Building Panels Global Market Report 2024

The global building panels market has grown strongly in recent years. It will grow from $216.24 billion in 2023 to $230.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be credited to factors such as heightened market competition, innovative practices, increasing consumer preferences for prefabricated homes, government incentives and grants, and the overall growth in residential construction.

The global building panels market is expected to see strong growth in the next few years. It will grow to $299.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated expansion during the forecast period can be credited to the adoption of sustainable construction practices, the rise in urbanization and population, stringent building regulations, growing concerns for energy efficiency, and a focus on cost-effectiveness. Key trends in the forecast period encompass the utilization of green building materials, the prevalence of modular construction, the impact of urbanization and population density, and the adherence to stringent building codes.

The growth of the building panels market is anticipated to be driven by the increasing pace of construction activities. This trend is fueled by a surge in construction endeavors for both residential and non-residential structures. Notably, in 2021, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a 4% year-on-year increase, with approximately 1,337,800 new residential housing construction units built. The escalating construction activities are poised to contribute significantly to the expansion of the building panels market.

Anticipated advancement in the building panels market is attributed to the phenomenon of rapid urbanization. Rapid urbanization denotes the rapid and substantial rise in urban populations, leading to the expansion and development of cities and towns. As urban populations burgeon, there is an escalating demand for residential, commercial, and infrastructure development to accommodate the growing urban populace. The utilization of building panels in construction has gained prominence due to their advantages in terms of speed, cost efficiency, and design flexibility. According to the World Bank's October 2022 report, 56% of the world's population, or 4.4 billion people, currently reside in cities, with a projected increase to 70% by 2050. The prevalence of urbanization is a key driver for the growth of the building panels market.

A pivotal trend in the building panels market is technological advancement. Major industry players are channeling their efforts into developing innovative technologies to bolster their market positions. For instance, in June 2021, Magicrete Building Solutions introduced MagicLite ALC Wall Panels featuring autoclaved lightweight concrete panel technology. This technology, incorporating corrosion-protected steel, ensures high-quality and durable construction in a remarkably short time. Technological advancements remain a key focus area for companies operating in the building panels market.

Strategic collaborations and partnerships are emerging as a key strategy in the building panels market. Major companies in this sector are actively engaging in partnerships to expand market reach or innovate new products and technologies. In October 2023, Eurobond, an India-based manufacturer of insulated metal panels, collaborated with Rheinzink, a Germany-based producer of titanium zInc., to introduce zinc panels for façades in the Indian market. Such alliances leverage the resources and expertise of involved companies to drive innovation and market growth. This collaborative approach is exemplified by the unique 3P model of advanced sustainability and the patentable method.

In April 2021, LafargeHoclim, a Switzerland-based innovative and sustainable building solutions company, completed the acquisition of Firestone Building Products, a US-based building materials manufacturing company, for an undisclosed amount. This strategic move aimed to fortify LafargeHoclim's market presence in North America, Europe, and Latin America, positioning the company as a global leader in flat roofing systems. The acquisition underscores LafargeHoclim's commitment to expansion and strategic positioning in key markets.

Major companies operating in the building panels market report are Panasonic Corporation, Compagnie de Saint-Gobain SA, Nippon Steel & Sumitomo Metal Corporation, CRH plc., BMC Inc., Evonik Industries AG, Huntsman International LLC, Dow Corning Corporation, Fletcher Building Limited, Boral Limited, Armstrong World Industries Inc., Kingspan Group PLC, OCI Company Ltd., Lg Hausys Ltd., Mueller Inc., Owens Corning, PFB Corporation, Alubel SpA, Alumil Aluminium Industry SA, Alutech United Inc., ArcelorMittal, The Murus Company Inc., Rautaruukki Corporation, The Steel Network Inc., U.S. Lumber Group LLC, USG Corporation, VELUX Group, Weyerhaeuser Company, Xella Group, Sika AG, Tata Steel Limited, and The Dow Chemical Company.

Asia-Pacific was the largest region in the building panels market in 2023. The regions covered in the building panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the building panels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of building panels include precast concrete panels, vacuum insulated panels, structural insulated panels (SIP), wood-based panels, and other variants. Precast concrete panels, specifically, are instrumental in constructing large buildings, providing robust structural support. This category of building products involves pouring concrete into reusable molds to create a single cladding assembly. Building panels leverage materials such as concrete, plastics, metal, wood, and silica, finding applications in commercial construction, residential projects, and non-residential developments. These versatile panels are utilized for various structural elements, including floors and roofs, walls, columns and beams, as well as staircases.

This report provides building panel market statistics, including building panel industry global market size, regional shares, competitors with a building panel market share, detailed building panel market segments, market trends and opportunities, and any further data you may need to thrive in the building panel industry. This building panel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The building panels market consists of sales of silica and metal building panels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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