According to the comprehensive research report “Sandwich Panel Market Information by Type, Application and Region – Forecast to 2030″ by Market Research Future (MRFR), the market is expected to grow at a CAGR of 8.85% and reach $4.2 billion.
Sandwich panels can be described as composite materials created by sandwiching insulating materials between metal surfaces. It is a durable and lightweight building material that helps cover exterior walls and roofs of buildings, as well as insulate interior walls and cold rooms. The system protects the building from external environmental factors while providing an extremely cost-effective and convenient solution for durable exhibition stands. The result is an energy efficient, cost effective, structurally sound building that saves money, labor and time.
There has been a significant increase in refrigeration operations, which has helped extend the shelf life of fresh seafood, produce, films, frozen foods, pharmaceuticals and chemicals.
In addition, the emergence of various multinational food retail chains has led to a sharp increase in the demand for refrigeration equipment. These factors will inevitably lead to an increase in global demand for modern sandwich panels in the coming years.
The construction industry is one of the largest end users of sandwich panels. The increasing use of this product in cladding, conservatories and dormers will do wonders for the global industry in the long term.
The Asia-Pacific region will become the largest consumer of these panels in the near future due to significant growth in demand for the products from the aerospace, construction and automotive industries. The region’s established players have a strong supply chain and their continuous efforts to expand their product range will ensure that the region continues to be one of the largest consumers in the coming years.
Increasing sponsorship of the sandwich panel industry from renowned companies and focusing on strengthening the supply chain to ensure product availability will further benefit the global market. Many global multinational suppliers have invested heavily in the European market.
Huge production costs due to the use of expensive production technologies and unstable raw material prices will be the major hindrances to market growth in the coming years.
View in-depth market research report (123 pages) on Sandwich Panels: https://www.marketresearchfuture.com/reports/sandwich-panel-market-1563
Many industries have been hit hard by the COVID-19 pandemic. Given the pandemic situation, many countries have had to impose quarantine to control the increase in cases. As a result, demand and supply chains were disrupted, affecting global markets. Due to the pandemic, infrastructure projects, manufacturing plants, industries and various operations had to be suspended.
Fluctuating commodity prices coupled with the COVID-19 pandemic are holding back the growth rate of the global market. The positive is that things are returning to normal, which means better market growth in the future. In addition, the emergence of a new coronavirus vaccine and the opening of numerous waste recycling facilities around the world will cause the sandwich panel market to once again reach full capacity.
PUR/PIR sandwich panels, EPS sandwich panels, glass wool, mineral wool, etc. are the main types of sandwich panels covered in the report.
Expanded polystyrene (EPS) sandwich panels are currently leading the global industry due to their impressive properties such as light weight and higher insulation. EPS is also highly resistant to degradation caused by weather conditions and biological damage. They are hard and tough, making them an ideal building material.
The various sheathing materials reviewed in the report include continuous fiber reinforced thermoplastic (CFRT), fiberglass reinforced panels (FRP), aluminum, steel, and others.
Aluminum is considered the most popular cladding material for sandwich panels. Aluminum is lightweight, flexible and easy to form into sandwich panels.
Residential buildings, commercial buildings, agricultural buildings, cold storage warehouses, etc. are the main applications of sandwich panels.
The surge in demand for roofing materials, modern building walls, commercial building trim and the enormous growth of the automotive industry has made North America the fastest growing market for sandwich panels. The US is the regional market leader.
Several industries in Europe have been locked down due to the COVID-19 pandemic, severely impacting revenues. The most affected end-user industries are electrical, electronics, automotive, construction, etc. This has slowed down the market demand to some extent, but the growth rate is expected to pick up in the coming years as restrictions are lifted.
Rapid urbanization coupled with rising disposable income among the population of the Asia-Pacific region has led to increased demand for home appliances, building infrastructure and consumer electronics. This ultimately promoted the use of sandwich panels in the region. China is the region’s largest market.
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Market Research Future (MRFR) is a global market research company that prides itself on providing comprehensive and accurate analysis of diverse markets and consumers around the world. Market Research Future’s primary goal is to provide high quality and sophisticated research to its clients. We conduct market research on products, services, technologies, applications, end users and market players across global, regional and country segments so our clients can see more, know more and do more, thereby helping to answer your most important questions.
Post time: Oct-05-2023