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Global Building Panels Market to Reach US$208.4 Billion by the Year 2026

Building panels represent preformed construction panels that are experiencing increasing uptake in interior and exterior applications in residential and commercial construction projects. These panels are known for their compelling merits like lightweight nature, easy installation and ability to expedite construction time as well as enable green, energy-efficient buildings. Made of concrete, building panels are witnessing high demand owing to their ability to expedite construction projects and enable structures with enhanced green credentials due to associated energy savings. Growth in the global market is set to be fueled by increasing construction activity post COVID-19 pandemic scenario, rising population, need for better housing solutions and strong focus on effective options to make energy-efficient buildings. In light of stringent enforcement of energy conservation and sustainability policies in various countries, builders are expected to actively pursue scientifically-validated green construction technologies, thereby giving a shot in the arm for prefabricated housing in the upcoming years. While rising demand for transportation facilities and new construction is favoring uptake of building panels, increasing population and disposable income in emerging nations are bound to create new growth opportunities. The market expansion is also expected to be facilitated by rising adoption of vacuum insulated panels due to concerns regarding inadequate warehousing units, infrastructure, logistic support and cold chains that are resulting in notable food wastage, mainly in emerging countries.

Amid the COVID-19 crisis, the global market for Building Panels estimated at US$167.9 Billion in the year 2022, is projected to reach a revised size of US$208.4 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Residential, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$139.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Residential segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 37.7% share of the global Building Panels market. The Residential segment dominates market share due to rapid urbanization and projected surge in residential construction activity. The segment`s future growth will be boosted by increasing population, low mortgage interest rates, fast regulatory approvals and expansion of the urban transport infrastructure.

The U.S. Market is Estimated at $27.1 Billion in 2022, While China is Forecast to Reach $51.2 Billion by 2026

The Building Panels market in the U.S. is estimated at US$27.1 Billion in the year 2022. The country currently accounts for a 16.36% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$51.2 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$54.6 Billion by the end of the analysis period. Asia-Pacific holds a strong position in the building panels market due to increasing construction activities coupled with rising remodeling and renovation activity to extend the service life of building structures. Led by the US, North America accounts for a considerable share due to implementation of stringent regulations pertaining to environment and energy conservation. The regional market is estimated to experience a healthy growth due to increasing construction activities.