Market Scope and Structure Analysis
The two most widely used panels in construction market are concrete panels and structural panels. Structural panels are the most architectural and most cost-effective solutions to building enclosure and are highly engineered, provide rugged and durable walls. The raw material market is segmented into concrete, plastic, metal, wood, silica and others. These raw materials of building panels make use of energy efficiently in order to create products and services with lesser resources and environmental impacts. It also provides esthetics, environmentally friendly solution and controls sound, natural disaster to some extent, insects, and mold.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down large number construction sites. This has hampered the growth of building panel market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of building panels in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for building and construction equipment was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for building panels.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Key players of building panels are expected to afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their service activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
Top Impacting Factors
The growth of the population is huge, throughout the world. This is the factor driving the construction industry and working space. The modern buildings come with building panel system; this panels indulge spectacular insulation capabilities to the building. The transformation of construction market is projected by construction panel by providing a less expensive process with fast, accurate and affordable housing solutions. As the residential building with new style is growing the market for building panel is also growing. In addition, the rapid urbanization is also positively impacting the market of building panels because the construction market is growing parallelly. The building panels are ecofriendly which is why the keys players are trying to extend their product line to different regions of developing countries like India, Argentina, Bangladesh, African countries and others.
The biggest restraints of the of building panel market is COVID-19, because of the pandemic the construction market is not growing faster, the workforce are not able to join the sites but in the recent times of 2021 the market is rising as the relaxation has been given for the reopening of the industries.
The availability of the raw materials in this pandemic situation is also getting difficult but slowly the scenario is changing and the market is getting normal and forecasted to growth.
- India is known for enormous housing demand, in this situation India requires innovative and high efficiency building materials for strong and durable housing. Hence, most builders now prefer sustainable solutions like Glass Fibre Reinforced Gypsum (GFRG).
- Magicrete introduces ALC Wall Panels (Autoclaved Lightweight Concrete) the next big breakthrough in wall construction technology in India. With great success in global markets, the ALC Wall Panel technology offers durable & high-quality construction in the shortest possible time.
Key Benefits of the Report
- This study presents the analytical depiction of the building panel market with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of building panel market share.
- The current market is quantitatively analyzed to high building panel market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides building panel market analysis based on competitive intensity and how the competition will take shape in coming years.
Building Panel Market Report Highlights
By Panel Type
By Application Type
Key Market Players
Nippon Steel & Sumitomo Metal Corporation (Japan), Dow Corning Corporation (U.S.), Lafarge (France), Evonik Industries AG (Germany), Saint-Gobain (France), Panasonic Corporation (Japan), Fletcher Building Limited (New Zealand), Boral Limited (Australia), Huntsman International LLC. (U.S.), CRH plc (Ireland)