New York (US), April 10, 2023 (GLOBE NEWSWIRE) -- Building Panels Market Overview
The MRFR analysis reports predicting that the “Building panels Market Research Report, by Panel Type, End Use, Material, Region, and Application - Forecast Till 2030”, the global market for Building panels is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 6.70%. The reports anticipate the market acquiring a valuation of around USD 2,18,492.20 million by the end of 2030.
Market Scope: Building Panels are the construction of new structures and the renovation of existing ones with a new sense of admiration. They are utilized to construct a structure's exterior and interior features.
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Competitive Analysis
The listing of the prominent leaders across the global market for Building panels includes players such as:
- Boral Limited
- Nippon Steel & Sumitomo Metal Corporation
- Panasonic Corporation
- Huntsman International LLC
- Fletcher Building Limited
- CRH plc
- Saint-Gobain
- Evonik Industries AG
- Dow Corning Corporation
- Lafarge
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2,18,492.20 million |
| CAGR | 6.70% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 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 Market Drivers | Surge in construction activities in the public utility segment Reduced power |
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Market USP Covered
Market Drivers
The global market for Building panels has displayed massive development in recent times. The massive population growth is considered the main aspect supporting the development of the market. The growing residential and working spaces for individuals across the globe and the increasing urbanization rate are also crucial parameters boosting the market's development. The modern Building comes with a building panels system nowadays. In addition, the growing research and development investment is also anticipated to cause a surge in the market's performance over the coming years.
Market Restraints
On the other hand, certain parameters may limit the performance of the market. The parameters restricting the performance of the market include the requirement of plenty of things, an additional cost in the construction process, and a lack of product standardization.
COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the building panels market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Segment Analysis
Among all the types, the concrete panel segment is predicted to dominate the global market for building panels over the coming years, given mainly to the wide use of concrete panels in construction. Furthermore, concrete panels have proved cost-effective in construction enclosures and are rugged & durable. Therefore, they are highly used on floors and roofs of apartments, flats, and buildings.
Among all the raw materials, the concrete segment is anticipated to showcase the maximum growth rate over the coming years. The main parameter boosting the segment's development is its eco-friendly nature and resistance against fires, rust, molds, and pests. On the other hand, concrete offers aesthetic appeal and durability to buildings.
Among all the application areas, the residential segment is predicted to lead the global market over the coming years, given mainly the massive use of building panels in increasing residential constructions.
Among all the end-users, the floors & roofs segment is anticipated to secure the leading spot across the global market for building panels over the assessment period. The main aspect supporting the segment's expansion is the use of improved & high-quality floors and roof panels in buildings and rooftops.
Regional Analysis
The global building panels market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggesting that the Asia-Pacific region is anticipated to ensure the top spot across the global market for building panels over the assessment era. The main parameter supporting the development of the regional market is the increasing number of governmental initiatives for energy-efficient Buildings. Furthermore, the rising awareness about energy-efficient Buildings is also considered one of the crucial parameters supporting the development of the global and regional markets.
The North American regional market for Building panels is predicted to grow at the highest pace over the coming years. The growing adoption of building panels across all the buildings in the region is considered the main aspect to support market development. The region has the US as the leading growth contributor, mainly to the construction industry relying on modern building equipment. The panels offer durability, energy efficiency, and safety for buildings. The consumer interest in choosing these energy-efficient building panels is also anticipated to boost the regional market's performance over the assessment period.
The European regional market for Building panels is predicted to grow rapidly over the coming years. The rapid growth in the construction industry is considered the main parameter supporting regional market expansion.
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