Sandwich Panels Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Material Type (Polyurethane, Polyisocyanurate, Expanded Polystyrene, Mineral Wool, and Others), By Skin Material (Metal, Aluminum, Steel, Fiber, and Others), By Application (Roofs, Walls, Floors, Cold Storage, and Others), By End-Use Industry (Residential, Commercial, Industrial, and Infrastructure) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global sandwich panels market was valued at USD 6,889.0 Million in 2022 and is anticipated to reach a value of USD 12,476.9 Million by 2030 expanding at a CAGR of 7.8% between 2023 and 2030.

Sandwich panels is a modular building material designed to provide structural efficiency and is suitable for thermal insulation. Sandwich panels consist of three layers, two thin skins of metal bonded, polymer, and a core material. It is a combination of composite materials which provides high thermal insulation. Sandwich panel contain a core that provides thermal and acoustic insulation properties. The core material is typically made of polyurethane, polyisocyanurate, expanded polystyrene, mineral wool, and aluminum honeycomb which provides structural support and insulation. Sandwich panels are widely used in various industries, particularly in construction applications due to their lightweight, and excellent thermal insulation characteristics. They are commonly used for roofs, walls, and floors in commercial, residential, industrial, and cold storage buildings. Sandwich panels offers several benefits, including thermal resistance, acoustic insulation, mechanical qualities, fire behavior, and impermeability, among others. The market is influenced by factors such as rise in construction activities, rapid infrastructural development, rising urbanization and industrialization, and growing cold storage applications. The sandwich panels market used in residential, commercial, industrial and cold storage buildings.

Sandwich Panels Market Major Driving Forces

Rise in Construction Activities: The construction industry has witnessed significant growth in recent years. Rise in construction activities across various regions particularly in emerging markets is the major driver for the sandwich panels market.  

Rapid Infrastructural Development: The infrastructural growth is driving the demand for sandwich panels. The increased government and consumer spending in residential and infrastructure development have significantly boosts the sandwich panels market growth.

Rising Urbanization and Industrialization: Rapid urbanization and industrialization leads to rapid development of the economies, which boosts the demand for sandwich panels. Increase in urbanization and industrialization in developing and developed economies due to increasing population are the important factors propelling the demand for sandwich panels.

Growing Cold Storage Applications: Rapid urbanization and industrialization has fueled demand for cold storage technology. The growth of industries such as food and beverages, chemicals, pharmaceuticals, and medical sector requires temperature controlled environments, drives the demand for sandwich panels in cold storage applications.

Sandwich Panels Market Key Opportunities

Technological Advancements: The ongoing advancements in manufacturing technologies and materials offer opportunities for the development of innovative and new sandwich panels. Integration of innovative technologies with sandwich panels for the smart applications with enhanced efficiency and properties.

Growth in Pharmaceuticals and Food & Beverages Industries:

The growth of pharmaceuticals and food & beverages industries provides opportunities for sandwich panels market growth. Pharmaceuticals and food & beverages industries are growing rapidly due to increasing population, rising disposable income, and changing lifestyles.

Increasing Demand for Energy-efficient Construction:

The growing focus on energy-efficiency in construction materials has driven the demand for sandwich panels that offers excellent thermal insulation and reduced energy consumption. Increase in awareness about energy-efficient buildings is propelling the market growth.

Sandwich Panels Market Key Trends

·         Rapidly improving living standards across emerging countries could be a key trend for the global sandwich panels market

·         Increasing urbanization and rise in industrialization lead to rapid development of the economies are the upcoming trends of the market

·         Growing preference for energy-efficient construction materials owing to rising energy costs and implementation of stricter energy efficiency regulations

·         Rapid infrastructural development across globe is expected to augment the sandwich panels market growth

·         Strict governments regulations in order to reduce greenhouse emissions due to growing environmental concerns is fueling the growth of sandwich panel market

·         The growing interest for sustainable products to reduce environmental impact is the key trend for the sandwich panel market

·         Growing consumer and governments investments in infrastructure projects owing to rapid urbanization

·         An increase in demand for sandwich panels in cold storage applications is the major trend in the market growth

Region-wise Market Insights

North America accounted for the largest market share at 35.1% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 8.5% between 2023 and 2030.

In North America, the demand is driven by the strong existence of manufacturing companies, rising demand for energy-efficient building materials, and rising government initiatives to build cold storage facilities in the region. Europe emphasizes on eco-friendly and sustainable materials for sandwich panels. Additionally, the demand is primarily driven by changing lifestyles and rising disposable income, and increased investment in infrastructure development in the European region. In Asia-Pacific, the market is characterized by increased urbanization, rise in industrialization, rapid development of economies, and infrastructure development which has created an increasing demand for sandwich panels. Moreover, due to high demand from countries such as China, India, and Japan with rising construction activities owing to increasing population is anticipated to grow at significant level. The Middle East and Africa has been witnessing a growing demand for sandwich panels owing to rising urbanization, increasing demand for cold storage facilities especially in the food and beverages industry.

Market Competition Landscape

The global sandwich panels market is highly competitive and has become saturated with the large number of manufacturers. Major players in the sandwich panels market engage in various business strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. These key players are continuously investing in research and development for the development of new and innovative products in order to expand their reach and business growth. Major players are adopting new technologies for the development of cost-effective products with advanced features to survive in a more competitive market. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global sandwich panels market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Kingspan Group

·         Rautaruukki Corporation

·         ArcelorMittal S.A.

·         Tata Steel Limited

·         Sintex Group

·         Areco Group

·         Assan Panel A.S.

·         Building Components Solutions LLC

·         DANA Group of Companies

·         Arconic

·         The Safal Group

·         Extreme Panel Technologies, INC.

·         3A Composites

·         Manni Group