ID: MRFR/CO/1346-HCR | 100 Pages | Published By Snehal Singh on March 2023
Building panels market is expected to grow USD 2,18,492.20 million at a CAGR 6.70% during the forecast period. Overview Building Panels are defined as the construction of new structures and the renovation of existing ones with a new sense of admiration. Building panels are used to construct a structure's exterior and interior features. The current worldwide feature and the infrastructures are all part of building panels. The increasing rate of urbanisation is the engine for the building panels market that drives the globe to an accomplished world of exterior and interior designs. The building panels offer the consumers the spectacular view and beauty of the buildings and infrastructure. The building panels are also eco-friendly building materials, causing less environmental harm. Unlike other synthetic panel, it does not cause any harm to the environment. These features promote the positive side of the building panel market growth. Moreover, the governmental policies support the markets to enhance its feature and flourish in the market sector. Also, the government subsidies, policies, and other schemes offer low-cost building panels to the construction industries to promote the market. The availability of premium building panels will provide growth opportunities in the market, with a sufficient amount of demand. The premium building panels are high-end energy-consuming and regulating features that benefit the industrial and construction market in two different aspects of marketing. Constructing a particular structure through building panels is a cost-saving measure in the construction industry as the panels will reduce the traditional raw materials, energy, time, and effort of constructing a building.
The building panels market is fragmented into North America, Europe and Asia pacific. The governmental initiatives for energy-efficient building are increasing the demand. Also, The growing awareness about the energy-efficient building is the reason for this significant growth. The Asia Pacific is the largest market.The market trends in this region are impressive. However, the North America building panel marketwill have exceptional growth. Today most buildings are adopting the building panels at an exponential pace.
Especially in the US construction industry solely relies on modern building equipment. The panels provide safety, energy efficiency and durability for buildings. The consumer interest to choose these energy-efficient building panels is fueling the market growth in North America. Further, the building panel market size in Asia will experience massive expansion. In Europe, the growth in the construction industry is immense in the region. These three regional players are key contributors to the overall profitability of the buildings panel market.
The growth of population is massive in many regions. The population growth is raising the need for more residential and working spaces for individuals. The increasing rate of urbanization is a crucial driver for the building panels market. The modern building comes with a building panels system. The building panels offer spectacular insulation capabilities to the building.
All these factors ultimately save the energy of the building. This crucial driver will positively impact the overall building panels market. The building panels provide plenty of benefits for both the residential and commercial buildings. Some of the building panels even offer heat resistance and considerable protection from natural disasters. The building panels are an eco-friendly building material. Unlike another synthetic panel, it will not cause any harm to the environment. All these feature propel the building panel market growth. Moreover, the governmental policies support the markets that enable energy-efficient building. The governmental subsidies and policies offer low-cost building panels to the construction industry. Sound control features and insect protection feature are few other aspects that spark the demand for the building panel market.
Energy consumption is a global issue. The awareness to conserve energy is high in the upcoming years. The availability of premium building panels will provide growth opportunities for the market. The premium building panels come with high-end energy consumption and regulation features. It will be beneficial for the industrial and construction market. The energy consumption features are advantageous to the builders as well as the environment.
Further, the research and development investment is higher in the building panel market. In the forecast period, massive investments are expected in R&D from various verticals. The increase in research will lead to new product launch and variation. The launch of higher-end building panels will provide future growth opportunities. Additionally, the cost of the building panels is expected to be more efficient in the forecast period. Using building panels is a complete cost-saving measure in the construction industry. The building panels will reduce raw materials, energy time and effort of constructing a building. The less-cost benefits of the building panel will offer exceptional growth prospects.
The building panels are cost-effective by themselves. However, the building construction process includes plenty of things. Due to this, the building panels are considered as an additional cost in the construction process. High capital investments are essential to purchase bulk quantities of these panels for construction. Less investment from a few vertical will restrict the market growth. The construction materials are cost-intensive. The rise in the price of other construction materials is causing a declining effect on the building panels industry. The rising raw material cost is considered a major restraint in the market. The demand and profitability are affected due to these restraints.
There is a lack of product standardization in the building panels market. There are no specific protocols to follow a procedure to use the building panels. The regulations regarding the use do not define the product. There is a wide range of procedure followed according to the construction requirement. It is a major challenge in the market that can hinder market growth. Also, the product or brand awareness is lost due to the lack of standardization. The end-users approach low-quality panels due to the lack of awareness about building panels. Also, the rise of synthetic building panels is a threat to the market. Synthetic panels can cause harm to the environment. It is a market challenge that can decline the demand.
The adoption ofbuilding panels are increasing in the upcoming years. As the requirement for building efficiency is high, the market growth rate remains stable. The use of building panels protects the building from external factors. The increasing need for building energy efficiency will propel market growth. However, there is a serious need to fix technical difficulties in the cost difficulties in the market. Also, the lack of standardization issue needs to be solving for smooth market operations. The declining factors can have a considerable impact on the overall market. However, the market development initiatives by the eye players can reduce the negative impacts.
The building panels market has three main regional players. The Asia Pacific region will hold maximum building panels market share in the forecast period. The emerging economies in India, China and japans are responsible for massive growth in these regions. The construction industry is booming in alias pacific. It offers plenty of demand and growth opportunities for the building panel market. Also, the increasing awareness of energy-efficient building and government initiatives are the crucial factors for exceptional growth. During the forecast period, this region will witness a steady flow of demand and revenue. The market growth opportunities are also massive in this region.
|Market Size||USD 2,18,492.20 million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Panasonic Corporation, Saint-Gobain, CRH Plc., Lafarge, Evonik Industries AG, Huntsman International LLC., Dow Corning Corporation, Fletcher Building Limited, Atlas international and Boral Limited.|
|Key Market Opportunities||
|Key Market Drivers||
Building panels market would achieve 6.70% during the forecast period.
The key players of the market are Boral Limited, Panasonic Corporation, Fletcher Building Limited, Saint-Gobain, Dow Corning Corporation, Nippon Steel & Sumitomo Metal Corporation, Huntsman International LLC, CRH plc, Evonik Industries AG, Lafarge
Building panels market would get rammed by strict regulations regarding the use of chemicals.
Building panels market report has concreter, metal, wood, plastics, and silica.