Market Synopsis:
As per Market Research Future (MRFR)’s published report, the global building panels market has been projected to expand at a CAGR of 6% during the forecast period. The growth witnessed in the construction industry is likely to favor the expansion of the global market through the assessment period.
Building panels are being used in both residential as well as industrial concretes for keeping a check on the power consumption. These panels are also effective in insulating the structure. Key players are focusing on developing and innovating their product lines. This, in turn, is projected to favor the expansion of the building panels market over the next couple of years.
Emerging economies signify the strongest growth potential as the governments in these nations are investing in housing schemes and projects. Furthermore, the strengthening growth rate of these economies is poised to boost the sales of premium quality products. It is expected to catapult the building panels market on an upward trajectory.
The stringent regulations levied on the use of some chemicals for the production of these panels are expected to check the expansion of the market in the forthcoming years. However, the building panel facilitates time saving and easy installation, which is anticipated to favor the expansion of the building panels market in the foreseeable future.
Market Segmentation:
By panel type, the global building panels market has been segmented into wooden, concrete, structural insulated, and vacuum insulated.
By materials, the building panels market has been segmented into concrete, metal, wood, plastics, and silica.
By application, the global building panels market has been segmented into residential, commercial, and industrial.
By end use, the building panels market has been segmented into floors & roofs, walls, columns & beams, and staircase.
Regional Analysis:
The regional study of the global building panels market encompasses North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is forecasted to dominate the global market owing to rapid industrialization and urbanization witnessed in the region. The region houses fast-developing economies such as India, China, Japan, etc. It is expected to have a positive influence on the growth of the building panels market over the next couple of years.
Europe trails Asia Pacific in terms of market size. The government in the region is focusing on lowering the power consumption which is anticipated to favor the expansion of the market. Meanwhile, North America is presumed to secure the third spot and grow moderately through the review period.
Competitive Dashboard:
Some of the key players profiled in this MRFR report are Saint-Gobain, CRH Plc., Panasonic Corporation, Lafarge, Huntsman International LLC., Evonik Industries AG, Dow Corning Corporation, Atlas international, Fletcher Building Limited, and Boral Limited.
Industry News:
In February 2019, SkyCity Entertainment, Auckland, is reported to delay the inauguration of the international convention center and is focusing on the removal of aluminum composite panels (ACP) for an additional cost of USD 25 Mn.
In February 2019, Innova Eco Building System, the U.S.A, has received a contract for using its green building technology in the construction of a manufacturing plant worth USD 40 Mn in Mwale Medical and Technology City (MMTC), Western Kenya.
In February 2019, SABIC, a Saudi diversified manufacturing company headquartered in Riyadh, Saudi Arabia, has added Long Glass Fiber Reinforced PP Panels to its product line for the American market. The addition trails its recent addition of Stamax Stadeck heavy-duty panels to its portfolio for European building & construction market.
In February 2019, The National Association of Home Builders (NAHB), the U.S., has named LG Electronics USA, a pioneer in innovative technology, as an official partner for the "net zero" TNAR home.
