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Premium Report Details
Base Year: 2023
Companies covered: 13
Tables & Figures: 180
Countries covered: 18
Pages: 220
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Building Panels Market
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Building Panels Market Size
The global building panels market size was valued at USD 66.3 billion in 2023 and is estimated to grow at a CAGR of over 7.5% from 2024 to 2032. The Asia-Pacific and African regions are propelling the demand for affordable and efficient housing solutions due to accelerated urbanization, which is further fuelling construction in these areas. Residential construction is being accelerated as both governments and private developers are starting to make increased use of building panels to reduce costs.
The need for construction infrastructure such as schools, hospitals, and commercial areas are on a rapid rise along with the growing urban populations thus increasing the demand for building panels which are robust and multi-functional. There is an emergence of stringent energy compliance indicators set by Governments all over the world for buildings.
To solve the problem of energy and efficiency compliance, structural insulated panels SIPs and foam sandwich panels, have set a solution in the manufacturing of eco and energy efficient SIP panels which avoid heat transfer. Environmental consciousness is on a rapid rise, and this shift has resulted in an increase in consumer demand for eco-conscious products, panels that were made of sustainable and recyclable resources and low in carbon emissions started to become popular. Advanced building panels are directly bursting with the message of eco-consciousness thanks to programs like LEED and BREEAM, which encourage the use of eco-friendly materials.
Warehouses and other logistics centers that use building panels have surged in popularity as a result of increased internet purchases and international distribution networks. Panels are the favorite who engaged in industrial enterprises: they are wait for effective, strong, and easily transportable construction materials.
Building Panels Market Trends
In developing countries, both government and non government organizations are quite focused on providing affordable housing, argue structural methods such as panels are cost effective construction techniques. While many cities in developed nations are being cents urbanised there is a gap in new and efficient construction materials. Emerging markets and economies in the UK and US are expanding greatly in the corporate hospitality retail and service sector requiring fast and beautiful construction solutions thus using building panels makes sense. Due to intense heat, cold, or rainfall building panels that are weather and thermal resistant have surfaced. Wildfire resistant panels are increasingly employed in fire prone areas while regions with high fire safety regulations should use them as well. Programs that focus on panels of construction are being enforced by the government as they are energy efficient and good in maintaining structural integrity.
Building Panels Market Analysis
The high production value of building panels such as structural insulated panels and composite panels increases the fabrication cost since these materials require technology and raw materials of high grade. Even though, building panels can cut short the time frame required to complete the project, the cost and skill set required for the high-tech equipment can lead the developers with a lower budget to feel discouraged. Alike many developing nations, where traditional construction techniques are the most common, the price difference between panels in comparison to wooden and brick building materials poses on the availability to use such high-tech tools. Steel, wood, aluminium, concrete and polymers which are the base materials of building panels have volatile pricing which depend on the global market rates. The ever-changing prices of raw materials can rise the production cost which in turn can lead to a small profit margin.
Based on material, the building panels market from structural insulated panels segment surpassed USD 23.4 billion in 2023. Governments and the world at large are focused on reducing energy consumption within buildings. Structural Insulated Panels (SIPs) for instance have been instrumental in thermal insulation of buildings, thus preventing loss of heat and cooling to occur, which makes installation cost effective. Initiatives like the United States Department of Energy’s Zero Energy Ready Homes and Energy Performance of Buildings Directive in the European Community encourages the use of SIP panels in both residential and commercial building construction.
With a rise in energy costs, energy efficient alternatives like SIP panels are gaining popularity among homeowners and businesses alike trying to sustain lower running costs, energy efficient alternatives are on the rise as the energy crisis worsens. Moreover, SIP panels are environmentally friendly when made from foam cores that are recycled or wood that is sustainably sourced, SIP panels are considered eco efficient construction materials. As many nations are aiming for net zero carbon goals, materials that will lessen carbon footprints during construction and operation processes such as SIPs are becoming popular. SIPs also assist in earning points toward green building certifications such as LEED (Leadership in Energy and Environmental Design), hence why eco developers favor SIPs.
Based on installation type, the floors segment held 39% share of the building panels market in 2023. Amidst the global shift towards optimal energy consumption, it is necessary for construction materials such as floor building panels to conform to more stringent energy performance standards. Due to the myriad of benefits, thermal as well as acoustic insulation panels are gaining traction in residential and commercial buildings.
