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Sandwich Panels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 180 Pages
  • October 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4622452


  • ArcelorMittal
  • Areco
  • Assan Panel A.S.
  • DANA Group of Companies
  • Kingspan Group

The sandwich panel market is expected to register a CAGR of around 6% during the forecast period.

The market was negatively impacted due to the COVID-19 outbreak in 2020. Owing to the pandemic scenario, several countries around the world went into lockdown. Construction works were halted temporarily due to supply chain disruptions, lack of funds, labor shortages, and lockdown restrictions. For instance, in the United States, the government initiates of stay-at-home and social-distancing orders were issued to help stop the spread of the novel coronavirus. In the United States, more than 21 state orders took effect, limiting activity to construction work. Hence, all these factors hindered the growth of the sandwich panels market.

Key Highlights

  • Over the medium term, the rising demand for these panels from the cold storage facilities is expected to drive the market. Moreover, the usage of PVDF-based aluminum composite panels is also expected to contribute to the market demand.
  • On the flip side, the low fire performance of some sandwich panels is expected to restrain the market.
  • Industrial sector is projected to dominate the market over the forecast period.
  • Asia-Pacific region is expected to dominate the market with largest consumption from countries such as China, Japan, and India.

Key Market Trends

Industrial Segment to Dominate the Market

  • In modern day construction, the use of high-performance materials is essential. High performance entails that the material is strong, lightweight, and durable, and can be used in a variety of applications. ​
  • For this reliability, sandwich panels can be one of the best options for industrial buildings. The specific demand for energy in the residential and industrial buildings can be significantly reduced with modern insulation. ​
  • The scope of applications is extremely diverse and ranges from the construction of industrial buildings using insulated roof and wall panels. In industrial applications, sandwich panels receive major demand from the cold storage buildings and warehouses. ​
  • The number of cold storage operations that are meant to extend and ensure the shelf life of fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs are rapidly increasing. This rapid increase in the number of cold storages is due to the growing demand from the consumers, resulting from the changing lifestyles and advanced technologies.​
  • The expansion of food retail chains by the multinational companies have led to an increase in the demand for cold storage. These factors, in turn, are expected to augment the demand for sandwich panels across the globe.
  • The global capacity of refrigerated warehouses increased from 552.48 million cubic meters in 2014 to 719 million cubic meters in 2020.
  • According to American Institute of Architects, the industrial sector in United States is expected to rise by 0.5% in 2020 and by 0.3% in 2021. In Los Angeles and New York, along with top food production states, including California, Washington, Florida, Texas, and Washington, the demand for cold storage units are expected to increase at large.
  • According to European Cold Storage and Logistics Association (ECSLA), through 370 companies represented by the association all across Europe, 1,240 cold storage facilities are been operated, with a capacity of 60 million cubic meter of chilled and frozen storage capacity.
  • Although the current impact of COVID-19 halted production in the construction sector at present, the industry is expected to recover soon. Overall, the growing industrial sector is expected to drive the market for sandwich panels through the years to come.

