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NEW YORK, April 12, 2022 /PRNewswire/ — The Insight Partners has released its latest research report on Sandwich Panel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Material, Application and End-use ,” The market is valued at USD 2,711.11 million in 2021 and is expected to reach USD 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028. Demand for PVDF-based aluminum composite panels.
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United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, Korea, Saudi Arabia, Brazil, Argentina
Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli SRL, DANA Group of Companies, Zhongjie Group and Multicolor Steel India Pvt.Ltd. is one of the leading players operating in the global sandwich panel market.
In 2020, the Asia-Pacific region accounted for the largest share of the global sandwich panel market.Utilization of sandwich panels has increased in the region due to a surge in construction activity and growth in cold storage facilities.The increasing use of sandwich panels in both residential and non-residential sectors is expected to provide more growth opportunities for the sandwich panel market in Asia Pacific.Major market players in the region have made significant investments in R&D initiatives in recent years.These manufacturers also focus on product development and innovation and product portfolio expansion strategies.
Asia Pacific is expected to account for the largest share of the global sandwich panel market during the forecast period.The Asia-Pacific region includes several developed and developing economies, including China, India, Japan, South Korea, and others.The growth of the market in this region can be attributed to rapid industrialization and building construction activities.The region is witnessing the construction of cold storage, warehouses, shopping malls, industrial and commercial buildings.In addition, the region is also known as the world’s largest producer of agricultural products, a factor that has led to the construction of more agricultural sites in the region to store crops.Hence, the aforementioned factors in the region are boosting the demand for sandwich panels.
On the basis of application, the wall panel segment led the global sandwich panel market in 2020.Wall panels provide sound insulation that minimizes the harmful effects of noise on humans, excludes unwanted sounds, and reduces noise transmission from noisy areas.In addition, there is a growing demand for air-tight and waterproof sandwich wall panels to ensure thermal continuity in cold storage rooms and warehouses.Hence, the growing demand for sound and thermal insulation in various industries is expected to drive the growth of the wallboard segment of the sandwich panel market over the forecast years.
Aluminum composite panels have always been one of the popular cladding building materials.PVDF-based aluminum composite panels are available in various thicknesses.PVDF-based aluminum composite panels are widely used.Aluminium composite panels based on PVDF are of extremely high mechanical quality and can be used in different modern applications.
Different advanced and popular materials are increasingly used to construct buildings, homes and offices.Various emerging economies are focusing on building new buildings and structures.PVDF coated aluminum composite panels are increasingly used to decorate storefronts, shopping malls, industrial facilities, educational institutions, advertising screens, signage, display systems, hospitals and curtain wall cladding of buildings.Hence, the growing demand for PVDF-based aluminum composite panels in different application fields drives the sandwich panel market.
Growth in sandwich panel cold storage applications and increasing demand for PVDF-based aluminum composite panels are the key factors driving the sandwich panel market during the forecast period.In addition, different advanced and popular materials are increasingly used to construct buildings, residences and offices.Various emerging economies are focusing on building new buildings and structures.PVDF coated aluminum composite panels are increasingly used to decorate storefronts, shopping malls, industrial facilities, educational institutions, advertising screens, signage, display systems, hospitals and curtain wall cladding of buildings.Hence, these are the key drivers for the growth of the global sandwich panel market.
On the basis of material, the sandwich panel market is segmented into polyurethane, polyisocyanurate, mineral wool, and others.The other segment accounted for the largest share of the global sandwich panel market in 2020.Other parts include expanded polystyrene, glass wool and rock wool, etc.The sandwich panel segment is expected to grow owing to the growing global demand for lightweight panel structures.
On the basis of end use, the global sandwich panel market has been segmented into residential and non-residential.The non-residential segment accounted for a larger share of the global sandwich panel market in 2020.Rapid industrialization in developing economies is expected to boost demand for sandwich panels.This can be attributed to their cost-effectiveness and reduced installation time.In addition, the increase in the number of warehouses and cold storages globally is further driving the application of sandwich panels.
In terms of end-use, the non-residential segment leads the global sandwich panel market in 2020.The dominance of the non-residential segment can be attributed to the widespread use of sandwich panels in various end-use industries.Furthermore, the rapid industrialization of developing economies is expected to drive the demand for sandwich panels as in modern times, industrial construction uses sandwich panels in large quantities due to cost-effectiveness and shortening of time.In addition, the increase of warehouses and cold storages globally has further promoted the application of sandwich panels.Therefore, the increasing number of sports facilities, cold storages, warehouses and manufacturing buildings across the globe is accelerating the demand for sandwich panels.
The COVID-19 pandemic has caused temporary distortions in the operational efficiency of the industrial base, causing the expansion of its manufacturing facilities to halt.In Europe, construction of commercial buildings, cold storage, logistics warehouses and agricultural facilities is almost negligible due to shortages of labor, sandwich panels and other building materials.Supply networks for building materials have also been disrupted.However, after the supply constraints affecting these industries are gradually resolved, the various industries are on the right track.Growing demand for sandwich panels in various industrial applications is expected to drive the market growth substantially.
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The growing inclination towards sustainable products is a major trend in the sandwich panel market.There is a growing trend towards sustainable and green products.Buildings constructed with sandwich insulation panels are more energy efficient than conventional buildings.Sandwich panels also help reduce energy costs.In addition, a number of sustainable bio-based foam cores and resins have been introduced.Market players are also focusing on offering composite panels made from bio-based materials.
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