Furthermore, the movement inclined towards cutting down a structure’s carbon footprint is in turn helping the dissemination of panels made out of low emission or renewable materials such as engineered wood and lightweight composites. Floor Building Panels constitute a very important facet to modular construction as decoupling allows for improved speed and cost of assembly. Deploying these prefabricated items, reduces the instances of human error, assuring precise installation and stronger performance.
When it comes to construction projects that are time sensitive, these panels ensure a lower construction duration compared to traditional flooring methods which is especially helpful when targeting large scale builds such as hospitals, schools, and apartment complexes. The development of composite materials that are not only light weight but also exceedingly strong such as advanced composites, engineered wood and fiber reinforced plastics has greatly aided in shifting towards the use of floor panels.
The U.S. building panels market reached USD 13.2 billion in 2023 and is projected to be a growth rate of over 7.9% from 2024 to 2032. With such a prediction in sight, it is no coincidence that the US housing market is thriving, especially with the rising population coupled with urbanization, there is a growing need for single-family as well as multi-family homes. With suburban sprawl on the rise post covid-19, there is a greater need for energy efficient flooring and other solutions for new construction. Along with this, the older stock in the Northeast coupled with the Midwest regions has lead to a boom in remodeling projects, in which building panels are used because of their appealing design options and strength.
Due to the construction of warehouses, which has been made easier because of the rise of ecommerce businesses, there has been an increase in the demand for load bearing and insulating floor panels. The craving for employee productivity and comfort has many businesses investing in new offices, with new cutting edge floor panels that incorporate better heating, cable management as well as soundproofing technology. There has also been a rise in the government construction of public infrastructure like hospitals and schools, which has spiked the demand for fireproof and antimicrobial floor panels.
North America: The United States accounts for approximately 68% market share in North America building panels market. The Infrastructure Investment and Jobs Act (IIJA) is an impetus for the development of public infrastructure projects which include transportation and civic structure. Such projects need high-quality flooring systems. In hurricane and earthquake-prone areas, there is a growing demand for MF iQ floor panels that can withstand heavy load and harsh weather conditions. Moreover, US floor panels can easily be adapted to use with underfloor heating, smart sensors or HVAC systems, consistent with the increasing popularity of smart homes and buildings.
The construction of US modern homes, buildings and infrastructures requires US manufacturers to intensively produce, light, highly fire and moisture resistant floor panels that meet climatic and structural conditions. Particularly in affordable housing, disaster recovery housing construction and large-scale commercial projects, Prefabricated construction is gaining popularity in the US. Due to their speed of installation and the uniformity of the properties produced, floor panels are indispensable in this technology.
However Canada building panels market is estimated to grow at a CAGR of 7% in the coming years. Major cities like Toronto, Vancouver and Montreal are urbanizing at a fast pace hence increased the demand for high-rise residential and mixed-use buildings.
For ease of installation, floor panels have become commonplace for use as they are also great insulators as well. Canada possesses a large number of old houses and buildings that require updating. Nowadays more and more floor panels are used in remodeling works owing to the thermal and acoustic insulation properties. The building regulations of Canada including the NECB call for the growth of the use of insulating materials such as insulated floor panels in order to satisfy energy performance requirements. The expansion of the logistics, manufacturing, and commercial sectors in Canada is boosting the construction of warehouses and factories where strong floor panels are required.
Building Panels Market Share
In 2023, key companies like Owens Corning, Huntsman, Kingspan, Lafarge, Melt-span, etc. held a combined market share of 5-10%. These companies are actively engaging in mergers, acquisitions, facility expansions, and collaborations to enhance their product portfolios, reach more customers, and strengthen their market positions.
One of the central areas drawing investment is innovation in and development of custom-built panels that meet the requirements of the market, which is constantly changing. There is a tendency to focus on product differentiation and its upgrading within the scope of a competitive strategy as well as on new geographies on emerging markets. The greatest opportunities are likely for companies that are able to innovate and react to changes in the market.
Building Panels Market Companies
Major players operating in the building panels industry are:
Building Panels Industry News
This building panels market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Million Units) from 2021 to 2032, for the following segments:
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Market, By Panel Type
Market, By Material
Market, By Installation Type
Market, By End Use
Market, By Distribution Channel
The above information is provided for the following regions and countries: