Asia Pacific Sandwich Panel Market
Asia Pacific Sandwich Panel Market to Boost in Coming Years – Projected to Reach Worth USD 5,803.6 Million in 2028
Published | 21 September 2022
Rising technological advancement in diagnostic devices, automation, rising companion animal population coupled with the increasing trend of pet insurance is the key factor anticipated to propel the demand of the veterinary infectious disease diagnostics market in the forecast period.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Asia Pacific Sandwich Panel Market was worth USD 3,897.1 million in 2021, and it is further projected to reach USD 5,803.6 million by 2028, exhibiting a CAGR of 6.30% during 2022–2028 (forecast period). The rise of construction activities is driving the region's construction industry because of the region's expanding population and rapidly growing commercial sector. The construction of new structures is required due to the region's expanding population, placing stress on the area's existing infrastructure.
Rapid Infrastructure Development is driving the Asia Pacific Sandwich Panel Market
Construction volumes have significantly increased in the Asia Pacific, and it is critical for driving the sandwich panel market. Sandwich panels provide thermal and sound insulation, fast and lightweight installation, strength, and durability, which is why they are widely used in the construction of industrial buildings, commercial buildings, cold storage, residential buildings, power plants, and agricultural and husbandry buildings, among others. Moreover, the installation of sandwich panel walls is faster than masonry built of individual pieces. This is because sandwich panel installation requires fewer procedures than piece material laying, insulation, plastering, and painting, considerably reducing the number of personnel and risks on the construction site.
For example, as per Rauta Reliable Solutions (2022), a team of four persons can install up to 300 meters sq. of sandwich panels each day. Due to population growth, emerging countries such as China, India, and others are experiencing increased urbanization. Shanghai Chip Manufacturing Plant, Jingcheng Wafer, Integrated Circuit Packaging Plant: Phase I, Foshan Metro Line4: Phase I, Shanghai Metro Line 21: Phase I, and Hai Lang LNG Gas Power Center (4500 MW) are the largest construction projects started in the Asia Pacific in the first quarter of 2022. As a result of rapid urbanization, increased government and consumer investment in infrastructure projects will increase the growth of the sandwich panel market dramatically.
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The high Cost of Production is hindering the growth of the Asia Pacific Sandwich Panel Market
As the market is highly volatile, fluctuations in the prices of raw materials like aluminum and vinyl is common. Steel, PVC resin, aluminum, and glass are a few of the raw materials that manufacturers are highly reliant on for price and supply. The cost of production is high because of expensive manufacturing techniques. The structures are cured in an autoclave at high pressures and temperatures in a nitrogen-filled environment. During the curing process, dry carbon fiber preforms are saturated with epoxy resin. This is a major challenge in the growth of the Asia Pacific sandwich panel market.
Asia-Pacific Sandwich Panel Market, By Technology
Based on technology, the continuous segment of the Asia-Pacific sandwich panel market registered the highest share of 62.37 % in the market and acquired USD 2430.7 million in valuation in 2021. A continuous production process can produce medium-thickness panels with metal facings at an average rate of roughly 14 meters per minute. Assuming an efficiency of 80%, production equates to around 1,180,000 meters per year with one eight-hour shift each day over 220 days. In discontinuous segment, the components are handled individually, with the face sheets being made, trimmed to the required length, and then connected in a press where the foam is injected.
Impact Of COVID-19 on the Asia Pacific Sandwich Panel Market
The Covid-19 pandemic significantly impacted the construction industry as the lockdown restricted all construction activities. Reduced expenditure and consumption capacity, operational constraints, and fear of contagion have all played a major role. Construction companies and investors were seriously affected by the COVID-19 pandemic, as delays in project completion dates threatened project profitability. Moreover, according to ABS employment statistics, in Australia, employment in building and construction activities fell by 2.6% to 1,152,000 jobs by the end of 2020.
The Covid-19 pandemic instilled fear among people. Governments urged citizens to stay indoors and go out only in case of emergencies. The overall transportation sector crashed due to a lack of demand. For example, according to the Federation of Automobile Dealers Associations, total vehicle registrations in India dropped by 29.85% to 1,52,71,519 units in 2020-21, the lowest in the last eight years. Therefore, as the overall demand for sandwich panels fell, and the sales also went down.
India is Growing at a Significant Rate in The Asia Pacific Sandwich Panel Market.
The primary driver of the India Sandwich Panel Market is the rapid growth of the construction industry. The construction sector accounts for 9% of India's GDP. According to Invest in India, the Indian construction industry will be worth USD 738.5 billion by the end of 2022. By the end of 2025, India's construction industry will be the third-largest in the world. The introduction of 100 smart cities in India, as well as the rising demand for commercial space, are driving the growth of the country's construction industry.
The Asia Pacific Sandwich Panel Market is characterized by the presence of many local, regional, and global vendors. The market for veterinary infectious disease diagnostics is partially consolidated, with fierce competition among the leading players. The leading market players in the Asia Pacific Sandwich Panel market are Biomerieux S.A., Heska Corporation, IDEXX Laboratories, Inc., IDVet, Neogen Corporation, Boehringer Ingelheim Vetmedica, Inc., Dechra Pharmaceuticals PLC, Ceva Santé Animale, Bayer AG, Vetoquinol S.A, HESKA Corporation, Demeditec Diagnostics GmbH, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Asia Pacific Sandwich Panel Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Sandwich Panel Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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- Asia Pacific Sandwich Panel Market, by Material (Polyurethane, Polyisocyanurate, Mineral Wool, Expanded Polystyrene (EPS) And Others); Skin Material (Continuous Fibre Reinforced Thermoplastics (CFRT), Fibreglass Reinforced Panel (FRP), Aluminium, Steel and others); Technology (Continuous and Discontinuous); Applications (Aircraft, Transportation and Automotive, Construction, Cold Rooms, Packaging, Others); Country (Japan, Korea, Taiwan, Philippines, India, Australia, Indonesia, New Zealand, Thailand, Vietnam, Rest of APAC); Trend Analysis, Competitive Market Share & Forecast, 2018–2028
Publish Date: September 2022
There is a huge demand for a variety of building items due to the rapid growth of construction in nations like China and India. Over the past few decades, sandwich panels have proven to be a ground-breaking solution in the construction sector. The region's construction industry is being driven by the rise of construction activities because of the region's expanding population and rapidly expanding commercial sector.
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