The Building Panels Market is valued at USD 236.65 Billion in 2021 and is expected to reach USD 362.22 Billion by 2028 with a CAGR of 6.27% over the forecast period.
Building panels are employed to build external and internal features of a building. They are accessible in different types and dimensions but their main aim is the same. The kind of building panel is selected by the builder on the basis of the availability and requirements. Building panels can also be employed for insulation of the interiors. Major factors powering the requirement for building panels are rapid industrialization and urbanization. Employment of building panels is beneficial as they use less labor, time, power, and capital for the building. It also lowers the materials’ wastage. Due to all these factors, the requirement for building panels is increasing rapidly.
The global building panels market is divided into its type, raw material, application, end-user, and geography. By type, the global market is segmented into concrete panels, vacuum insulated panels, structural insulated panels, and wood panels. By end-use, the global market is divided into floors and roofs, walls, columns and beams, and staircases. By raw material, the global building panels market is divided into concrete, plastic, metal, wood, and silica. By application, the market is segmented into non-residential and residential.
The major players included in the global building panels market forecast are,
Building Panels Segments
The present boom in construction activities all over the globe is a major factor of the global building panels market. This comprises the renovation of old structures as well as making of new structures. Care is being taken to use of the best possible building panels and construction materials so as to lower power usage of a structure to preserve internal temperatures. Hence, rising concerns related to high usage of power is powering the development of the global building panels market.
Increasingly strict government rules over the employment of specific materials and chemicals hinder the development of the global building panels market. A number of chemicals have been barred in specific nation owing to their toxic nature. Hence, market players have to elevate investment in R&D to discover economic and safe alternatives. Emerging nations provide huge opportunities in the global market for building panels. Most of these countries are seeing a high construction activities rate. Each country offers a major growth opportunity for global as well as regional players. These emerging nations are also able to purchase premium construction products and materials for the building of enhanced structures. This is expected to power the growth for global market.
The biggest share of the building panels market is grabbed by Asia Pacific. This growth can be credited to factors such as increasing construction activities particularly in the residential construction section, rapid rate of urbanization, growing population, and increasing disposable income. Major nations adding towards this growth are India, China, Australia, Japan, and New Zealand. Following the development in Asia Pacific are Europe, North America, the Middle East and Africa, and Latin America. Nations adding towards the market development in North America are Canada and the US. In the European area, Germany, the UK, France, Spain, the Netherlands, Italy, Poland, Belgium, Russia, and Luxembourg are the main nations offering a huge share of the building panel market growth.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 236.65 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||6.27%|
|Market Size Expected in 2028:||USD 362.22 Billion|
|Tables, Charts & Figures:||175|
BMC Stock Holdings, Armstrong World Industries, Dow Corning Corporation, Huntsman International Panasonic Corporation, Saint-Gobain, Evonik Industries AG, CRH plc, Lafarge, Boral Limited, Atlas International, Fletcher Building
|Segments Covered||By Type, By Raw Material, By Application Size, By End-User.|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|