Global Building Panels market research 2024, Forecast To 2033
29 Feb, 2024
The building panels market has exhibited robust growth, ascending from$216.24 billion in 2023 to$230.28 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.5%. Historical drivers of growth include heightened market competition driving innovation, increasing consumer preference for prefabricated housing solutions, government incentives and grants promoting construction activities, and the overall expansion of the residential construction sector. Looking forward, the market is poised for further expansion, with projections indicating a rise to$299.52 billion by 2028, driven by the adoption of sustainable construction practices, rapid urbanization, stringent building regulations emphasizing energy efficiency, and the cost-effectiveness of building panel solutions. Major trends in the forecast period include the increasing adoption of green building materials, the proliferation of modular construction techniques, the continued trend of urbanization and population density driving demand for efficient construction solutions, and the ongoing emphasis on stringent building codes ensuring structural integrity and safety standards.
Global Building Panels Market Key Driver
The increase in construction activities is expected to propel the building panels market forward. Construction involves the action of building large structures by putting together materials. Building panel market expansion is aided by rising construction activity for both residential and non-residential structures. For instance, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development’s new residential construction data, in 2021, approximately 1,337,800 new residential housing construction units were built, a 4% increase from 2020. Therefore, the increasing construction activities will drive the building panels’ market growth. In 2023, the building panels market was valued at $25.6 billion, and it is expected to grow to $39.2 billion by 2028.
Get A Free Sample Of The Global Building Panels Market ReportGlobal Building Panels Market Segments
The global building panels market covered in this report is segmented –
1) By Panel Type: Precast Concrete Panels, Vacuum Insulated Panels, Structural Insulated Panels (SIP), Wood-Based Panels, Other Panel Type
2) By Material Type: Concrete, Plastics, Metal, Wood, Silica
3) By Application: Commercial Construction, Residential, Non-Residential
4) By End User: Floors And Roofs, Walls, Columns And Beams, Staircases
By Geography: The regions covered in the building panels market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the building panels market in 2023. The regions covered in the building panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Building Panels Industry Players
Panasonic Corporation, Compagnie de Saint-Gobain SA, Nippon Steel & Sumitomo Metal Corporation, CRH plc., BMC Inc., Evonik Industries AG, Huntsman International LLC, Dow Corning Corporation, Fletcher Building Limited, Boral Limited, Armstrong World Industries Inc., Kingspan Group PLC, OCI Company Ltd, Lg Hausys Ltd, Mueller Inc, Owens Corning, PFB Corporation, Alubel SpA, Alumil Aluminium Industry SA, Alutech United Inc., ArcelorMittal, The Murus Company Inc., Rautaruukki Corporation, The Steel Network Inc., U.S. Lumber Group LLC, USG Corporation, VELUX Group, Weyerhaeuser Company, Xella Group, Sika AG, Tata Steel Limited, The Dow Chemical Company
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Building Panels Market Overview
Building panels are high-performance building systems that are superior and cost-effective as they are easy to install, take less time and energy to create, reduce material waste, and offer spectacular insulation capabilities. The building panels construct a structure's interior and exterior features.
Building Panels Global Market Report 2023 provides data on the global building panels market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The building panels market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.