Steel Sandwich Panels Market Size, Share, Development by 2023

Steel Sandwich Panels Market Research Report, by Type (EPS Panels, PU Panels, and PF Panels), Application (Residential, Commercial, Agricultural Farmhouse Buildings, and Cold Storage), and Region — Global Forecast till 2023

Steel sandwich panels are preferred over the conventional concrete panels and roof panels as these panels assist in curbing the time required to complete the construction projects and they are quite energy efficient. Since the focus on economic feasibility and energy efficiency in the construction industry has surged notably, the market for steel sandwich panels is projected to witness a prominent growth rate over the forecast period. In the worldwide construction industry, steel sandwich panels are being easily adopted. This trend has been dominating the industry over the past few years as these panels have proven to be cost-effective alternatives in the construction of buildings, thus creating lucrative opportunities for the manufacturers. The global steel sandwich panels market is estimated to develop at a CAGR of approximately 6% over 2018–2023.

Global steel sandwich panel market is dominated by key players such as Ashtead Group, Ahern Rentals, Inc., Caterpillar, Inc., Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd, Nesco Rentals, Herc Holdings, United Rentals, Inc, and Riwal.

Market Segmentation

The global steel sandwich panels market is segmented based on application, region, and type. Based on type, the steel sandwich panel market is segmented into PU panels, PF panels, and EPS panels. Under the type segment, the EPS panels segment is estimated to experience a significant growth rate, as the panels offer effective thermal insulation, are cost-effective, have long lifespan, and low costs for maintenance. Applications of EPS panels as insulation materials include sandwich panel systems, layered with steel on both sides, for roofs, floors, walls, as well as facades for both residential and commercial buildings. These attributes make EPS panels the dominating segment in the global steel sandwich panels market. Based on application, the market is segmented into commercial, residential, cold storage, and agricultural farmhouse buildings. In 2017, the commercial segment accounted for holding the most dominating market share, which is likely to retain its position till 2023. This is attributed to the rapid expansion and development of shopping malls, offices, educational institutions, and hospitals, primarily in emerging countries, such as India and China.

Regional Analysis

Geographically, the global steel sandwich market is segmented into Asia-Pacific, Europe, North America, and the Rest of the World. Europe held the largest share in the global steel sandwich panels market, followed by North America and Asia-Pacific. The growth is mainly due to the stringent governmental regulations for curtailing greenhouse emissions, which drives the demand for green construction materials. Asia-Pacific is estimated to witness a consistent rise in share in the steel sandwich panels market over the forecast period. The growth can be attributed to the increasing rate of urbanization in the market. Asia-Pacific is projected to be the most lucrative market owing to the rapidly developing real estate sector. The real estate projects mainly include prefabricated buildings, civil engineering buildings, and pre-engineered buildings.

Asia-Pacific is the fastest growing region in the global market, owing to the growing infrastructure and construction industries and the increased urbanization and industrialization rates. Additionally, the governments of developing countries in Asia-Pacific also support investments in the construction industry through their FDI policies, which further influences the growth of the steel sandwich panels market. Asia-Pacific has a vast distribution channel, and all major manufacturers are focusing on expanding their business in this region as they expect to generate huge profits above the return-on-investment. Furthermore, the various beneficial energy efficiency policies are creating opportunities for the steel sandwich panels market in Asia-Pacific.

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