Sandwich Panels Market Size, Share & Trends Analysis Report By Product (Polystyrene Panels, Polyurethane Panels), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global sandwich panels market size was estimated at USD 8.53 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. The growth of the market can be attributed to the flourishing global construction industry, which is a key consumer of sandwich panels. Additionally, there has been a surge in the number of initiatives undertaken by governments of different countries across the world to encourage and promote the construction of green and energy-efficient buildings. This, in turn, is fueling the consumption of sandwich panels worldwide.

The demand for energy-efficient buildings is increasing owing to the presence of stringent government regulations and the rise in global awareness regarding environmental preservation is anticipated to fuel the installation of thermal insulation in residential, non-residential, commercial, and industrial buildings. Favorable government policies, coupled with increasing awareness among the masses in Asia Pacific and Central & South America, are also key factors driving the growth of sandwich panels market.

Over time, sandwich panels have emerged as a superior economical insulation method in construction projects. They are quick and easy to install, help in the reduction of the overall weight of structures, are durable, and offer weather resistance. Sandwich panels consist of core insulating materials, which are covered with face sheets on both sides. The materials used for developing face sheets are selected based on applications wherein they are to be used.

For core insulating material in sandwich panels, polystyrene is used in foam form, which is mainly of two types, expanded (EPS) and extruded (XPS). XPS foams are considered lightweight and low-density materials with superior sound and thermal insulation. EPS foams are lightweight and enable heat preservation. However, the sandwich panels developed using polystyrene foams easily catch fire. This is expected to hamper the demand for panels developed from them in the market.

The U.S. sandwich panels market is expected to witness significant growth over the forecast period owing to the increased demand for energy-efficient construction solutions in the country. Moreover, surging awareness regarding sustainable construction among customers as well as government is expected to contribute to the growth of the market in the country in the coming years.

The manufacturers carry out the installation of sandwich panels through their network of certified contractors and installers. Installation of these systems requires expert services, which can affect the overall price of a product. Companies invest significantly in research and development activities for the development, supply, and installation of products, thereby resulting in dynamic market conditions. They carry out extensive innovations for manufacturing and supplying sandwich panels to enhance their product portfolios and increase their penetration in the industry.

Product Insights

The polystyrene panels segment dominated the market in 2022 and accounted for a revenue share of 72.6% of the market in the same year. Foamed plastics, also known as cellular polymers or expanded plastics, are insulation materials that offer superior sound absorption. They are lightweight and quakeproof, which is further driving its demand in the market. In sandwich panels, polystyrene is used in the form of foams. It is utilized in these panels either as Expanded Polystyrene (EPS) or Extruded Polystyrene (XPS). Expanded Polystyrene (EPS) is one of the most commonly used insulating core materials in sandwich panels.

Glass wool is manufactured by heating silica sand at 1,200°C to 1,250°C and converting it into fibers. The product offers energy-efficient thermal and acoustic insulation and ensures fire safety. It also helps reduce energy consumption and fluctuations in temperature of a structure. Glass wool sandwich panels consist of an insulation core bonded with two outer metal sheets (aluminum or galvanized steel) using specialized adhesives.

Apart from excellent thermal insulation, glass wool sandwich panels also exhibit superior fire resistance and noise insulation. As a result, they are often used on walls and roofs of commercial and industrial buildings. Additionally, glass wool is lightweight and possesses high tensile strength.

Polyurethane (PU) sandwich panels are relatively more expensive than panels based on polystyrene and glass wool. Polyurethane (PU) sandwich panels are highly preferred in the insulation of cold chain storage units owing to their superior thermal insulation and vapor diffusion resistance properties. Growing investments in the establishment of cold chain infrastructure in North America, Asia Pacific, and Central & South America are expected to drive the demand for polyurethane (PU) sandwich panels over the forecast period.

End-use Insights

The non-residential sub-segment dominated the market with the revenue share of 58.3% in 2022 and is further expected to grow at a highest rate over the forecast period. The sub-segment includes buildings for office spaces, universities, hypermarkets, supermarkets, departmental stores, shopping malls, hospitals & clinics, restaurants & hotels, resorts, and others.

