The sandwich panel market was valued at US$ 2,711.11 million in 2021 and is projected to reach US$ 4,256.62 million by 2028; it is expected to grow at a CAGR of 6.7% from 2021 to 2028.
Sandwich panels are widely used to provide effective insulation and temperature control while also meeting aesthetic requirements. These panels are commonly used in a variety of settings including shopping malls, sports facilities, cold storage units, warehouses, commercial and industrial buildings, and transportation.
Based on application, the sandwich panel market is segmented into wall panels, roof panels, and others. The wall panels segment held the largest share of the global sandwich panel market in 2020. It is anticipated to dominate the application segment during the forecast period due to the rise in demand for soundproof walls in various offices and food manufacturing facilities.
The global sandwich panel market saw the Asia Pacific region take the lead in revenue share in 2020. This is due to the region's increasing use of sandwich panels, particularly in construction and cold storage facilities. Additionally, government policies such as Make-in-India have encouraged the establishment of manufacturing plants in India, while rising foreign direct investments have also contributed to the region's economic growth.
Kingspan Group, Assan Panel, Isopan, Tata Steel, ArcelorMittal, Attonedil, Italpanneli S.R.L, DANA Group of Companies, Zhongjie Group, and Multicolor Steel India Pvt. Ltd. are among the major players operating in the sandwich panel market.
Both primary and secondary sources were used to determine the size of the global sandwich panel market. Initially, extensive secondary research was carried out using internal and external sources to collect qualitative and quantitative information related to the market. Additionally, several primary interviews were conducted with industry participants to verify the data and gain more analytical insights into the subject. The participants in this research process consisted of industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as research analysts, valuation experts, and key opinion leaders specializing in the sandwich panel market.