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Building Panels Market Research Report 2024

Building Panels Market Global Industry Analysis and Forecast (2024-2032) By Type (Concrete Panels, Wood Panels, Vacuum Insulated Panels, Structured Insulated Panels, And Wood-Based Panels), Raw Material (Concrete, Silica, Metal, Plastic, And Wood), End-Use (Floor & Roofs, Columns & Beams, Staircase, And Walls), Application (Residential and Non-Residential) and Region

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Building Panels Market Synopsis

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.

Constructing panels commonly denote pre-made parts employed in the building. Different materials like wood, metal, concrete, and composites can be used to create these panels. Some benefits they provide include cost effectiveness, quick building time, and uniformity in excellence.

  • The increasing need for environmentally friendly and high-quality building panels is fueling the popularity of sustainable and energy-efficient construction options. The growing focus of the construction sector on modular and prefabricated building techniques has also increased the demand for building panels, as they allow for quicker construction schedules and lower labor expenses.
  • The building panels market experiences significant growth due to developing economies’ emphasis on urbanization and infrastructure development. Advancements in materials and construction technologies, along with improvements in insulation and fire-resistant features of building panels, have been impacting market trends.

Top Key Players

"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), Huntsman Corporation (United States), HeidelbergCement AG (Germany), Etex Group (Belgium), Jiangsu Jinyuan New Material Tech Co., Ltd. (China), Saint-Gobain SA (France), Panasonic Corporation (Japan), Dow Inc. (United States), LafargeHolcim Ltd (Switzerland), BlueScope Steel Limited (Australia), China National Building Material Group Co., Ltd. (CNBM) (China), Skanska AB (Sweden), Rusal Ltd. (Russia), Owens Corning (United States)."

Market Trend Analysis

Increasing Construction Activities

  • The market for building panels is on the rise due to increased construction activity worldwide. The need for construction panels has increased due to the growing number of building projects in residential, commercial, and industrial areas. The strong expansion of the construction sector, driven by urbanization, population growth, and infrastructure projects, is significantly increasing the need for building panels.
  • Panels for buildings provide a flexible and effective option for construction, offering advantages like speedy installation, affordability, and improved energy efficiency. Builders and developers are relying on prefabricated building panels to speed up project completion without sacrificing quality as construction timelines become more crucial.
  • The increased emphasis on sustainable and environmentally conscious construction methods has also heightened the use of innovative building panels. These panels frequently use eco-friendly materials and enhance energy efficiency in buildings, supporting worldwide sustainability objectives.
  • Architects and builders favor building panels due to their ability to meet a variety of structural and design needs. The market is experiencing advancements in panel materials and designs to meet changing architectural trends and performance requirements.

Rise of sustainable and green construction practices

  • The building panels market offers substantial opportunities due to sustainable and environmentally friendly construction trends. With the increasing emphasis on protecting the environment and using resources efficiently worldwide, there is a rising need for building materials that adhere to these principles. Building panels are essential in sustainable construction as they can enhance energy efficiency, minimize waste, and decrease environmental footprint.
  • A major opportunity is the growing use of environmentally friendly materials in building panels, including recycled and renewable resources. Manufacturers are investigating new methods, such as using recycled steel, reclaimed wood, and bio-based composites, to produce panels that meet structural needs and reduce carbon emissions.
  • Another factor driving the issue is energy efficiency. Creating panels with improved insulation can lead to improved energy efficiency in buildings, decreasing reliance on excessive heating or cooling. This is in line with sustainability objectives and also provides building owners with significant cost savings in the long run.
  • Utilizing prefabricated and modular construction techniques, commonly linked with building panels, results in decreased time for construction and waste production. This effectiveness is in line with environmentally friendly construction methods and is attractive to developers looking for sustainability and cost-efficiency.

Building Panels Market Segment Analysis:

Building Panels Market Segmented on the basis of Type, Raw Material, End User, and Application.