China to dominate the Asia-Pacific Region

  • In the Asia-Pacific region, China is the largest economy, in terms of GDP. The country witnessed a 5.8% growth in its GDP in 2019, even after the trade disturbances caused due to its trade war with the United States. In 2020, China’s GDP recorded a growth rate of 2.3%, indicating signs of a V-shaped recovery. The country is expected reach a GDP growth of 8.4% in 2021. China is one of the fastest-growing economies globally and almost all the end-user industries have been growing, owing to the rising population, living standards, and per capita income.
  • The construction industry grew at a strong pace in 2020, but the growth was restricted due to the pandemic situation. The construction sector has supported the economic growth in the country whenever major slowdowns occurred. The country has the largest construction market in the world, encompassing 20% of all construction investments, globally. China is expected to spend nearly USD 13 trillion on buildings by 2030. According to the National Bureau of Statistics of China, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 26.59 trillion in 2020.
  • The demographics in the country is expected to continually spur the growth of residential construction. The rising household income levels and the rising number of people migrating from rural to urban areas are expected to continue to drive the demand for the residential construction sector in the country. The increased focus on affordable housing by both the public and the private sector may drive growth in the residential construction sector, and thereby increase the usage of sandwich panels in construction applications. ​
  • China has been majorly driven by the ample developments in the residential and commercial construction sectors and supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units by 2030. Similarly, China is also likely to witness the construction of 7,000 more shopping-centers, which are estimated to be opened by 2025.
  • In the years to come, non-residential infrastructure is also expected to grow considerably. The aging population in China is creating demand for the construction of healthcare facilities and new hospitals.
  • Furthermore, in recent years, the construction and development of cold storage in China have been increasing, mainly in the major fruit and vegetable producing areas and vegetable bases in the suburbs of large and medium-sized cities, such as Shanghai, and provinces, such as Jiangsu, Zhejiang, Hubei, and Henan. China is expected to increase cold storage and logistic facilities for agricultural products in the next four years, according to a government announcement in February, 2019.
  • The above-mentioned factors and initiatives by the government are expected to rapidly boost the construction industry – residential, commercial, industrial and institutional, during the forecast period, as the government looks forward to boost activities in the construction sector, more specifically in the infrastructure sector, post the recovery from COVID-19, in order to bounce back from the economic impact being faced by the country. This factor, in turn, is expected to boost the demand for sandwich panel from the construction activities in the country.

Competitive Landscape

The sandwich panel market is fragmented, with the presence of numerous players sharing the market demand for sandwich panels. Key players in the sandwich panels market include ArcelorMittal , ITALPANNELLI SRL​, Rautaruukki Corporation, Tata Steel, and Kingspan Group, among others.

Additional Benefits:

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  • ArcelorMittal
  • Areco
  • Assan Panel A.S.
  • DANA Group of Companies
  • Kingspan Group

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Growing Cold Storage Applications of Structural Insulated Panels
4.1.2 Increasing Demand for PVDF-based Aluminum Composite Panels?
4.2 Restraints
4.2.1 Fire Performance of Some Sandwich Panels
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size by Revenue)
5.1 Core Material
5.1.1 Polyurethane (PUR)
5.1.2 Polyisocyanurate (PIR)
5.1.3 Mineral Wool
5.1.4 Expanded Polystyrene (EPS)
5.1.5 Other Core Materials
5.2 Skin Material?
5.2.1 Continuous Fiber Reinforced Thermoplastics (CFRT)?
5.2.2 Fiberglass Reinforced Panel (FRP)
5.2.3 Aluminum
5.2.4 Steel
5.2.5 Other Skin Materials?
5.3 Application
5.3.1 Wall Panels
5.3.2 Roof Panels
5.3.3 Insulated Panels
5.3.4 Other Applications
5.4 End-use Sector
5.4.1 Residential
5.4.2 Commercial
5.4.3 Industrial
5.4.4 Institutional and Infrastructure
5.5 Geography
5.5.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.5.2 North America United States Canada Mexico
5.5.3 Europe Germany United Kingdom Italy France Rest of Europe
5.5.4 South America Brazil Argentina Rest of South America
5.5.5 Middle-East and Africa Saudi Arabia United Arab Emirates Qatar South Africa Rest of Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ArcelorMittal
6.4.2 Areco
6.4.3 Assan Panel A.S.
6.4.4 Building Components Solutions LLC
6.4.5 Cornerstone Building Brands
6.4.6 DANA Group of Companies
6.4.8 Kingspan Group
6.4.9 Multicolor Steels (India) Pvt Ltd
6.4.10 Rautaruukki Corporation
6.4.11 Safal group
6.4.12 Sintex
6.4.13 Tata Steel
7.1 Increasing Construction of Industrial and Commercial Buildings
7.2 Other Opportunities

A selection of companies mentioned in this report includes:

  • ArcelorMittal
  • Areco
  • Assan Panel A.Ş.
  • Building Components Solutions LLC
  • Cornerstone Building Brands
  • DANA Group of Companies
  • Kingspan Group
  • Multicolor Steels (India) Pvt Ltd
  • Rautaruukki Corporation
  • Safal group
  • Sintex
  • Tata Steel