Global Building Panels Market Size Is Set to Hit $380 Billion by 2030 With a CAGR of Nearly 6.23%, A Data-Driven Report on Growth Potential for Sustainable Construction Report by Zion Market Research

NEW YORK, March 21, 2023 /PRNewswire/ -- As per Zion Market Research study, The global building panels market size was evaluated at $200.01 Billion in 2022 and is slated to hit $380.02 Billion by the end of 2030 with a CAGR of nearly 6.23% between 2023 and 2030.

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Building Panels Market: Overview

Building panels are a kind of construction panels that are utilized in the residential and non-residential sectors. These products find applications in the exterior and interior parts of buildings. Reportedly, there are numerous materials such as wood, concrete, and metals that can be utilized for constructing panels. Building panels are available in different sizes and are used in construction activities. Furthermore, building panels offer more benefits over traditional construction procedures as they require lesser time, low capital investments, low labor costs, and energy. Furthermore, swift industrialization and urbanization have increased the demand for building panels in recent years. Apart from this, the usage of building panels minimizes material wastage and is utilized for insulating the interior of the buildings. 

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Key Industry Insights & Findings of the Building Panels Market Reports:

• As per the analysis shared by our research analyst, the global building panels market is projected to expand annually at the annual growth rate of around 6.23% over the forecast timespan (2023-2030)
• In terms of revenue, the global building panels market was evaluated at nearly $200.01 billion in 2022 and is expected to reach $380.02 billion by 2030
• The building panels industry is anticipated to record massive growth over the forecast period subject to the thriving construction sector and surging population along with escalating concerns pertaining to power usage
• Based on type, the concrete panels segment to account for the major share of the global market over the forecast period
• In terms of raw material, the concrete segment is predicted to record the highest CAGR during the analysis timeframe.
• On basis of end-use, the floor & roofs segment is predicted to account for a major share of the global market during the analysis timeframe.
• In terms of application, the residential segment is predicted to account for the highest share of the global market during the analysis timeline.
• Region-wise, the Asia-Pacific Building Panels market is projected to contribute majorly towards the global market share over the assessment period.

Zion Market Research published the latest report titled "Building Panels Market By Type (Concrete Panels, Wood Panels, Vacuum Insulated Panels, Structured Insulated Panels, And Wood-Based Panels), By Raw Material (Concrete, Silica, Metal, Plastic, And Wood), By End-Use (Floor & Roofs, Columns & Beams, Staircase, And Walls), By Application (Residential And Non-Residential), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.

Industry Dynamics:

Building Panels Market: Growth Drivers

• Prominent rise in residential constructions globally to soar global market expansion.

Thriving construction sector and surging population along with escalating concerns pertaining to power usage will extend the scope of growth of the global building panels market. Easy access to premium construction materials and a rise in research & development activities pertaining to building panels will bolster the global market trends. Growing demand for safe housing services at reduced costs will chart a profitable growth map for the global market. In addition to this, building panels require lower time for installation and this will prompt the global market demand. Need for safe housing solutions will drive the expansion of the global building panels market size.

Furthermore, the large-scale use of building panels in residential and commercial sectors will scale up the market penetration across the globe in the years to come. 

Building Panels Market: Restraints

• Enforcement of stringent laws pertaining to carbon emissions to decimate the industry growth globally.

Strict government laws related to the application of particular chemicals and materials owing to their toxic and volatile nature along with the need for reducing carbon emissions will put brakes on the global building panels industry. In addition to this, huge costs pertaining to building panels will inhibit the expansion of the global industry. Huge raw material costs can impede the expansion of the global industry. 

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Building Panels Market: Opportunities

• Product developments & Advancements in new technologies to open new vistas of growth for global market.

Technological breakthroughs and product innovations are predicted to create new growth avenues for the global building panels market in the years ahead. Launching of high-end building panels will open new growth avenues for the global market. 

Building Panels Market: Challenges

• Restriction on use of some chemicals & materials in some countries to prove a threat to global industry surge.

A few of the chemicals & materials are banned in certain nations and firms in these nations have to invest humungous in research activities for producing green products. This has posed a huge challenge to the growth of the global building panels industry. Moreover, the lack of protocols regulating the production & use of in emerging economies as well as developing ones can prove to be the biggest challenge for the growth of the global industry. 

Global Building Panels Market: Segmentation

• The global building panels market is sectored into type, raw material, end-use, application, and region.

