The Global Mineral Wool Steel Sandwich Panel Market is projected to be valued at USD 1,275.4 Million by the end of 2025, registering a CAGR of 4.9% during the forecast period.
The global mineral wool steel sandwich panel market is expected to witness sustainable growth in the next five years. The demand for mineral wool steel sandwich panels is poised to be driven by the growing number of cold storage warehouses and rising demand for fast and economic construction techniques. However, lack of skilled labor and fluctuation in raw material prices acts as a restraint for the market.
Furthermore, the operations of the engineering and construction sector have witnessed the adoption of technologies and concepts meant to reduce construction time and cost. Sandwich panel systems are for quick transformation of architectural designs into finished building structures and play an important role in driving the growth of the construction industry, which is expected to lead to an increase in the number of warehouses. Moreover, the growing adoption of fast and economic construction techniques in warehousing is expected to create a high demand for steel sandwich panels. Thus, the growing number of cold storage warehouses is expected to drive the growth of the global mineral wool steel sandwich panel market during the forecast period.
Additionally, The construction industry is witnessing high growth due to the high demand for infrastructure and buildings in developing countries. The increasing housing activities and growing residential, non-residential, and infrastructure projects due to urbanization and rising population primarily drive the growth of the construction industry. According to the Global Construction Perspective (GCP) and Oxford Economics, the US, India, and China are estimated to account for around 57% of the total growth in the construction and engineering market by 2030. The mineral wool steel sandwich panel market is directly dependent on the growth and innovation in the construction industry, as they create a demand for sandwich panels in various application areas for efficient performance and economic advantages. Mineral wool steel sandwich panels form an important aspect of the quick construction techniques that deliver superior properties and outstanding features to construction enclosures.
The Global Mineral Wool Steel Sandwich Panel Market has been segmented on the basis of surface finish type, application, end-user, and region
The global Mineral Wool Steel Sandwich Panel Market on the basis of surface type has been segmented into Plain and Corrugated.
The global Mineral Wool Steel Sandwich Panel Market on the basis of application has been segmented into wall panels, roof panels, insulated panels, and others.
The global Mineral Wool Steel Sandwich Panel Market on the basis of end-users has been segmented into residential buildings, commercial buildings, and industrial.
Key Findings of the Study:
- The Global Mineral Wool Steel Sandwich Panel Market is projected to reach a value of USD 1,275.4 million by 2025, with a CAGR of around 4.9 % during the forecast period from 2019 to 2025.
- Europe accounted for the largest market share in 2018 due to the increasing number of projects for upgrading the existing infrastructure, rising environmental concerns, and the growing interest in cost-effective construction are factors that are driving the growth of the market in the region.
- Asia pacific is expected to be the second-largest market in 2025 due to the rapid industrialization and urbanization in the emerging economies, such as China, India, and Japan, which are also boosting the growth of the mineral wool steel sandwich panel market in Asia-Pacific. Furthermore, activities such as the refurbishing and renovation of old buildings have increased investments in the building & construction industry, fueling the demand for mineral wool steel sandwich panels.
- China is among the top contributors in the mineral wool steel sandwich panels market. According to the National Bureau of Statistics of China, the value-added output of the construction industry reached USD 816.6 billion in 2017 compared to USD 2.1 billion in 1978, with an average annual growth rate of 16.6%. The country has witnessed rapid growth in industrialization and growing population levels, which have fueled the demand for cheap residential houses. Presently, China is looking forward to developing and implementing cost-effective and durable construction processes and products. This is expected to increase the demand for mineral wool steel sandwich panels
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