expansion if there is a growing demand for affordable and secure housing services. In addition to this, the installation of building panels takes less time, which is another factor that will stimulate demand in the global market. The growing demand for secure housing options is expected to be a primary factor in the rise of the size of the global building panels market.
Building Panels Market: Segmentation
The market for building panels around the world may be broken down into the following categories: type, raw material, end-use, application, and region.
According to the material that they are made of, the segments of the global market for building panels are as follows: concrete panels, wood panels, vacuum-insulated panels, structured insulated panels, and wood-based panels. It would appear that the concrete panels market will take the lead in terms of segmental growth over the course of the foreseeable future. The widespread application of concrete panels in building construction can be credited with the segmental boom. In addition to this, the durability and tenacity of these concrete panels make them an excellent choice for use in the construction of enclosures. As a consequence of this, you will see them implemented more frequently on the floors and rooftops of buildings, flats, and apartments.
Building Panels Market: Regional Insights
The Building Panels market in the Asia-Pacific is expected to bring significant returns between 2023 and 2030.
It is anticipated that the Asia-Pacific region, which contributed about 40 percent to the overall market share for building panels in 2022, will continue to maintain its dominance of the regional market even in the coming years. It is possible that the large demand for building panels in construction activities in countries such as India, Japan, and China will be the driving force behind the expansion of the regional market in the years to come. In addition to this, the presence of important manufacturers in the subcontinent would further propel the expansion of the local market.
Building Panels Market: Competitive Space
The global building panels market profiles key players such as:
Alfa PEB Limited
Armstrong World Industries Inc.
Nippon Steel & Sumitomo Metal Corporation
Evonik Industries AG
The Dow Corning corporation
Huntsman International LLC
Rajashree International Manufacturing Pvt. Ltd.
BMC Stock Holdings Inc.
Fletcher Building Limited.
The global building panels market is segmented as follows:
Vacuum Insulated Panels
Structured Insulated Panels
By Raw Material
Floor & Roofs
Columns & Beams
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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