Building Panels Market Report 2025

The building panels market size has grown strongly in recent years. It will grow from $228.35 billion in 2024 to $242.4 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to market competition and innovation, consumer preferences for prefabricated homes, government incentives and grants, residential construction growth.

The building panels market size is expected to see strong growth in the next few years. It will grow to $322.46 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to sustainable construction practices, urbanization and population growth, stringent building regulations, energy efficiency concerns, cost-effectiveness. Major trends in the forecast period include green building materials, modular construction, urbanization and population density, stringent building codes, stringent building codes.

The growth in construction activities is expected to drive the building panels market forward. Construction involves assembling materials to create large structures. The expansion of the building panel market is supported by the rising construction activity for both residential and non-residential buildings. Building panels provide numerous benefits that enhance efficient, cost-effective, and sustainable construction practices. For example, in July 2024, the US Census Bureau reported that the value of construction operations increased from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Therefore, the rising construction activities are poised to propel the growth 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.

Major companies in the building panel market are concentrating on developing innovative technologies, such as the Fronto V Black Panels, to strengthen their market position. The Fronto V Black Panels are a specific type of building panel tailored for architectural applications, particularly in exterior and interior wall systems. For example, in September 2024, Vox India, an Indian home furnishing company, introduced Fronto V Black Panels as a new addition to its Fronto series of exterior slat panels. These panels are designed for both façade and ceiling applications, providing a modern aesthetic while being resistant to mechanical damage and sunlight. Lightweight, waterproof, and requiring no maintenance, the Fronto V Black Panels serve as an ideal alternative to traditional wooden façades. Additionally, these panels utilize advanced thermal printing technology to mimic the appearance of natural wood, featuring a varied grain pattern that enhances their visual appeal.

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 March 2024, Carlisle, a US-based manufacturing company, acquired MTL Holdings for $410 million. This acquisition is intended to strengthen Carlisle's position as a comprehensive provider of architectural metal products, especially within the commercial roofing sector. MTL Holdings is recognized as a US leader in performance-driven metal roof edge systems and commercial building panels.

Major companies operating in the building panels market 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, The Dow Chemical Company.

Asia-Pacific was the largest region in the building panels market in 2024. 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.

High-performance building panels represent a superior and cost-effective building system, renowned for their ease of installation, efficient production, reduced energy consumption, minimized material waste, and exceptional insulation capabilities. These panels play a crucial role in constructing both the interior and exterior features of structures.

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.

The building panel market research report is one of a series of new reports that 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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