Pune, May 19, 2021 (GLOBE NEWSWIRE) -- Sandwich Panels Market Analysis
Market Research Future (MRFR) projects the global sandwich panels market to exhibit a 8.1% CAGR from 2020 to 2027 (forecast period)
Sandwich panels are a form of construction material that is made by joining layers of covering metals with insulating materials and binding agents. Its ability is to defend against sound, severe weather, and unexpected fire outbreaks. Furthermore, its reliability and ease of installation due to its simple design make it a viable alternative to conventional roof panels.
The global sandwich panel market is expanding as a result of high demand from real estate developers. Increase in infrastructure projects in both developed and emerging economies are expected to drive market demand during the forecast period. Furthermore, as a result of rapid industrialization, the development of special economic zones and commercial buildings is projected to increase market size in the coming years.
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COVID-19 Impact on the Global Sandwich Panels Market
The COVID-19 pandemic is having a significant negative effect on the construction industry, but the legal ramifications vary by region and contract. On the contractual side, there is a greater emphasis on international consulting firms that have guidelines and specifications, such as FIDIC (International Federation of Consulting Engineers) and NEC. The present stage of the pandemic has made it impossible to complete construction projects. The COVID-19 outbreak is delaying the construction industry's growth, causing disruption and delay, which can be linked to several disrupted supply chains. A few governments have even ordered the closure of specific companies across regions. The majority of residential and non-residential construction projects have been forced to halt. Sandwich panel manufacturers and the overall construction industry are likely to face a number of problems, with the majority of housing projects expected to be left unfinished due to supply chain delays, cash flow constraints, and production shutdown. The almost complete lack of construction activity at project sites has further strained the financial condition of many manufacturers and developers. Despite the fact that demand for affordable sandwich panels in single-family and multifamily housing has risen in recent years, the COVID-19 pandemic has caused a significant setback for the sandwich panel market. Laborers have returned to their home countries in the midst of the COVID-19 outbreak. As a result of a labor shortage, sandwich panel manufacturers have found it difficult to complete projects on time. Furthermore, as manufacturing units close due to supply chain instability and contractual consequences, many manufacturers are having difficulty obtaining low-cost raw materials.
Aside from the factors listed above, consumer buying behavior is expected to have an effect on the overall sandwich panel market, as consumers are hesitant to invest in housing projects due to low per capita incomes and unemployment fears. As a result, sandwich panel buyers are forced to postpone their buying decisions for as long as possible, resulting in an accumulation of unsold stocks. As a result, given the current situation, sandwich panels are unlikely to remain affordable to stakeholders.
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Market Segmentation
The global sandwich panels industry has been segmented into type and application.
Based on type, the global sandwich panels market has been segmented into glass wool, expanded polystyrene (EPS) sandwich panels, rock wool, polyurethane (PR)/polyisocyanurate (PIR) sandwich panels, and others.
Based on applications, the global sandwich panels market has been segmented into residential buildings, commercial buildings, industrial buildings, and cold storage.
Regional Analysis
The global sandwich panels industry covers the latest trends and opportunities across numerous regions, including North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Europe is regarded as one of the most valuable regions in the global sandwich panels industry, and it is predicted to rise at a 7.13% CAGR over the review period to reach a significant market value of USD 851.4 million by 2023.
Competitive Landscape
The sandwich panel market is fragmented, with the presence of many players sharing the market demand for sandwich panels.
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Key Players
Notable players in the global sandwich panels market include DANA Group of Companies (UAE), INVESPANEL SL (Spain), Kingspan Group (Ireland), Building Component Solutions LLC (Saudi Arabia), Nucor Corporation (U.S.), Assan Panel A.S. (Turkey), Hoesch Siegerlandwerke GmbH (Germany), ArcelorMittal S.A. (U.S.), MANNI Group (Italy), Zhong Jie Group (China), Romakowski GmbH & Co. KG (Germany), Tata Steel Limited (India), NCI Building Systems Inc. (U.S.), Multicolor Steels India Pvt Ltd. (India), and Sintex (India).
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