Building Panels Materials Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1901
Building Panels Materials Market size will witness considerable growth in the forecast period owing to increasing demand in construction industry. Rise scope in retail sector and commercial spaces are major driver for product demand. Growth in retail sector has increased at over 3.5% in 2016 as compared to 2015. Increase in residential and industrial infrastructure spending has enhanced its usage and will drive the industry growth.
Surge in global population has augmented building and supporting infrastructure construction. Trend of using industrial waste for manufacturing of panels has improved its demand. These are light in weight, economical and appropriate solution for land fill problems. Lower labour requirements and increasing purchasing power are expected to drive building panels materials market during forecast period.
Demand for green buildings to meet stringent government norms for energy efficiency and reduced carbon emissions have amplified its consumption. Further, product innovation and technology advancement for manufacturing of buildings will boost the industry growth.
It is extensively used in fabrication of building panels to enhance internal and external features in any infrastructure. It is light in weight and can easily be integrated with other construction ingredients. Use of construction ingredients depends on its end use and may vary with different application as floor, walls and stair cases. Eco friendly substances include tire shreds, cardboards, sawdust, styrofoam and waste papers have emerged as cost effective solution and reduces labour requirement. The building panels materials cost is high as compared to tradition construction materials.
Based on product, building panels materials market is segmented into concrete, vacuum insulated, structural insulated and wood panels. Concrete type has major market share along with application in wall, roof and floor. These are cost effective and provide rugged and durable surface. Roof and floor have major usage as it avoids unnecessary shuttering. Vacuum and structural insulated material will witness healthy growth with increase in energy efficient infrastructures.
On the basis of component building panels materials market is classified as plastic, concrete, metal, wood and silica. Concrete contributes largest market share owing to high demand in interior and exterior panels. These are cheaper than other ingredients and can easily be formed into desired shapes and sizes to meet required purpose and need. Plastic has substantial share as these are light in weight and easy to cut in desired shape.
Based on application, building panels materials market is segmented into residential commercial and industrial. Residential segment has substantial growth with rising population and low mortgage interest rate. Various construction and transport infrastructure development projects will support employment of building panels and in turn its raw material. Increasing demand in commercial spaces including malls and supermarkets will propel strong growth in forecast period.
Asia Pacific has substantial share in global building panels materials market with emerging economies countries India and China. Rising disposable income and urbanization have enhanced the industry growth. Middle East and Africa has moderate share with advanced construction industries and presence of sky scrapers including Burj Kahlifa, Burj Al Arab, Rose Tower and Cayan Tower.
North America led by the U.S has significant share in building panels materials market owing to stringent government regulations for energy conservation and environment concern. Europe follows trend of North America with presence of well-established and flourishing automobile industry with big players such as Audi and Volkswagen that employ panels in showrooms. Further, European regulation as Energy Saving Regulation (EnEV) will support use of insulated panels in infrastructures.
Building panels materials market is quite fragmented with presence of both global and local players. Prominent players are Nippon Steel & Sumitomo metals, Saint Gobain, Huntsman, Panasonic and Evonik Industries. Other key players include Boral, CRH, DOW Corning, Kingspan, Armstrong World Industries, Lafarge, ATAS International and IMETCO. Companies including Huntsman and Evonik Indutries are working in forward integration to enhance their market share.
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