Rapidly emerging trend of sustainable buildings is one of the major factors driving the growth of insulation products such as sandwich panels. In addition, rising office spaces in emerging economies, especially located in subtropical regions, are expected to lead to notable demand for insulation systems in order to maintain energy benchmarking as well as regulate temperature levels.

The residential end-use segment is expected to witness a CAGR of 6.5% over the period from 2023 - 2030. The residential sub-segment is inclusive of residential buildings, apartments, complexes, and small houses. The growth in the number of single-family houses in developing economies and rising disposable incomes of consumers are among the various factors projected to drive residential construction activities. Thus, the growth of the residential construction sector, along with growing building energy consumption norms, is projected to positively influence the demand for sandwich panels in this end-use.

Furthermore, innovation in product varieties using advanced technology and hassle-free installation of insulation systems in various spaces or buildings are also projected to drive sandwich panels market growth due to the increasing demand for the product from the residential application segment.

Application Insights

The walls and floors application segment of sandwich panels market was valued at a highest revenue share of 54.0% in 2022 and is projected to expand at a CAGR of 7.2% from 2023 to 2030. Insulation of walls and floors is one of the essential elements for enhancing the energy efficiency of buildings.

Additionally, insulated walls, roofs, and floors create a protective envelope to prevent heat transfer from the external environment through conduction and convection radiation. Polystyrene core sandwich panels are the most popular products used for external wall insulation owing to their low costs, high durability, and convenient installation.

The roofs application segment of the market is projected to expand at a CAGR of 6.7% over the forecast period. Insulated roof panels offer heat retention and prevention benefits resulting in cozy spaces in houses and workspaces. Temperature regulated by insulated roofs leads to improvement in the energy efficiency of buildings through a reduction in the usage of air-conditioning systems and heaters.

Moreover, these roofs act as protective barriers against harsh climatic conditions. Thus, the aforementioned benefits are projected to drive the demand for insulation materials such as sandwich panels used in roofs in the coming years.

Regional Insights

Europe dominated the sandwich panels market in 2022 with the volume share of 29.0%. According to the European Commission, the economy of the region is highly dependent on its construction industry. According to the European Construction Industry Federation (FIEC), the growth of the construction industry in the region increased by 2.4% in 2022 compared with its growth in 2021. Thereby, growing construction sector in the region is expected to propel the product growth.

The demand for sandwich panels in the UK is majorly driven by residential construction activities in the country owing to surging demand for energy-efficient homes. Moreover, the growing preferences in the UK for energy-saving and cost-effective buildings for use as government offices and other public utility spaces are expected to surge the penetration of sandwich panels in the country in the coming years.

Asia Pacific region is expected to witness fastest a revenue CAGR of 8.4% over the forecast period. The expansion of the residential, commercial, and industrial sectors on account of sustainable economic growth in Asia Pacific is expected to boost construction activities, thereby driving the product demand over the forecast period.

Flourishing tourism in the region has led to an increasing requirement for restaurants, resorts, and food chains. In addition, rapid urbanization and rising standard of living due to rising per capita consumer income are anticipated to boost the expansion of the residential and commercial construction sectors, including shopping malls and retail chains. This is anticipated to augment the demand for sandwich panels in the region.

Key Companies & Market Share Insights

The sandwich panels market is characterized by the presence of several large and small players, with established players leading in market developments. The market exhibits high competition owing to vast distribution networks and diverse product portfolios. To retain their positions in the market, major manufacturers in around the globe are concentrating on geographical expansion, new product developments, and mergers & acquisitions to gain a competitive advantage. Some of the prominent players in the global sandwich panels market include:

• Kingspan Group

• Owens Corning

• Isopan

• PFB Corporation

• METECNO GROUP

• Green Span Profiles

• American Insulated Panel

• Metl-Span

• KPS Global

• Dana Group of Companies

• American Buildings Company

• INGREEN BUILDING SYSTEMS.

• Structural Panels Inc.

• Hemsec Manufacturing Ltd.

• FischerSIPS

Sandwich Panels Market Report Scope

Global Sandwich Panels Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global sandwich panels market report on the basis of product, application, end-use, region:

• Product Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • Polystyrene Panels

  • Polyurethane Panels

  • Glass Wool Panels

  • Others

• Application Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • Walls & Floors

  • Roofs

  • Cold Storage

• End-use Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • Residential

  • Non-residential

• Regional Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE