Impact of Covid-19 Outbreak on Building Panels Market

25/mag/2020 14:11:04 Automotive Market Research Reports Contatta l'autore

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Market Research Future has published its report on global building panels market, which stated that the market is expected to grow and rise with CAGR of 6%. This report also reflects positive insights into the market along with futuristic opportunities as well.  The registered CAGR for the market is estimated to grow in the forecast period owing to rapid urbanization, growing construction industry, technological advancements, and more.

Building panels are construction panels that are pre-formed and used mainly used in the residential and non-residential sector. Such panels are used for exterior as well as interior parts of the building. These come with a variety of materials such as wood, metals concrete, and others. Also, various sizes of these panels are used for different construction purposes. Building panels are advantageous than the conventional construction methods, as they are faster, use less capital, power, and labor for construction. What makes these panels better is its easy installation and reduction of the wastage of materials.

 

Global Building Panels Market: Drivers and Trends

The global building panels market size will witness considerable growth in the years to come owing to the increasing demand in the construction industry. Also, rising scope in the retail sector and commercial spaces are majorly driving the product in demands. It has also been seen that many government bodies, globally, have imposed stringent regulations on the use of certain chemicals, which has eventually supported the market in substantial ways.

In the current time, the need for better and safe housing solutions in lower costs, reduced power, labor, and less time consumption has become an essential aspect, which, in turn, has expanded the building panels market profoundly and created ways for more construction types for the future. Due to all these factors, the demand for building panels is rising rapidly.

Going forward, increasingly stringent government regulations over the use of specific chemicals and materials is hampering the growth of the global building panels market. Several chemicals have been banned in some countries due to toxic attributes. Therefore, market players have increased investment in research and development to discover safe and economical alternatives.

In the current time, developed regions are offering vast prospects in the global building panels market. Most of the nations are witnessing a high rate of construction activities. These developed regions are also capable of purchasing the finest construction materials and products for the building better structures. This is likely to lift the scope of growth for global players.

 

Global Building Panels Market: Segmentation

With a comprehensive study of the growth opportunities of the global building panels market published by MRFR, the market has been segmented by panel type, material, application, end user, and regions.

By panel type, the market can be segmented as wooden, concrete, structural insulated, and vacuum insulated.

By materials type, the segment includes concrete, metal, wood, plastics, silica.

By application type, the segment includes residential, commercial, and industrial.

By end-user type, the segment includes floors & roof, walls, columns & beams, and staircase.

 

Regional Outlook

Geographically, the key regions of global building panels market share are Asia Pacific, North America, Europe, and the rest of the world.

Of these, the Asia-Pacific region is leading the global building panels market owing to the increasing industrialization & urbanization activities and the rising need for housing coupled with the proliferating population. This region is predicted to grow at the fastest pace in the forecast period.

Next comes the North American region, which leads to the global market share since 2017. However, the construction industry in the United States has not been the same in 2017 as it was in the past three years. There has been an increase observed in the private construction over the years mainly in residential and non-residential construction. Such construction has increased significantly over time compared to the previous years and is likely to grow in the future time.

 

Key Players

The leading players in the Building Panels markets are Panasonic Corporation, Saint-Gobain, CRH Plc., Lafarge, Evonik Industries AG, Huntsman International LLC., Dow Corning Corporation, Fletcher Building Limited, 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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