The building panels market is one of the fastest-growing sectors and serves most of the construction industries which include residential and non-residential such as commercial, infrastructure, and industrial. Building panels lessen delay in construction time, lower labor requirements, are cost-efficient, result in less wastage of materials as compared to site built construction, enable worker safety, and are environment-friendly. These advantages, along with factors such as rapid urbanization and industrialization drive the demand for building panels market. Increase in GDP of countries has enabled them to invest in new constructions and infrastructural development projects and also increased the per capita income of an individual, which in turn has resulted in the growing demand for new constructions, thus providing growth opportunities for the building panels market. MarketsandMarkets projects the global market for building panels to grow from USD 170.83 billion in 2016 to USD 230.93 billion by 2021, at a CAGR of 6.21% from 2016 to 2021.
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The floors & roofs segment is projected to be the largest market in 2021. The demand for building panels for floors and roofs is expected to experience a higher growth rate, mainly because of the growing demand from the residential and commercial sectors. The Asia-Pacific region is projected to be the fastest-growing market for the floors & roofs segment owing to its increasing emphasis on building construction activities.
The growth of the building panels was largely influenced by new product launches and agreements, contracts, and collaborations in the past five years. The year 2015 experienced a large number of new product launches by top players in the market. Agreements, contracts, and collaborations also formed an essential part of their strategies, which led to the growth of the companies in emerging markets. Most players in the market hold long-term contracts with their clients for the supply of building panels to construction sites. Considerable investments were made in technology upgradations and servicing facilities across developed and emerging markets. The major players include companies such as Panasonic Corporation (Japan), Saint-Gobain (France), Nippon Steel & Sumitomo Metal Corporation (Japan), CRH plc (Ireland), Lafarge (France), Evonik Industries AG (Germany), Huntsman International LLC. (U.S.), Dow Corning Corporation (U.S.), Fletcher Building Limited (New Zealand), and Boral Limited (Australia).
Saint-Gobain (France) is the leading global building panels’ manufacturer. The company has maintained its leadership position through its strong distribution network across Europe, the Americas, and emerging markets. The company is among the leading manufacturers of products for many of the markets it serves. In September 2009, Saint-Gobain Gyproc India Ltd., a market leader in the construction space in India, launched “Ecophon” – a new range of acoustic solutions for ceilings and wall panels.
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Lafarge (France) is one of the world’s largest cement and building materials company. The company provides a range of cement and hydraulic binders, including Portland and masonry cements; and white cement, oil-well cements, road surfacing binders for specific building applications. In July 2015, Lafarge SA merged with Holcim, a Swiss-based supplier of cement and aggregates, and created Lafarge Holcim to strengthen its position in the building materials industry.
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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).
