The building panels market is one of the fastest-growing sectors and serves most of the construction industries which include residential and non-residential such as commercial, infrastructure, and industrial. Building panels lessen delay in construction time, lower labor requirements, are cost-efficient, result in less wastage of materials as compared to site built construction, enable worker safety, and are environment-friendly. These advantages, along with factors such as rapid urbanization and industrialization drive the demand for building panels market. Increase in GDP of countries has enabled them to invest in new constructions and infrastructural development projects and also increased the per capita income of an individual, which in turn has resulted in the growing demand for new constructions, thus providing growth opportunities for the building panels market. MarketsandMarkets projects the global market for building panels 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.
The growth of the building panels was largely influenced by new product launches and agreements, contracts, and collaborations in the past five years. The year 2015 experienced a large number of new product launches by top players in the market. Agreements, contracts, and collaborations also formed an essential part of their strategies, which led to the growth of the companies in emerging markets. Most players in the market hold long-term contracts with their clients for the supply of building panels to construction sites. Considerable investments were made in technology upgradations and servicing facilities across developed and emerging markets. The major players include companies such as 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).