In terms of type, the global building panels market is divided into concrete panels, wood panels, vacuum insulated panels, structured insulated panels, and wood-based panels segments. Apparently, the concrete panels segment is set to dominate the segmental growth during the forecast timeline. The segmental surge can be credited to the wide use of concrete panels in construction. Moreover, these concrete panels have proved cost-effective in construction enclosures and are durable & rugged. Hence, they are utilized more on floors and roofs of buildings, flats, and apartments.

Based on the raw material, the global building panels industry is bifurcated into concrete, plastic, silica, metal, and wood segments. Furthermore, the concrete segment is set to register the highest CAGR over the forecast period. The growth of the segment over the analysis period can be due to its eco-friendly nature and resistance against pests, moulds, rust, and fires. Apart from this, concrete provides durability and aesthetic appeal to buildings.

On basis of application, the building panels market across the globe is sectored into residential and non-residential segments.  The residential segment, which accounted for nearly 53% share of the global market revenue in 2022, is projected to lead the global market even in the foreseeable future. Furthermore, the segment is also predicted to record the highest CAGR of more than 25% over the forecast timeline. The segmental expansion over 2023-2030 can be credited to the massive use of building panels in increasing residential constructions with a prominent surge in the global population.

Based on the end-use, the building panels industry globally is segmented into staircase, floors & roofs, columns & beams, and walls. Furthermore, the floors & roofs segment, which accounted for the highest share of the global industry in 2022, is set to continue its segmental dominance in terms of revenue and volume even in the foreseeable future. The segmental growth over the forecast timeline can be due to the use of improved & high-quality floors and roof panels in buildings as well as rooftops of the buildings.

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List of Key Players in Building Panels Market:

• Alfa PEB Limited
• Armstrong World Industries Inc.
• Panasonic Corporation
• Nippon Steel & Sumitomo Metal Corporation
• CRH plc
• Evonik Industries AG
• Boral Limited
• The Dow Corning corporation
• Huntsman International LLC
• Saint-Gobain
• Rajashree International Manufacturing Pvt. Ltd.
• BMC Stock Holdings Inc.
• Fletcher Building Limited.

Key questions answered in this report:

• What are the growth rate forecast and market size for Building Panels Market?
• What are the key driving factors propelling the Building Panels Market forward?
• What are the most important companies in the Building Panels Market Industry?
• What segments does the Building Panels Market cover?
• How can I receive a free copy of the Building Panels Market sample report and company profiles?

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Recent Developments

• In September 2022, Kingspan Group plc, a building materials firm based in Ireland, introduced two new building information modeling tools for project teams, architects, and contractors. The move is predicted to boost the expansion of the building panels industry across the globe.
• In November 2022, Euro Pratik, designer and importer of world-class panel products, launched a new product line of wall panels with new designs and high quality. The new product line is referred to as Cassa 4 product line. The initiative will help in expanding the business of the firm and will contribute sizably towards the size of the building panels market in India.
• In October 2016, Tata Steel introduced Formawall®- a flat insulated panel that is utilized for wall cladding & offering a catching visual. The move will help in expanding the scope of growth of the building panels market in India and Asia-Pacific zone.

Regional Dominance:

• Building Panels market in the Asia-Pacific to garner major returns during 2023- 2030.

The Asia-Pacific region, which contributed nearly 40% toward the global building panels market share in 2022, is projected to maintain its regional market domination even in the coming years. The growth of the regional market in the ensuing years can be due to the massive demand for building panels in construction activities in the countries such as India, Japan, and China. Apart from this, the presence of key manufacturers in the sub-continent will further push the growth of the regional market.

Furthermore, the North American building panels industry is projected to record the highest CAGR of 21% over the forecasting timeframe. The regional market growth over 2023-2030 can be owing to the rise in residential and non-residential constructions in the region. Apart from this, growing awareness about carbon footprints in the countries such as Germany, the UK, France, Spain, and Italy will boost the expansion of the building panels market in Europe over the years to come. In addition to this, the rise in population in the emerging economies of Latin America such as Argentina and Mexico will prop up the scope of market growth in Latin America over the forecasting timeframe.

Global Building Panels Market is segmented as follows:

Building Panels Market: By Type Outlook (2023-2030)

• Concrete Panels
• Wood Panels
• Vacuum Insulated Panels
• Structured Insulated Panels
• Wood-Based Panels

Building Panels Market: By Raw Material Outlook (2023-2030)

• Concrete
• Silica
• Metal
• Plastic
• Wood

Building Panels Market: By End-Use Outlook (2023-2030)

• Floor & Roofs
• Columns & Beams
• Staircase
• Walls

Building Panels Market: By Application Outlook (2023-2030)

• Residential
• Non-Residential

Building Panels Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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