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Building Panels Market To Reach USD 373.53 Billion By Year 2032

The global Building Panels market was worth USD 212.46 Billion in 2023. It is expected to reach USD 373.53 Billion by 2032 with a CAGR of 6.47% over the period from 2024 to 2032.

04-07-2024
Vishal Panchmukh
Manufacturing and Construction
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Building Panels Market by Type, Raw Material, End User, and Application.: Global Opportunity Analysis and Industry Forecast, 2024–2032,” The global Building Panels market was worth USD 212.46 Billion in 2023. It is expected to reach USD 373.53 Billion by 2032 with a CAGR of 6.47% over the period from 2024 to 2032.

Building panels usually mean ready-made parts used in a building. Various materials such as wood, metal, concrete and composite materials can be used to create these panels. Some of the advantages they offer are cost efficiency, fast construction time and consistency of excellence. The growing need for environmentally friendly and high-quality building panels is increasing the popularity of sustainable and energy-efficient building options.

The construction industry's growing focus on modular and prefabricated construction techniques has also increased the demand for building panels because they allow for faster construction schedules and lower labor costs. The building board market is growing significantly as emerging economies focus on urbanization and infrastructure. Market trends have been influenced by the development of materials and construction technologies, as well as the insulating and fireproof properties of building panels.

According to the Global Building Panels Market is segmented into Type, End User, and region. By Type, the market is categorized into Concrete Panels, Wood Panels, Vacuum Insulated Panels, Structured Insulated Panels, And Wood-Based Panels. By Raw Material, the market is categorized into Concrete, Silica, Metal, Plastic, And Wood. By End User the market is Floor & Roofs, Columns & Beams, Staircase, And Walls. By Application, the market is categorized into Residential and Non-Residential. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

The market for building panels is increasing due to the increase in global construction activity. The need for building panels has increased due to the increase in the number of construction projects in residential, commercial and industrial areas. The robust expansion of the construction industry driven by urbanization, population growth and infrastructure projects greatly increases the need to build panels. Building panels offer a flexible and efficient alternative to construction and offer advantages such as quick installation, affordability and better energy efficiency. Builders and developers rely on prefabricated building panels to speed project completion without compromising quality when construction schedules are more critical than ever.

The building board market offers significant opportunities to the trend of sustainable and environmentally friendly construction. The focus on environmental protection and efficient use of resources is growing worldwide, so the need for building materials that conform to these principles is increasing. Building panels are important in sustainable construction because they can improve energy efficiency, minimize waste, and reduce the environmental footprint. A big opportunity is the increasing use of environmentally friendly materials, including recycled and renewable natural resources, in building panels.

Global Building Panels Market, Segmentation

The Building Panels market is segmented based on Type, Raw Material, End User, and Application and region.

Type:

The type segment is further classified into Concrete Panels, Wood Panels, Vacuum Insulated Panels, Structured Insulated Panels, And Wood-Based Panels. Among these, the Concrete Panels sub-segment accounted for the highest market share in 2023. There is remarkable growth in the construction tile market, and the concrete tile segment is becoming a major player. Concrete panels are often chosen in the construction industry for their elasticity, durability and flexibility. Concrete is poured into molds, resulting in panels that are easy to transport and install on construction sites. Concrete panels dominate because they fulfill several construction requirements. They are commonly used in residential, commercial and manufacturing projects, providing construction professionals with a budget-friendly and timely option.

End-user:

The End-user segment is further classified into Floor & Roofs, Columns & Beams, Staircase, And Walls. Among these, the Floor & Roofs sub-segment is anticipated to show the fastest growth by 2032. The demand for building panels is growing rapidly, and the floor and ceiling segment is becoming an important player in the market for end users. The increasing demand for efficient construction techniques coupled with the increasing use of environmentally friendly building materials emphasizes the use of building panels in the construction industry. Building panels are in high demand in the floor and ceiling segments of construction projects, as innovative, lightweight and durable solutions are needed. These panels have several advantages such as easy installation, affordable price and better thermal insulation, making them desirable for both residential and commercial construction projects.

Region:

The Building Panels market in Asia-Pacific is projected to show the fastest growth by 2032. The North American construction industry is strong and well-established, supported by a variety of residential, commercial, and industrial developments. The need to build panels that deliver efficiency and durability is expected to remain strong. The region was a pioneer in introducing new construction techniques. Innovative construction methods and high-tech construction materials are expected to be introduced, further boosting the market. In North America, building codes and regulations are typically strict, with a particular focus on energy efficiency and environmental sustainability. Building panels that meet these regulations are in high demand and the market is expected to grow as more and more projects strive to meet these standards.

Some of The Leading/Active Market Players Are-

  • Kingspan Group plc (Ireland)
  • CRH plc (Ireland)
  • Norbord Inc. (Canada)
  • USG Corporation (United States)
  • Georgia-Pacific LLC (United States)
  • Boral Limited (Australia)
  • Cembrit Holding A/S (Denmark)
  • James Hardie Industries plc (Ireland)
  • Egger Group (Austria)
  • Alubond U.S.A. (United States)
  • Murus Company (United States)
  • Shenghua Group Deqing Huayuan Co. Ltd. (China) and Other Active Players

Key Industry Developments

  • In October 2023, Kingspan pioneers sustainability with its Net Zero Carbon Roadmap, charting a course to achieve net-zero emissions by 2040. The company's commitment signals a significant stride towards environmental responsibility and a low-carbon future.
  • In June 2023, CRH plc strengthened its foothold in the construction industry by acquired MPM Products, a premier precast concrete manufacturer in the Northeast US. The strategic move bolsters CRH's position in the market and enhances its capabilities in delivering high-quality construction solutions.

Key Findings of the Study 

  • The global building panels market, valued at USD 212.46 billion in 2023, is projected to reach USD 373.53 billion by 2032, growing at a CAGR of 6.47%.
  • Concrete panels, due to their elasticity, durability, and flexibility, dominated the market in 2023 and are widely used across various construction projects.
  • The floor and roofs segment within the end-user category is expected to show the fastest growth by 2032, driven by the demand for efficient construction techniques and environmentally friendly materials.
  • The Asia-Pacific region is projected to experience the fastest market growth by 2032, driven by rapid urbanization, population growth, and infrastructure projects.
Pristine Intelligence LLP

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