Building panels are prefabricated components used to construct a building’s walls, floors, and roofs. They are made of various materials such as wood, steel, concrete, and masonry. Building panels are lightweight, durable, and easy to transport, making them an appealing option for developers and builders. Building panels are becoming more popular as developers and builders recognize their low cost and quick installation. Building panels are becoming more popular in residential, commercial, and industrial construction because of their ability to quickly construct a variety of structures. They are also more energy efficient, soundproof, and fire resistant. The demand for building panels is expected to remain strong as the construction industry expands. According to MarketsandMarkets, the building panels market size is projected to grow from USD 170.83 Billion in 2016 to USD 230.93 Billion by 2021, at a CAGR of 6.21% from 2016 to 2021.
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Floors and roofs are projected to be the largest segment in the building panels market, in terms of application. The growing demand for energy-efficient flooring and roofing materials is driving the market. The increasing demand for lightweight and durable materials is also driving the growth of the market. The growing focus on green building is also fuelling the demand for building panels. The increasing regulations regarding green construction and energy efficiency is also driving the growth of the market. The government initiatives in developing countries to promote the use of building panels is also boosting the market growth. The growing trend of prefabricated buildings is also contributing to the growth of the market. The growing demand for fire-resistant and acoustic-resistant building panels is also driving the market. The increasing demand for eco-friendly building panels is also fuelling the growth of the market.
The residential market is the largest for building panels, accounting for a sizable portion of total market share. Walls, ceilings, and roofs, as well as interior and exterior finishes, are examples of residential applications. Building panels have become increasingly popular for residential projects in recent years due to their low cost, ease of installation, and attractive design. Commercial and industrial applications for building panels include offices, warehouses, and factories. Building panels are frequently used in the commercial sector for the construction of new buildings as well as the renovation and remodelling of existing structures.
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Over the forecast period, the Asia-Pacific region is expected to be the fastest-growing market for building panels. This is primarily due to increased urbanization and rising demand for environmentally friendly building materials. Furthermore, the growing need for energy efficiency, as well as increased awareness of the benefits of building panels, is expected to drive market growth in the region. Furthermore, rising government initiatives and investments in the construction sector are expected to boost the region’s building panels market.
The major players in this market include Panasonic Corporation (Japan), Saint-Gobain (France), Nippon Steel & Sumitomo Metal Corporation (Japan), CRH plc (Ireland), Lafarge (France), Evonik Industries AG (Germany), Huntsman International LLC. (U.S.), Dow Corning Corporation (U.S.), Fletcher Building Limited (New Zealand), and Boral Limited (Australia) and others.
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