Impact of Covid-19 Outbreak on Building Panels Market Share

01/giu/2020 08:44:18 Automotive Market Research Reports Contatta l'autore

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The global building panels market is predicted to garner a CAGR of 6% during the forecast period (2014-2022), Market Research Future (MRFR) reveals in a detailed report. Building panels can be defined as buildings in pre-fabricated concrete blocks or in structural insulated panels, which are used to construct internal as well as external features of a building. Building panels are available in several types an dimensions and are chosen by the builder as per the availability and the requirements.

Market Potential and Pitfalls

The global building panels market has witnessed a tectonic surge over the past few years, mainly due to the accelerating construction activities in the public utility segment. This comprises the construction of new structures as well as renovating the old ones. To minimize the power consumption of a structure and maintain its internal temperature, care is being taken to use high-end building panels and construction materials. Building panels require less labor, less power consumption, and reduced time, which further triggers the demand for building panels across the globe. With rapid urbanization and surging concern regarding fuel and power consumption, the building panels market is predicted to flourish. The increased R&D by the market players, increased the availability of high-end construction materials, and burgeoning demand for safe housing solutions at lower rates are encouraging the growth of building panels market during the review period.

On the contrary, strict government norms on the use of specific chemicals may dampen the growth of the building panels market in the long run. Certain chemicals have been banned due to their toxicity, which hampers the market growth.

Building Panels Market: Segmental Analysis

The building panels market is segregated on the basis of panel type, material, application, and end use.

By panel type, the building panels market is segmented into concrete, wooden, vacuum insulated, and structural insulated. Among these, concrete panels are the most widely used panels as they offer a cost-effective solution to building enclosures, and provide durable surfaces for walls.

By material, the building panels market is segmented into metal, plastic, concrete, wood, and silica.

By application, the market comprises of commercial, residential, and industrial. Among these, the residential segment is estimated to expand at a significant rate, mainly due to the ever-increasing population across the globe. The low-mortgage interest rates, fast approvals, and urban transport infrastructure developments are contributing to the growth of the market in the residential sector.

The end use segment includes walls, floors & roofs, staircase, and columns & beams. Among these, the floors & roofs segment is likely to gain prominence. The demand for building panels for floors and roofs will witness higher growth rate due to the increased demand from the commercial and residential sectors.

Regional Frontiers

Geographically, the building panels market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).

Considering the global scenario, the Asia Pacific will dominate the global building panels market, mainly due to rapid urbanization and industrialization activities. The increased need for housing due to the ever-increasing population has influenced the market growth in the region. Countries like India, China, Australia, Japan, and New Zealand are some of the countries contributing to the growth. Moreover, the growing economies and rising disposable income of the population are acting as key drivers to the growth of the regional market.

Competitive Dashboard

The prominent players operating in the global building panels market include Saint-Gobain, Panasonic Corporation, Lafarge, CRH Plc., Huntsman International LLC., Evonik Industries AG, Fletcher Building Limited, Dow Corning Corporation, Atlas international, and Boral Limited.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

 

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