Sandwich Panel Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Polyurethane, Polyisocyanurate, Mineral Wool, and Others), Application (Wall Panels, Roof Panels, and Others), and End Use (Residential and Non-Residential)
Publication Month: Feb 2022 |
Report Code: TIPRE00017588
| No. of Pages:
No. of Pages
| Category: Chemicals and Materials
| Status: Published
The sandwich panel market was valued at US$ 2,711.11 million in 2021 and is projected to reach US$ 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028.
Sandwich panels are a triple-layer structure that contains hard and rigid thin outer skin and insulating core material in between. This structure protects the interior against sound, extreme weather conditions, and sudden breakout of fires.
In 2020, Asia Pacific held the largest revenue share of the global sandwich panel market. The growth of the market in the region can be attributed to the rapid industrialization and building construction activities. The region is witnessing a rise in the construction of cold storage, warehouses, shopping malls, industrial and commercial buildings. Furthermore, the region is known as the largest producer of agricultural products globally, which results in a greater number of agricultural premises construction across the region to store crops. Hence, the factors mentioned above are fostering the demand for sandwich panels in the region.
Market Size Value in
US$ 2,711.11 Million in 2021
Market Size Value by
US$ 4,256.62 Million by 2028
CAGR of 6.7% from 2021 to 2028
No. of Pages
No. of Tables
No. of Charts & Figures
Historical data available
Material, Application, and End Use
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Sandwich Panel Market
The COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the sandwich panel market. Industries such as construction, cold storage, and chemical have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The significant decline in the growth of several industrial sectors has impacted the demand for sandwich panels in the global market. The demand for sandwich panels has been negatively affected due to the total shutdown of construction activities and halt in expansion or new construction of plants and factories. However, the demand for sandwich panel products has been substantial from pharmaceutical and food & beverages manufacturing facilities as these industries witnessed growth during the lockdown. This helped the sandwich panel market to sustain itself to a certain extent.
Global Sandwich Panel Market Breakdown – by Region
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Growing Cold Storage Applications of Sandwich Panels
Sandwich panels are increasingly used in many commercial settings, including large refrigeration areas. They are also ideal for warehouses to store sensitive items that need to be kept at a steady temperature, such as frozen products and other temperature-sensitive items. Rise in retail food processing demand for products that need efficient cold storage facilities. Furthermore, during the pandemic, increased online grocery sales and expanded e-commerce channels resulted in the need to expand cold storage facilities.
Sandwich panels are used in refrigerated trucks, also known as reefer trailers, for transporting temperature-sensitive items. The growing demand for ready-to-eat/cook, dairy products, and pharma items is propelling the need for reefer trucks. This, in turn, will boost the growth of the sandwich panels market.
Based on application, the global sandwich panel market has been segmented into wall panels, roof panels, and others. The wall panels segment held the largest share in the global sandwich panel market in 2020. Wall panel provides sound insulation, which minimizes the harmful effects of noise on humans, leaves out unwanted sounds, and reduces the sound spreading around from noisy areas. The growing need for sound and thermal proof premises in various industries is expected to propel the growth of the wall panels segment during the forecast period.
Sandwich Panel Market, by Application – 2020 and 2028
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Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, and Multicolor Steel India Pvt. Ltd. are among the major players operating in the sandwich panel market. These companies provide a wide range of product portfolios and have a widespread global presence.
Progressive industry trends in the sandwich panel market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the sandwich panel market from 2019 to 2028
Estimation of global demand for sandwich panels
Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook, as well as factors driving and restraining the growth of the sandwich panel market
Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
The size of the sandwich panel market at various nodes
Detailed overview and segmentation of the market, as well as the sandwich panel industry dynamics
Size of the sandwich panel market in various regions with promising growth opportunities
The major players operating in the global sandwich panel market are Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, and Multicolor Steel India Pvt. Ltd.
During the forecast period, Asia-Pacific is anticipated to account for the largest share of the global sandwich panel market. Asia-Pacific region comprises several developed and developing economies, including China, India, Japan, South Korea, among others. The growth of the market in the region can be attributed to the rapid industrialization and building construction activities. The region is witnessing rise in the construction of cold storage, warehouses, shopping malls, industrial and commercial buildings. Furthermore, the region is also known as the largest producer of agricultural products globally, and this factor resulting in a greater number of agricultural premises construction across the region to store agricultural crops. Hence, the above-mentioned factors in the region are fostering the demand for the sandwich panel.
Based on application, the wall panels segment led the global sandwich panel market in 2020. Wall panel provides sound insulation which minimizes the harmful effects of noise on humans, leaves out unwanted sounds, and reduces the sound spreading around from noisy areas. Additionally, growing demand for air and watertight sandwich wall panels to ensure the continuity of temperature insulation at cold storage and warehouses. Thus, the growing need for sound and thermal proof premises at various industries is expected to propel the growth of the wall panels segment of the sandwich panel market in the forecast years.â€ƒ
Growing cold storage applications of sandwich panels and increasing demand for PVDF-based aluminum composite panels are the key factors driving the sandwich panel market during the forecast period. Moreover, there is increasing use of different advanced and popular materials for the construction of buildings, homes, and offices. Various emerging economies are focusing on creating new buildings and structures. PVDF-coated aluminum composite panel panels are increasingly used to decorate storefronts, shopping malls, industrial facilities, educational institutes, advertisement screens, signage, display systems, hospitals, and curtain wall cladding of buildings. Hence these are the key drivers for the growth of the global sandwich panel market.
Based on end use, the non-residential segment led the global sandwich panel market in 2020. The dominance of the non-residential segment can be attributed to the extensive application of sandwich panels at various end use industries. Moreover, the rapid industrialization in developing economies is expected to boost the demand for sandwich panels as in modern times, industrial buildings are heavily using sandwich panels due to cost-effectiveness and reduced time. Furthermore, increasing warehouses and cold stores across the globe is further bolstering the application of sandwich panels. Consequently, the growing number of sports facilities, cold stores, warehouses, and manufacturing buildings across the globe is accelerating the demand for the sandwich panel.
The growing inclination for sustainable products is the key trend for the sandwich panel market. There is a rising inclination toward sustainable and green products. Buildings constructed with sandwich insulated panels are more energy-efficient than traditional buildings. The sandwich panel also helps lower energy costs. Besides, many sustainable bio-based foam cores and resins are being introduced. Market players are also focusing on offering composite panels made from bio-based materials.
The List of Companies - Sandwich Panel Market
Dana Group of Companies
Multicolor Steels India Pvt Ltd.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global sandwich panel market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.