Building panels are the walls or the verticals in the building or a structure to create a partition. These panels or verticals are built out of different materials such as concrete, wood, and others. Insulated building panels are insulated and provide high resistance, fire protection, and others. The building panels can be used in walls and also on the roofs.
With increasing population, there is a surge in construction activities in the public utility segment. This is ultimately driving the building panels market. Also reduced power, less need of labor, and reduced time consumption are also key drivers of the global building panel market. However strict government regulation on the use of certain chemicals hampers the growth of building panels market.
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Asia Pacific has substantial share in global building panels materials market with emerging economies countries India and China. Rising disposable income and urbanization have enhanced the industry growth. Middle East and Africa has moderate share with advanced construction industries and presence of sky scrapers including Burj Kahlifa, Burj Al Arab, Rose Tower and Cayan Tower.
Global Building Panels Material Market has been projected to expand at a CAGR of 6% during the forecast period.
The growth witnessed in the construction industry is likely to favor the expansion of the global market through the assessment period.Building panels are being used in both residential as well as industrial concretes for keeping a check on the power consumption.
Key players are focusing on developing and innovating their product lines.
This, in turn, is projected to favor the expansion of the building panels market over the next couple of years.Emerging economies signify the strongest growth potential as the governments in these nations are investing in housing schemes and projects.
It is expected to catapult the building panels market on an upward trajectory.The stringent regulations levied on the use of some chemicals for the production of these panels are expected to check the expansion of the market in the forthcoming years.
However, the building panel facilitates time saving and easy installation, which is anticipated to favor the expansion of the building panels market in the foreseeable future.Market Segmentation:By panel type, the global building panels market has been segmented into wooden, concrete, structural insulated, and vacuum insulated.By materials, the building panels market has been segmented into concrete, metal, wood, plastics, and silica.By application, the global building panels market has been segmented into residential, commercial, and industrial.By end use, the building panels market has been segmented into floors & roofs, walls, columns & beams, and staircase.Regional Analysis:The regional study of the global building panels market encompasses North America, Europe, Asia Pacific, and the Rest of the World (RoW).
