The global Sandwich Panel Market is among the most flourishing industries, expected to reach USD 4.20 billion by 2030. By registering a CAGR of 8.85 %, the market is expected to reach new heights from 2022 to 2030.
Sandwich panels are building materials that are used for thermal insulation purposes. These panels have a triple-layer structure encompassing strong, thin outer layers and an insulating core component between these layers. One of the main advantages of sandwich panels is that the installation process is extremely simple. Furthermore, these panels’ light and durable nature enhance their acoustic and thermal insulation. During the forecasted period, the global Sandwich Panel Market is expected to demonstrate solid performance owing to the high demand for panels in the construction industry. They are highly useful in new and modern building construction activities.
The Sandwich Panel Market has recently witnessed high technological innovation and advancement, increasing its growth potential. The fire resistance quality has upgraded considerably, which has led to a surge in market demand. During the forecasted period, innovations will favorably influence the course of growth of the market at the global level.
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The global Sandwich Panel Market has been segmented based on type, skin material and application.
The type-based segmentation mainly focuses on the type of material that is used for creating sandwich panels. The segment has been further subdivided into glass wool, rock wool, EPS sandwich panels, PUR/PIR sandwich panels and others. The segmentation based on skin material focuses on the specific kind of skin used in the creation process. The market segment can be further categorized into steel, aluminum, fiberglass reinforced panel (FRP), and continuous fiber reinforced panels (CFRT). The application segmentation emphasizes the areas in which the panels are utilized. The application segment has been further categorized into commercial, cold storage, residential, and agricultural buildings.
The global Sandwich Panel Market can be segregated based on the market’s regions. The major geographical segments include Europe, North America, Asia Pacific, and the Rest of the World. Currently, the North American region has been dominating the global market setting. The existence of large manufacturing industries and the surge in demand for contemporary construction materials have contributed to its solid performance. The specific segment is expected to dominate during the forecasted period based on the rising demand for sustainable construction materials. The Asia Pacific market segment is also experiencing rapid growth. Some of the nations that have been contributing to the strong performance of the region include South Korea, China, and India.
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The forefront players of the global sandwich panels market are Hoesch Siegerlandwerke GmbH (Germany), Romakowski GmbH & Co. K.G. (Germany), Zhong Jie Group (China), MANNI Group (Italy), Nucor Corporation (U.S.), Building Component Solutions LLC (Saudi Arabia), Multicolor Steels India Pvt Ltd. (India), Sintex (India), ArcelorMittal S.A. (U.S.), DANA Group of Companies (UAE), INVESPANEL SL (Spain), Kingspan Group (Ireland), Assan Panel A.S. (Turkey), NCI Building Systems Inc. (U.S.), Building Component Solutions LLC (Saudi Arabia), and Tata Steel Limited (India).
July 2022 – Tata Steel, a major player in the global Sandwich Panel Market, announced in July 2022 that it had completed the acquisition of almost 93.71 % of Neelachal Ispat Nigam Limited’s (NINL) via Tata Steel Long Products (TSLP). TSLP is Tata Steel’s listed step-down subsidiary. Even though TSLP was identified as the successful bidder in July 2022, the transaction came to an end in July after the purchase of non-convertible preference shares and equity shares. This acquisition can strengthen the competencies of Tata Steel in the steel panel designing area.
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