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What Is The Current Size And Growth Outlook For The Building Panels Market?

The market size of building panels has seen a robust growth in the past few years. It is projected to expand from $228.35 billion in 2024 to $240.75 billion in 2025, witnessing a compound annual growth rate (CAGR) of 5.4%. Factors contributing to the growth during the historic period include market competition and innovation, a shift towards prefabricated homes amongst consumers, governmental incentives and grants, and growth in residential construction.

The market size for building panels is predicted to witness a powerful surge in the upcoming years, expanding to a value of $317.34 billion in 2029 with a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the forecast period include the adoption of sustainable construction methods, intensifying urbanization and population growth, rigorous construction regulations, concerns over energy efficiency, and cost-effectiveness. Key trends projected for this period entail the use of eco-friendly construction materials, a shift towards modular construction, increasing urbanization and population density, and strict building codes.

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What Are The Primary Factors Supporting The Building Panels Market Expansion?

The building panels market is set to be driven by a surge in construction activities. Such activities involve the assembly of large structures from various materials. The growth of the building panel market is being supplemented by increased construction operations in both residential and non-residential sectors. Building panels are beneficial in numerous ways as they promote efficient, affordable, and eco-friendly construction practices. For instance, data from the US Census Bureau, a US government agency, showed an increase in construction activities, with the value of operations escalating from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Hence, the escalation in construction activities is anticipated to stimulate the market for building panels.

How Is The Building Panels Market Segmented Across Key Categories?

The building panels market covered in this report is segmented –

1) By Panel Type: Precast Concrete Panels, Vacuum Insulated Panels, Structural Insulated Panels (SIP), Wood-Based Panels, Other Panel Type

2) By Material Type: Concrete, Plastics, Metal, Wood, Silica

3) By Application: Commercial Construction, Residential, Non-Residential

4) By End User: Floors And Roofs, Walls, Columns And Beams, Staircases

Subsegments:

1)By Precast Concrete Panels: Solid Precast Panels, Insulated Precast Panels

2) By Vacuum Insulated Panels: Standard Vacuum Panels, Custom Vacuum Panels

3) By Structural Insulated Panels (SIP): EPS (Expanded Polystyrene) SIPs, XPS (Extruded Polystyrene) SIPs

4) By Wood-Based Panels: Plywood Panels, Particleboard Panels

5) By Other Panel Type: Fiber Cement Panels, Metal Panels

What Key Trends Are Driving Growth In The Building Panels Market?

Leading corporations in the building panel market are concentrating on the formulation of pioneering technologies, such as the unique Fronto V Black Panels, to consolidate their market standing. The term ‘Innovative Fronto V Black Panels’ is applicable to a distinct class of building panel tailored for architectural uses, most notably in external and internal wall systems. For example, in September 2024, Vox Inida, an Indian domestic furnishing company, introduced the innovative Fronto V Black Panels, a groundbreaking enhancement to their Fronto series of outside slat panels. This panel is suitable for facade and ceiling applications, promising a stylish look while remaining resistant to physical damage and sun exposure. The Fronto V Black Panels are light in weight, impervious to water, and require zero maintenance, positioning them as a prime alternative to conventional wooden facades. The novel panels employ cutting-edge thermal printing technology to mimic the look of authentic wood, incorporating a diverse grain pattern that bolsters their visual allure.

Which Companies Are Contributing Significantly To The Building Panels Market Growth?

Major companies operating in the building panels market are Panasonic Corporation, Compagnie de Saint-Gobain SA, Nippon Steel & Sumitomo Metal Corporation, CRH plc., BMC Inc., Evonik Industries AG, Huntsman International LLC, Dow Corning Corporation, Fletcher Building Limited, Boral Limited, Armstrong World Industries Inc., Kingspan Group PLC, OCI Company Ltd, Lg Hausys Ltd, Mueller Inc, Owens Corning, PFB Corporation, Alubel SpA, Alumil Aluminium Industry SA, Alutech United Inc., ArcelorMittal, The Murus Company Inc., Rautaruukki Corporation, The Steel Network Inc., U.S. Lumber Group LLC, USG Corporation, VELUX Group, Weyerhaeuser Company, Xella Group, Sika AG, Tata Steel Limited, The Dow Chemical Company

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Which Region Dominates The Building Panels Market Today?

Asia-Pacific was the largest region in the building panels market in 2024. The regions covered in the building panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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