Rockville, March 16, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global building panels market is valued at US$ 177.9 billion in 2023 and is projected to reach US$ 318.5 billion by the end of 2033.
Building panels are used in the creation of brand-new structures as well as the renovation of older ones with a fresh perspective. The exterior and interior aspects of a structure are built using building panels. Concrete panels and structural panels are the two most widely utilized panels in the construction industry. The most architectural and economical way to make enclosures is with structural insulated panels, which also give highly engineered, tough, and long-lasting walls.
Rapidly growing global population is another key factor boosting the sales of building panels. This is because the growing population is increasing the demand for residences, which is subsequently driving the need for building panels.
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The world is battling climate change as a result of several factors, including carbon pollution and emissions of greenhouse gases brought on by excessive fossil fuel consumption and temperature imbalance. In 75% of the buildings that are now standing in Europe, fossil fuel energy is used to regulate the temperature, such as cooling or heating. Users and manufacturers have become more conscious, and, as a result, they are putting more effort into making sure that current structures are carbon-neutralized and that green, environment-friendly homes and buildings are built.
When it comes to providing adequate insulation against issues such as fires, temperatures, water, etc., structural insulated panels are thought to be the best material. As a result, structural insulated panel demand is expected to increase substantially over the next ten years.
Key Takeaways from Market Study
- Worldwide sales of building panels are expected to increase at a CAGR of 6% from 2023 to 2033.
- Market in China is predicted to expand at a CAGR of 7.5% during the forecast period.
- Use of building panels in the residential sector is expected to rise at a CAGR of 6.5% during the next 10 years.
- Germany’s building panels market is predicted to expand at a CAGR of 5% from 2023 to 2033.
“Rapid industrialization and urbanization across the globe are driving high demand for building panels,” says a Fact.MR analyst.
Key Segments of Building Panels Industry Research
- By Type :
- Concrete Panels
- Vacuum Insulated Panels
- Structural Insulated Panels
- Wood Panels
- By Raw Material :
- By Application :
- By End Use :
- Floors & Roofs
- Columns & Beams
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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|Market Size (2023E)||US$ 177.9 Billion|
|Forecasted Market Value (2033F)||US$ 318.5 Billion|
|Global Market Growth Rate (2023 to 2033)||6% CAGR|
|No. Of Pages||170 Pages|
|No. Of Tables||80 Tables|
|No. Of Figures||219 Figures|
Recent Market Developments
- Owens Corning debuted their FOAMGLAS Perinsul SIP, a thermal bridge solution for high-performance structures, in January 2022. Cellular glass is used in the innovative structural insulated panel to reduce performance loss caused by moisture exposure, eliminate thermal bridging, and boost energy efficiency.
- By purchasing Logstor for around US$ 300 million in March 2021, Kingspan Group was expected to establish a significant presence in the North American, European, and Middle Eastern markets.
Key Companies Profiled
- Armstrong World Industries, Inc.
- Atlas Engineered Products Ltd.
- Arpa Industriale SpA
- Apex Steel Pty., Ltd.
- ABC Supply Co., Inc.
- Aluminum Coil Anodizing Corp. (ACA)
- Allied Steel Buildings, Inc.
- Advenira Enterprises, Inc.
- Atlas International Inc.
- Asc Profiles, Inc.
- AbTech, Inc
- Architectural Cladding Australia Pty Limited
- A.E. Concrete Precast Products Limited
- 3D Laminates Ltd
- AKW Medi-Care Ltd.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global building panels market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (concrete panels, vacuum insulated panels, structural insulated panels, wood panels), raw material (concrete, plastic, metal, wood, silica), application (residential, non-residential), and end use (floors & roofs, walls, columns & beams, staircases), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
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Concrete Floor Grinding Machine Market: Improvement in overall economic conditions has led to a continuous increase in construction activities over the years. This has fuelled the demand for malls, office & residential areas, which in turn is driving the growth of the concrete floor grinding machine market. Concrete floor grinding machines are used for polishing and grinding concrete, granite, marble or any other kind of floor materials.
Roofing Market: Global demand for roofing materials is expected to increase at a CAGR of 5.5% from 2023 to 2033. The global roofing market is valued at US$ 82.2 billion in 2023 and is this expected to reach US$ 140.4 billion by the end of 2033. A roof or roofing is the process of covering the upper part of any building. Roofing materials are used to create or repair the topmost layers of a building’s roof.
Solar Pumps Market: Expanding at a stellar CAGR of 12.1%, the global solar pumps market is forecasted to surge from a valuation of US$ 1.5 billion in 2023 to US$ 4.7 billion by the end of 2033. A solar pump, also known as a solar-powered pump, is a mechanism used to pump water using electricity produced by photovoltaic (PV) panels. Since it produces energy using sunshine, it serves as a good substitute for conventional generators that burn fossil fuels to pump water.
Cold Storage Construction Market: The global cold storage construction market is valued at US$ 13.4 billion in 2023 and is projected to reach US$ 49.6 billion by 2033. Global demand for cold storage construction services is predicted to increase rapidly at a CAGR of 14% during the next 10 years. Low temperatures are managed in cold storage buildings to prolong the freshness of perishable products and ensure consistent quality throughout their lifespan.
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