According to the new market research report “Building Panels Market by Type (Concrete Panels, VIP, SIP, Wood Panel), Raw Material (Concrete, Plastic, Metal, Wood, Silica), End Use (Floors & Roofs, Walls, Columns & Beams, Staircase), Application (Residential & Non-Residential) - Forecast to 2021”, published by MarketsandMarkets™, the building panels market size is projected to grow from USD 170.83 Billion in 2016 to USD 230.93 Billion by 2021, at a CAGR of 6.21% from 2016 to 2021.
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The global building panels market is driven by factors such as rapid development in the construction technology, modular/precast/prefabricated building systems, and rising demand in the residential and commercial sectors. The market for building panels market is driven by its rising demand for new construction and transportation facilities. The rising population and increasing disposable income of consumers in emerging economies are expected to drive the demand for these industries, which would in turn increase the application of this type of construction components and techniques.
Floors & roofs is projected to be the largest segment in 2021
The floors & roofs segment is projected to be the largest market in 2021. The demand for building panels for floors and roofs is expected to experience a higher growth rate, mainly because of the growing demand from the residential and commercial sectors. The Asia-Pacific region is projected to be the fastest-growing market for the floors & roofs segment owing to its increasing emphasis on building construction activities.
Residential segment was the largest market on the basis of application in 2015
The building panels market, by application, is classified into two segments, namely, residential and non-residential (commercial, industrial, and infrastructure). The residential sector constitutes the largest share of this market. The residential sector is projected to grow due to fast approvals, low-mortgage interest rates, population growth, and urban transport infrastructure developments. The continuously increasing population is a major factor that boosts the demand of residential sector for a large number of construction projects.
Browse and in-depth TOC on “Building Panels Market”
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Asia-Pacific projected to be the fastest-growing market for building panels
Asia-Pacific with emerging economies such as China and India would drive the building panels market. China is projected to have the largest market share and dominate the Asia-Pacific building panels market from 2016 to 2021. Developing markets such as China, the Middle East, and India are emerging as growth economies for building panels. Growing economies, rising population, and increasing disposable income of the population are acting as the main drivers for increased opportunities in these countries.
The major players in this market include Panasonic Corporation (Japan), Saint-Gobain (France), Nippon Steel & Sumitomo Metal Corporation (Japan), CRH plc (Ireland), Lafarge (France), Evonik Industries AG (Germany), Huntsman International LLC. (U.S.), Dow Corning Corporation (U.S.), Fletcher Building Limited (New Zealand), and Boral Limited (Australia). Companies have adopted new product/service launches to cope with the increasing demand in the emerging markets.
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