Composite Panel Market By Type (Metal composite panel, Wood composite panels, Rock wool steel composite panel) By Application (Building, Furniture, Industrial Equipment) and Region - Global Forecast to 2026
2 January 2018
The global composite panels market was valued at US$ 57,650 Mn in 2017, and is expected to register a CAGR of over 5%. The report offers in-depth insights, revenue details, and other vital information regarding the global composite panels market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global bioethanol market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global composite panels market is segmented on the basis of type, application, and region.
Composite panels are panels used for partitioning, facades, exterior cladding, roofing, decking, flooring, etc. This panels have high stability, insulation properties, excellent load-bearing capacity, and stain & weather resistance.
Global Composite Panels Market Dynamics:
Increasing demand for composite panels from construction and other sectors is a major factor driving growth of the global composite panel market, owing to development of innovative buildings, and availability of panels in different textures, size, and colors. In addition, composite panels are manufactured as a single unit owing to which they can be easily installed and this panels offer high insulation with low thickness & are light weight. This are some other factors expected to drive growth of the global composite panel market.
Composite panels are considered as better alternative to masonry or concrete cladding. Composite panels that are manufactured now are much energy efficient as compared to conventional panels as they have an inherent insulation value and airtight transition between the floor and foundation.
Furthermore, plywood and OBS structural panels are used in transportation equipment like dry van trailers, truck bodies and utility trailers and vans. In addition, tough, durable, resistance plywood is used in busses and trains. Thus, the increasing application for wood based panel is expected to drive the growth of the market
However, high cost of raw materials and stringent regulations are primary factors expected to hamper the growth of the global wood based panels market. Most of the cost is incurred in suppling of the log from forest areas to mills or the port which in turn increases the cost of goods.
Development of composite panels with cost-effective core materials with higher efficiency and longer durability can create high potential revenue opportunities for players in the global composite panel market. Moreover, development of composite panels that are susceptible to damage due to harsh weather conditions is expected to further create opportunities for existing as well as new players in the target market.
Market analysis by type:
On the basis of type segmentation, the metal composite panel segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Aluminum is the highly used metal composite material. Growing demand in end use industries such as trim boards, furniture, flooring, and decorative molding is expected to boost the demand for aluminum composite panels over forecasted period. Industrial expansions in emerging economies like China, India, Indonesia, Russia, and Brazil is expected to fuel the demand for metal composite panels over the years.
Market analysis by application:
Among all the application segments, building segment accounted for highest revenue contribution to the global composite panel market, owing to factors such as increasing adoption of composite panels in various types of buildings such as commercial buildings, multiplexes, hotels, corporate offices, hospitals, air ports, show rooms, shopping malls, and metro stations for the purpose of wall cladding, facades, roofs, and ceilings of buildings.
Rising acceptance of Aluminum Composite Panel (ACP)s as external claddings for buildings to provide protection from harming effects of sunlight, rain water, and dust, owing to factors such as light weight, durable, weather resistance, low & easy maintenance, and excellent color uniformity. This factor is expected to fuel growth if this segment exponentially.
Analysis by Region:
Asia Pacific market is expected to dominate the global composite panel market, and it accounts for largest revenue share as compared to that of markets in other regions. Dominance by Asia Pacific market is expected to continue over the forecast period with a CAGR over 6.4%, owing to higher demand among consumers in countries in the region. Presence of leading composite panel manufacturers in this region and increasing demand for end applications is expected to fuel the market growth over the forecast period.
Increasing adoption of aluminum composite panels in various end use industries, and increasing use of engineered wood panels in furniture, and flooring in residential and commercial buildings are major factors expected to boost growth of the North America composite panel market to a significant extent.
Moreover, rising demand for thermally fused laminate (TFL) panels, and medium density fiberboards (MDFs) for office & residential furniture, and high quality aluminum composite panels that are rugged and can withstand extreme weather conditions for signage is also expected to boost growth of the North America composite panels market. However, unavailability of insurance for composite panels that contain Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), and Polyurethane (PUR) as core materials is expected to be the major factor hampering the market growth in the region.
Asia Pacific is estimated to be the fastest growing region in the global composite panel market. High adoption rate of composite panels in various end use industries, availability of cost-effective raw material and labor, and rising demand for aluminum composite panels in emerging economies in the region are major factors expected to fuel growth of the Asia Pacific composite panel market over the forecast period. Increasing investments by government and private organizations for development of infrastructure in emerging economies is another factor expected to boost demand for composite panels and in-turn contribute to growth of the Asia Pacific composite panels market substantially.
Global composite panels segmentation, by type:
- Metal composite panel
- Wood composite panels
- Rock wool composite panels
Global composite panels segmentation, by application:
- Industrial Equipment
Global composite panels segmentation, by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- EGGER Group
- Sonae Indústria
- SGPS, S.A.
- Louisiana-Pacific Corporation
- SWISS KRONO GROUP
- Norbord Inc.
- Georgia-Pacific LLC
- Duratex S.A
- Weyerhaeuser Company
- Kastamonu Entegre
- Masisa S.A.
- Yatai Industrial Group Co., Ltd.
- Shanghai Jixiang Industry Co., Ltd.
- Schweiter Technologies AG
- Alstrong Enterprises India Pvt. Limited
- Arconic Inc.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
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