Global Building Panels Market: Overview
Building panels can come in various types and dimensions; however, their core aim is the same. Building panels are used to build the external and internal features of a building. These can additionally be used to insulate the interiors of a structure using specific panel types.
The major types of panels used in the global building panels market are wood, concrete, structural insulated, and vacuum insulated panels. Each type is usually created with a few standard measurements in consideration. For instance, structural insulated panels (SIPs) in the U.S. are usually between 1.22 meters and 7.32 meters in width. Outside the U.S., typical SIPs come in widths of 1,200 mm, 600 mm, or 300 mm, with a length of up to 3000 mm. Roof SIPs can be as long as 6000 mm. Vacuum insulated panels provide high quality thermal insulation using a strong core, which contains a gas-tight container devoid of air. Thus, each type of panel in the global building panels market has its own set of advantages and disadvantages. This means builders typically need to select the panels according to need and availability.
The global building panels market has been analyzed using research methodologies that estimate its market size in the next few years, along with a forecast analysis for the same period. A rounded approach is used to cover every aspect that affects the global building panels market, major or minor. The market estimations and statistics are presented with the help of industry experts who have imparted their invaluable market-related opinions. The research itself is based on the guidance and counselling of market experts, along with the use of primary and secondary research processes.
Global Building Panels Market: Key Trends and Opportunities
The current boom in construction activities across the world is a major driver of the global building panels market. This includes the creation of new structures as well as renovation of old ones. Care is being taken to make use of the best possible construction materials and building panels in order to reduce power consumption of a structure to maintain internal temperatures. Therefore, increasing concerns regarding high consumption of power and fuel are contributing to the growth of the global building panels market.
Increasingly stringent government regulations over the usage of specific chemicals and materials hampers the growth of the global building panels market. A number of chemicals have been banned in certain countries due to their toxic attributes. Therefore, market players have to increase investment in research and development to discover safe and economical alternatives.
Emerging economies offer large opportunities in the global building panels market. Most of these nations are witnessing a high rate of construction activities. Each nation provides a major opportunity of growth for regional as well as global players. These emerging economies are also capable of purchasing premium construction materials and products for the building of better structures. This is likely to boost the scope of growth for global players.
Global Building Panels Market: Region-wise Outlook
Regionally, the global building panels market is showing a massive scope of growth in Asia Pacific, particularly India and China. These nations show a rapid rate of urbanization, opening up multiple avenues for the construction of professional, industrial, and residential structures. Demand for building panels is high in residential construction projects.
Key players in the global building panels market include BMC Stock Holdings, Inc., Armstrong World Industries, Inc., Dow Corning Corporation, Huntsman International LLC., Panasonic Corporation, and Saint-Gobain.