How Has The Building Panels Market Size Evolved In Recent Years?
The building panels market has seen considerable growth due to a variety of factors.
• The market size for building panels has seen robust growth in the past few years. Its projections predict a growth from $228.35 billion in 2024 to a staggering $242.4 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.2%. Factors such as market competition, innovation, consumer interest in prefabricated homes, governmental incentives and grants, as well as an increase in residential construction have been pivotal in influencing this historical growth rate.
What Is The Projected Growth Of The Building Panels Market?
The Building Panels market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the building panels market is forecasted to experience robust growth, reaching $322.46 billion by 2029 with a compound annual growth rate (CAGR) of 7.4%.
This expected growth during the predicted period can be credited to factors such as sustainable construction practices, urbanization and population growth, strict building legislation, concerns about energy efficiency, and cost-effectiveness. Emerging trends for this forecast period include the use of environmentally friendly building materials, modular construction techniques, urban expansion and population density, and the enforcement of rigorous building code regulations.
What Are The Key Drivers Fueling Growth In The Building Panels Market?
The building panels market is anticipated to be driven forward by a surge in construction activities. This process of construction signifies the creation of large structures by assembling materials together. The growth of the building panels market is fueled by an increase in both residential and non-residential construction endeavours. Building panels possess various advantages that lead to effective, affordable, and environmentally-friendly construction methods. For example, in July 2024, as reported by the US Census Bureau, a government agency in the US, the value of construction operations amplified from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Consequently, the escalation in construction activities will act as a catalyst for the expansion of the building panels market.
What Are The Principal Market Segments In The Global Building Panels Industry?
The 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
Subsegments:
1)By Precast Concrete Panels: Solid Precast Panels, Insulated Precast Panels
2) By Vacuum Insulated Panels: Standard Vacuum Panels, Custom Vacuum Panels
3) By Structural Insulated Panels (SIP): EPS (Expanded Polystyrene) SIPs, XPS (Extruded Polystyrene) SIPs
4) By Wood-Based Panels: Plywood Panels, Particleboard Panels
5) By Other Panel Type: Fiber Cement Panels, Metal Panels
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Which Emerging Market Trends Are Altering The Building Panels Industry?
Leading corporations in the building panel sector are focusing their efforts on introducing and developing groundbreaking technologies to fortify their market standing. These technologies include the innovative Fronto V Black Panels, specially designed for architectural uses, in particular, exterior and interior wall systems. For example, in September 2024, the home furnishing firm, Vox Inida, based in India, introduced Fronto V Black Panels, an inventive upgrade to its pre-existing Fronto series of exterior slat panels. These panels are carefully crafted for façade and ceiling applications and are not only aesthetically modern but also resistant to sunlight and mechanical harm. The Fronto V Black Panels are lightweight, impervious to water and demand zero maintenance, making them a superior choice to traditional wooden façades. These new panels employ sophisticated thermal printing technology to mimic natural wood's appearance, incorporating a diverse grain pattern to boost visual allure.
Who Are the Key Players In The Building Panels Market?
Major companies operating in the building panels market include:
• 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
What Are The Regional Insights Into The Building Panels Market?
Asia-Pacific was the largest region in the building panels market in 2024. The regions covered in the building panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
