U.S. Sandwich Panel Market Size, Share & COVID-19 Impact Analysis, By Type (Polystyrene, Polyurethane, Mineral Wool, and Others), By Outer Material (Steel, Aluminum, and Others), and By Application (Residential and Non-Residential), and Country Forecast 2023-2030

The U.S. sandwich panel market size was worth USD 1,535.4 million in 2022 and is projected to grow at a CAGR of 8.2% during the forecast period.

Sandwich panels are known as modular building materials to cover the building structure. It is quick to manufacture and install. This saves the time for construction as compared to other systems. Therefore, it has increasing demand in the building & construction industry. In addition, rapid industrialization and the rising construction industry are primary factors behind the U.S. sandwich panel market growth. Growing investment in various electronics, logistics, and automotive industries has resulted in growth in residential and commercial construction projects. The increasing customer expenditure on construction and urbanization on a large scale is further projected to fuel market growth during the forecast period.

The COVID-19 pandemic significantly impacted every industry across the globe, including construction. Moreover, the crisis forced lockdowns in various nations. Strict lockdowns negatively impacted the supply chain of raw materials and products. In addition, residential and non-residential projects were ordered to shut down due to the lockdown and regulation activities. 

LATEST TRENDS

Increasing Demand Globally for Modern Construction Materials to Impel Market Growth 

Sandwich panel is an advanced building material due to its properties and valuable benefits. Such materials are demanded in construction to create safe, energy-efficient, durable, and sustainable houses. Moreover, a sandwich panel is exceptionally versatile and demanded in commercial and industrial construction. Cold storage facilities are one of the best examples of commercial buildings that demand panels in their construction. Such trends regarding sandwich panel use in the construction sector propel market growth.

DRIVING FACTORS

Increasing Demand for Sandwich Panels in Cold Storage Application to Foster Market Growth

Sandwich panels are in high demand from non-residential applications, including warehouses and cold storage facilities. The rising need to store sensitive items, such as frozen foods, at a steady temperature propels the demand for sandwich panels.  In addition, the increasing number of e-commerce channels and online grocery sales are expected to positively impact the demand for cold storage facilities during the forecast period.

Moreover, the panels are used in refrigerated trucks to transfer temperature-sensitive products. The increasing demand for dairy, ready-to-eat, and pharmaceutical products propels the demand for cold storage applications, which is expected to bolster the U.S. market growth during the forecast period.

Estimated Online Grocery Market Share in the U.S.

As per a study conducted by Invesp Company regarding online grocery, the online grocery demand is significantly increasing in the country.

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RESTRAINING FACTORS

Low Fire Performance of Sandwich Panel May Restrict Market Growth

The low fire resistance performance of sandwich panels is expected to restrain market growth during the forecast period. Few panels are very poor in sustaining fire situations as compared to construction materials. Moreover, a sandwich panel offers excellent thermal insulation however it lacks fire performance. It is designed in a way that offers lightweight properties. Fireproofing material creates excessive weight and high cost. Therefore, sandwich panels lack fire-resistance performance compared with other construction materials.

SEGMENTATION

By Type Analysis

On the basis of type, the market is divided into polystyrene, polyurethane, mineral wool, and others. The polyurethane segment accounted for a dominating share of the market in 2022 and is expected to lead during the forecast period. Lightweight, strong corrosion resistance, high density, and cost-effectiveness are properties of the polyurethane type. Therefore, the polyurethane segment is expected to hold the leading market share and to register significant growth in the market during the forecast period. In addition, this panel type is economical and easily available in the market.

• As per the Polyurethane Foam Association, North America produces more than 1.5 billion pounds of flexible polyurethane foam every year.

By Outer Material Analysis

Based on outer material, the market is categorized into steel, aluminum, and others. The steel segment held the dominant U.S. sandwich panel market share in 2022. The dominance of this segment can be attributed to the cost-effective properties of steel as compared to other materials. In addition, steel material offers lightweight nature, structural strength, ease of installation, and excellent insulation properties. Therefore, it has increasing demand in cold storage and warehouses.

By Application Analysis

Based on application, the market is bifurcated into residential and non-residential. The non-residential segment is projected to gain the largest share during the forecast period. It includes commercial infrastructure, industrial buildings, cold storage facilities, and institutional buildings. The growing demand for cold storage facilities is propelling the segment growth.

• As per the American Frozen Food Institute, the U.S. reached its frozen food sales of more than USD 72 billion in 2022. Such growth is due to COVID-19 pandemic. In the pandemic 2020, the region's frozen food sales reached over USD 65 billion.

KEY INDUSTRY PLAYERS

With respect to the competitive landscape, the market shows the presence of established and emerging manufacturing companies. Key players include Kingspan Group, Tata Steel, Sintex Group, ArcelorMittal, and DANA Group. Industry players compete mainly in terms of the product’s application characteristics and price. Moreover, companies are focusing on collaborations, acquisitions, product innovations, and social marketing.

LIST OF KEY COMPANIES PROFILED:

• Kingspan Group (Ireland)


• Tata Steel (India)


• Sintex Group (India)


• ArcelorMittal (Luxembourg)


• DANA Group (U.S.)


• Teknopanel (Turkey)


• The Gill Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS: 

• December 2022 – Ruukki Construction acquired a roof and wall profile maker, Poimukate Oy. Poimukate, a manufacturer of steel-based accessories, façade cladding products, and roofing sheets, which employed around 30 people and its sale in 2021 was about USD 7 million. This move helped the company complete its roof solutions strategy and strengthened its services and products delivered to customers across Finland.


• April 2021 – Kingspan Group entered an investment partnership with H2 Green Steel. H2 Green Steel could reduce embodied carbon in Kingspan insulated panels by more than 45% in the future.

REPORT COVERAGE

An Infographic Representation of U.S. Sandwich Panel Market

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The study report thoroughly examines key factors, such as leading companies, applications, and products. It also provides information on market trends and highlights significant industry advancements. The study includes different variables that have contributed to market growth in recent years and the factors listed above. It examines the industry's newest market dynamics, opportunities, historical data, and revenue growth estimates at the country levels.

Report Scope & Segmentation