Building Panels Market By Type (Concrete Panels, Structural Insulated Panels [SIPs], Precast Panels, Wood Panels, Metal Panels, Vacuum Insulated Panels [VIPs]); By Application (Residential Buildings, Commercial Buildings, Industrial Buildings, Infrastructure [e.g., bridges, tunnels]); By Raw Material (Concrete, Wood, Metal, Plastics, Fiber Cement, Gypsum); By End-use (Floors, Walls, Roofs, Staircases); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The building panels market was worth USD 170 billion in 2023 and will be worth USD 250 billion by 2030, growing at a CAGR of 5.5% during the forecast period.

 

The Building Panels market is led by the growing use of high-performance and eco-friendly products that offer insulation solutions in residential and commercial sectors. Construction expenditures worldwide in calendar year 2023 were expected to exceed $12 trillion for structures, lest Application advances demand for precast and insulated sandwich panels that provide for accelerated construction time and improved thermal performance. The increase in population density in various regions, such as Asia-Pacific, as a result of increased urbanization and the need for housing has also helped in the growth of this market. One of the recent trends relates to using SIPs and precast concrete panels for insulation purposes and as materials in green building initiatives. For instance, some of the smart city projects in China have integrated energy-saving building panels for the purpose of a green environment and low-carbon cities.

 

One of the most important trends driving the Building Panels market forward is the increasing popularity of construction that incorporates ecological principles such as green construction. By 2023, more than 40% of construction projects were dedicated to enhancing sustainability, which created immense opportunities for high-performance building panels such as structural insulated panels (SIPs) and green concrete panels. The other recent change has been to use recycled material in manufacturing the panels, cutting waste and emissions. For instance, during the current global campaigns for green buildings in Europe, new incentives have been introduced that are intended to encourage more developers to incorporate the use of prefabricated energy-efficient panels in residential and commercial buildings where this manufacturing trend can open prospects for new business.

 

 

Market Segmentation

By Type:

• Concrete Panels

• Structural Insulated Panels (SIPs)

• Precast Panels

• Wood Panels

• Metal Panels

• Vacuum Insulated Panels (VIPs)

 

By Application:

• Residential Buildings

• Commercial Buildings

• Industrial Buildings

• Infrastructure (e.g., bridges, tunnels)

 

By Raw Material:

• Concrete

• Wood

• Metal

• Plastics

• Fiber Cement

• Gypsum

 

By End-use:

• Floors

• Walls

• Roofs

• Staircases

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

Segment Analysis for the Building Panels Market

By Type:

Leading Segment: Concrete Panels

Concrete panels dominate the building panels market, holding over 40% of the revenue share. They are widely used in residential, commercial & infrastructure projects due to their durability, fire resistance & cost-effectiveness. Precast concrete panels are frequently utilized in bridge & tunnel construction, offering enhanced structural integrity. The segment is expanding steadily at a CAGR of 7% due to increasing urbanization & infrastructure projects globally.

Fastest-Growing Segment: Vacuum Insulated Panels (VIPs)

VIPs are experiencing rapid growth with a CAGR exceeding 12%. These panels are preferred for energy-efficient construction due to their superior thermal insulation properties. Adoption is high in regions with stringent energy regulations where VIPs are used in green buildings. For example, VIPs are increasingly deployed in high-end residential & commercial projects to reduce energy costs.

 

By Application:

Leading Segment: Residential Buildings

The residential segment holds the largest share of over 35% due to rising housing demands & government initiatives promoting affordable housing projects. In countries like India & China, large-scale residential construction drives demand for cost-effective and durable panels, such as wood and precast panels. Growth in this segment is supported by urbanization and population growth, with a CAGR of around 6.8%.

Fastest-Growing Segment: Infrastructure (e.g., bridges, tunnels)

Infrastructure is the fastest-growing application segment, with a CAGR of over 9.5%. Governments worldwide are investing heavily in infrastructure development, particularly in Asia Pacific. China’s Belt & Road Initiative and India’s Smart Cities Mission are driving demand for precast & concrete panels in bridges, tunnels & other infrastructure projects.

 

By Raw Material:

Leading Segment: Concrete

Concrete-based panels hold a dominant market share of over 40% due to their versatility, strength & cost-effectiveness. These panels are essential for large-scale projects such as bridges, high-rise buildings & industrial facilities. For example, precast concrete panels are widely used in the Middle East’s infrastructure projects to combat harsh environmental conditions.

Fastest-Growing Segment: Fiber Cement

Fiber cement panels are growing at a CAGR of 10% due to their lightweight, durable & eco-friendly properties. These panels are particularly popular in Europe and North America for cladding and roofing applications, where stringent regulations on sustainable construction are in place. For instance, fiber cement panels are increasingly used in zero-energy building designs.

 

By End-use:

Leading Segment: Walls

Wall applications account for over 50% of the market due to the high volume of panels required for both load-bearing & non-load-bearing walls in buildings. Concrete, wood, and fiber cement panels are commonly used for walls in residential and commercial structures. Growth is supported by trends in modular construction and prefabrication.

Fastest-Growing Segment: Roofs

Roof applications are growing at a CAGR of 9.8%, driven by increasing demand for energy-efficient and insulated roofs in residential & commercial buildings. Metal & structural insulated panels (SIPs) are particularly popular in cold climates, where enhanced thermal performance is crucial. For example, SIPs are widely used in Canada for residential roofing due to their high energy efficiency.

 

By Region:

Leading Region: Asia Pacific

Asia Pacific holds the largest market share, exceeding 40%, driven by rapid urbanization, population growth & infrastructure investments in China and India. China’s focus on affordable housing & India’s Smart Cities Mission have fueled the demand for precast concrete & fiber cement panels. The region’s market is projected to grow steadily at a CAGR of 7.5%.

Fastest-Growing Region: Middle East & Africa

The Middle East & Africa is the fastest-growing region, with a CAGR of over 10%. Significant investments in infrastructure projects, like the UAE’s Expo 2020 developments & Saudi Arabia’s NEOM city, have fueled demand for advanced building panels. The use of concrete and VIPs in high-end projects is particularly noteworthy in this region.

 

Key Players

• Panasonic Corporation

• Saint-Gobain

• Kingspan Group

• Nippon Steel & Sumitomo Metal Corporation

• Armstrong World Industries, Inc.

• Evonik Industries AG

• BMC Stock Holdings, Inc.

• LafargeHolcim

• Mueller, Inc.

 

Building Panels Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 170 billion
Revenue Forecast in 2030	USD 250 billion
Overall Growth Rate	CAGR of 5.5%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 - 2030)
Segmentation	By Type, By Material, By Application, By End-use, By Region
By Type	Concrete Panels, Structural Insulated Panels, Precast Panels, Wood Panels, Vacuum Insulated Panels
By Material	Concrete, Wood, Metal, Plastics
By Application	Residential Buildings, Commercial Buildings, Industrial Buildings
By End-use	Floors, Walls, Roofs
By Region	North America, Europe, Asia-Pacific, LAMEA
Country Scope	US, Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Australia, etc.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.