NEW YORK, June 15, 2016 /PRNewswire/ -- "Rising demand from the residential sector to drive the market for building panels"
The global market for building panels is projected to grow from USD 170.83 billion in 2016 to reach USD 230.93 billion by 2021, at an estimated CAGR of 6.21%. Rapid increase in urban population require faster and cheaper construction of buildings and facilities without compromising on the quality. Also, there has been a gradual shift in both builders' and consumers' choice from traditional construction methods to sustainable infrastructure. Building panels is not only effective in terms of the cost associated with it, but can also withstand the impact of any natural calamities such as earthquake and storms.
"Concrete panels segment is projected to account for the largest market share during the forecast period"
The concrete panels segment is projected to be the largest market in the next five years. The demand from the concrete panels sector is expected to experience a higher growth rate, mainly because of the growing demand for prefabricated/modular construction. Installation of prefabricated/modular building panels saves time and labor as it eliminates the need to perform individual operations of framing, sheathing, and insulating stick-framed walls.
"Asia-Pacific region to gain maximum traction during the forecast period"
The Asia-Pacific region is projected to be the fastest-growing market during the forecast period, followed by Europe, from 2016 to 2021. In Asia-Pacific, China is the largest consumer for building panels, followed by Japan. The success of China's construction industry is closely linked to the growing domestic urbanization efforts and the country is developing economy which will drive the building panels market. Japan's expertise in technology and innovations, and the growing demand for new construction projects would influence the building panels market in the Asia-Pacific region.
Breakdown of primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of building panels. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 26%, Tier 2 – 35%, Tier 3 – 39%
- By Designation: C level – 22%, Manager level – 78%
- By Region: North America – 10%, Asia-Pacific – 45%, Europe – 23%, Rest of the World – 22%
The various suppliers of building panels and related products in the report are as follows:
1. Panasonic Corporation (Japan)
2. Saint-Gobain (France)
3. Nippon Steel & Sumitomo Metal Corporation (Japan)
4. CRH plc (Ireland)
5. Lafarge (France)
6. Evonik Industries AG (Germany)
7. Huntsman International LLC. (U.S.)
8. Dow Corning Corporation (U.S.)
9. Fletcher Building Limited (New Zealand)
10. Boral Limited (Australia)
This report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the building panels market comprehensively and provides the closest approximation of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. This report will help stakeholders to understand the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand their competitors and gain more insights into their position in the business.
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