By Type, Concrete Panels segment is expected to dominate the market during the forecast period

  • There is significant growth in the building panels market, with the concrete panels segment becoming a major player. Concrete panels are commonly selected in the construction sector because of their resilience, robustness, and flexibility. Concrete is poured into molds to create panels which are prefabricated for easy transportation and installation on construction sites.
  • Concrete panels are dominant because they can fulfill a variety of construction requirements. They are commonly utilized in housing, business, and manufacturing ventures, providing a budget-friendly and timely option for construction professionals. Concrete panels are so versatile that they can be customized in terms of size, shape, and finish to suit different architectural designs and aesthetic preferences.

By End-user, Floor & Roofs segment held the largest share in 2023

  • Demand for building panels is increasing greatly, with the floor and roof segment becoming a major player for end users in the market. The rising demand for effective construction techniques, combined with a growing focus on environmentally friendly building materials, is pushing the use of building panels in the construction sector.
  • Building panels are in high demand for floor and roof segments in construction projects due to the need for innovative, lightweight, and durable solutions. These panels come with various benefits, such as straightforward installation, affordability, and improved thermal insulation, which make them a desirable option for both residential and commercial building projects.
  • The construction sector's emphasis on energy efficiency and sustainable methods has boosted the utilization of building panels that enhance insulation, resulting in decreased energy usage in buildings. This is in line with worldwide initiatives to tackle environmental issues and comply with strict building regulations and criteria.

Building Panels Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

  • The construction sector in North America is strong and firmly established, fueled by various residential, commercial, and industrial developments. The need for construction panels that provide efficiency and sustainability is expected to stay strong.
  • The area has led the way in embracing new construction technologies. Innovative construction methods and high-tech building materials are expected to be adopted, boosting the market even more.
  • In North America, building codes and regulations are typically stringent, focusing particularly on energy efficiency and environmental sustainability. There is a high demand for building panels that meet these regulations, and the market is projected to increase as more projects aim to adhere to these standards.

Active Key Players in the Cold Insulation Market

  • 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)
  • Huntsman Corporation (United States)
  • HeidelbergCement AG (Germany)
  • Etex Group (Belgium)
  • Jiangsu Jinyuan New Material Tech Co.Ltd. (China)
  • Saint-Gobain SA (France)
  • Panasonic Corporation (Japan)
  • Dow Inc. (United States)
  • LafargeHolcim Ltd (Switzerland)
  • BlueScope Steel Limited (Australia)
  • China National Building Material Group Co.Ltd. (CNBM) (China)
  • Skanska AB (Sweden)
  • Rusal Ltd. (Russia)
  • Owens Corning (United States)

Key Industry Developments in the Building Panels Market:

  • 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.

Global Building Panels Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 212.46 Bn.

Forecast Period 2024-32 CAGR:

6.47%

Market Size in 2032:

USD 373.53 Bn.

Segments Covered:

By Type

  • Concrete Panels
  • Wood Panels
  • Vacuum Insulated Panels
  • Structured Insulated Panels
  • Wood-Based Panels

By Raw Material

  • Concrete
  • Silica
  • Metal
  • Plastic
  • Wood

By End User

  • Floor & Roofs
  • Columns & Beams
  • Staircase
  • Walls

By Application

  • Residential
  • Non-Residential

By Region

  • 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, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Frequently Asked Questions

What would be the forecast period in the Building Panels Market research report?

The forecast period in the Building Panels Market research report is 2024-2032.

Who are the key players in the Building Panels Market?

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), Huntsman Corporation (United States), HeidelbergCement AG (Germany), Etex Group (Belgium), Jiangsu Jinyuan New Material Tech Co., Ltd. (China), Saint-Gobain SA (France), Panasonic Corporation (Japan), Dow Inc. (United States), LafargeHolcim Ltd (Switzerland), BlueScope Steel Limited (Australia), China National Building Material Group Co., Ltd. (CNBM) (China), Skanska AB (Sweden), Rusal Ltd. (Russia), Owens Corning (United States) and Other Major Players.

What are the segments of the Building Panels Market?

The 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.).

What is the Building Panels Market?

Constructing panels commonly denote pre-made parts employed in building. Different materials like wood, metal, concrete, and composites can be used to create these panels. Some benefits they provide include cost effectiveness, quick building time, and uniformity in excellence.

How big is the Building Panels Market?

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.

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