October 26, 2022 04:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Polycarbonate Profile Sheet
New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Sandwich Panels Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Sandwich Panels Market Information by Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 8.85% CAGR to reach USD 4.20 Billion by 2030.
A sandwich panel can be described as a composite material that is developed by placing insulation material between metal surfaces. It is a durable and light construction material that helps in cladding external walls and roofs of buildings and also insulated internal walls as well as cold storage. This system safeguards the building from external environmental factors while providing an extremely economical and convenient solution for robust stands. The result is an energy-efficient, cost-effective, and structurally sound building that saves money, labor, and time.
There is a substantial increase in cold storage operations that help bolster the shelf life of fresh seafood, agricultural produce, photographic film, frozen food, pharmaceutical drugs, and chemicals.
Furthermore, the rise in food retail chains by various multinational companies has resulted in a surge in the demand for cold storage. Such factors are bound to elevate the demand for advanced sandwich panels worldwide in the coming years.
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The important companies in the sandwich panels industry are
Building and construction industry is one of the top end-users of sandwich panels. The rising use of the product in cladding, greenhouses, and skylight roofing will do wonders for the worldwide industry in the long run.
The Asia Pacific will be the biggest consumer of these panels in the near future, thanks to the substantial surge in product demand from the aerospace, construction, and automotive industries. The robust supply chain networks belonging to renowned players in the region, who are constantly striving to elevate their product ranges will ensure that the region continues to be one of the top consumers in the years to come.
Escalating funding in the sandwich panels industry by renowned companies and their focus on strengthening their supply chains to foster accessibility to the product will further favor the worldwide market. Numerous global multinational vendors are spending substantially on European markets.
The considerable production costs owing to the use of costly manufacturing technologies and the fluctuations in raw materials’ prices will be a major growth-hampering factor in the following years, for the market.
Browse In-depth Market Research Report (123 Pages) on Sandwich Panels: https://www.marketresearchfuture.com/reports/sandwich-panel-market-1563
Many industries have been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the sandwich panels market at its full-scale capacity.
PUR/PIR Sandwich Panels, EPS Sandwich Panels, Glass Wool, Rock Wool, and others are the top sandwich panel types considered in the report.
The Expanded Polystyrene (EPS)-based sandwich panels currently head the global industry, given their impressive properties including their lightweight nature as well as higher insulation. EPS also offers strong resistance to deterioration by weather elements as well as biotic damage. These are stiff and hard and are therefore ideal as construction materials.
Continuous Fibre Reinforced Thermoplastics (CFRT), Fibreglass Reinforced Panel (FRP), Aluminum, Steel, and more are the various skin materials studied in the report.
Aluminum is identified as the most sought-after skin material used in sandwich panels. Aluminum is lightweight and offers flexibility as well as easy formability to sandwich panels.
Residential Buildings, Commercial Buildings, Agricultural Buildings, Cold Storage and more are the top applications of sandwich panels.
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A dramatic increase in the demand for roofing applications, modern building walls, decoration of commercial buildings, and the tremendous rise in the automobile sector has turned North America into the highest-achieving market for sandwich panels. The United States is the regional market leader.
Several industries in Europe, following the lockdown owing to the COVID-19 pandemic, were gravely affected in terms of revenues. The most affected end-user sectors were electrical, electronics, automotive, construction, and others. This slowed down the market demand to some extent, however, the growth rate is expected to increase in the coming years as the lockdown has been lifted up.
Fast-paced urbanization coupled with the surging disposable income of people in the Asia Pacific has raised the demand for appliances, building infrastructure, and consumer electronics. This ultimately bolstered the usage of sandwich panels in the region. China is the top market in the region.
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