According to our latest market study on “The global Sandwich Panel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Polyurethane, Polyisocyanurate, Mineral Wool, and Others), Application (Wall Panels, Roof Panels, and Others), and End Use (Residential and Non-Residential)” the market was valued at US$ 2,711.11 million in 2021 and is projected to reach US$ 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028. The report highlights key factors driving the market and prominent players, along with their developments in the market.
Sandwich panels are a triple-layer structure that contains hard and rigid thin outer skin and insulating core material in between. This structure is used to protect the interior against sound, extreme weather conditions, and sudden breakout of fires. Sandwich panels provide effective solutions for insulation, temperature control, as well as meet the aesthetic requirements. These panels are easy to install, cost-effective, and require no maintenance, which makes them an ideal choice over traditional panels, particularly in certain applications such as cold storage warehouses and rural area construction. These panels are highly used in the construction of industrial buildings, commercial buildings, cold storages, residential buildings, power plants, agricultural and husbandry buildings, etc. Sandwich panel products demand is bolstering globally due to the resumptions of building construction activities globally.
Impact of COVID-19 Pandemic on Sandwich Panel Market
The COVID-19 pandemic has negatively impacted the growth of the sandwich panel market. Industries such as construction, cold storage, and chemical have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Various industries have faced supply chain disruption due to the COVID-19 pandemic. Due to the total shutdown of construction activities and halt in expansion or new construction of plants and factories, the demand for sandwich panels has been negatively affected. However, as several economies are resuming and companies from the manufacturing industries are regaining their operations to normalcy, the demand for sandwich panels is expected to rise globally. Moreover, the previously postponed construction projects are ready to resume, which would further provide an opportunity for the sandwich panel market players to witness revenue growth.
Sandwich panels are increasingly used in many commercial settings that include large refrigeration areas. They are also ideal for warehouses to store sensitive items that need to be kept at a steady temperature, such as frozen products and other temperature-sensitive items. Increasing urbanization and a rise in retail food processing demand for products that need efficient cold storage facilities. Furthermore, during the pandemic, increased online grocery sales and expanded e-commerce channels resulted in the need to expand cold storage facilities. Sandwich panels are used in refrigerated trucks, also known as reefer trailers, for transporting temperature-sensitive items. Reefer vehicles maintain temperature throughout the supply chain to ensure the product reaches consumers in fresh condition. Most cold chain products are transported through reefer vehicles in many developed countries. With the growth in the foodservice industry, the demand for reefer trucks is also increasing. The growing demand for ready-to-eat/cook, dairy products, and pharma items is propelling the demand for these reefer trucks, in turn, creating the demand for sandwich panels.
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Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, Multicolor Steel India Pvt. Ltd. are among the major market players operating in the sandwich panel market. These companies offer their products worldwide, which helps them in catering to a wider customer base. These major players in the market are highly focused on the development of high-quality and innovative products to fulfill the customer’s requirements. Over the past few years, the companies operating in the market have realized the immense potential pertaining to the sandwich panel market and were highly involved in strategies such as mergers & acquisitions and product launches.
Sandwich panels are easy to install and cost-effective. Moreover, they require no maintenance. These features make them an ideal choice over traditional panels, particularly in applications such as cold storage warehouses and rural area construction. In 2020, polyurethane was the fastest-growing segment of the sandwich panel market. The rising demand for polyurethane-based sandwich panels from various end users such as industrial buildings, warehouses, and office buildings is a major driver for the segment.
Many commercial settings that include large refrigeration areas make use of sandwich panels. Factors such as increasing urbanization and rising retail food processing create the demand for products that need efficient cold storage facilities. In addition, sandwich panels are used in refrigerated trucks, also known as reefer trailers. Reefer vehicles maintain temperature throughout the supply chain to ensure the product reaches consumers in fresh condition. With the growth in the foodservice industry, the demand for reefer trucks is increasing, which, in turn, is creating the demand for sandwich panels.
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