The concrete panel market in terms of volume is expected to be 570.06 million square meters in 2022 and is expected to record a CAGR of more than 5% during the forecast period (2022-2027).
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Are the main factors driving the market the rise of residential construction around the world? and desirable properties of impact resistance and durability.
The high initial cost compared to its traditional counterparts? it can act as a brake on the market.
Rising Trends for Aesthetic Enhancement? it is an opportunity for market growth in the future.
Main market trends
Growing demand in the commercial sector
The commercial sector is a key segment in the concrete panel market. Furthermore, the office sector is one of the crucial markets for the application of concrete slabs in the commercial segment. ? With the increase in commercial activities around the world, the demand for concrete slabs in this segment is increasing at a good pace. ?
Asia Pacific is driving growth in the global hotel industry, with an estimated 667 new hotels being launched in 2021, adding 162,102 rooms to APAC’s hotel offering. This rapid growth is set to continue into 2022 with 444 hotels planned and 111,798 rooms, followed by a further 179 properties with 43,735 rooms by 2023. 515 hotels with 127,104 rooms are confirmed for 2024.
North America has seen healthy growth in the commercial construction sector, thanks to significant investments in the United States and Canada. An estimated 1,162 new hotels, 135,228 rooms were opened in 2021 in the United States. ?
Several construction companies believe that Europe has a long future for offices and retail spaces. Additionally, several companies have invested in construction projects in the commercial sector, which are driving demand for concrete slabs.
These factors continuously drive the demand for concrete panels for commercial construction and is expected to grow significantly during the forecast period. ?
Asia-Pacific region to dominate the market
China is promoting and undergoing a process of continued urbanization, with a target rate of 70% for 2030. The increase in housing required in urban areas resulting from urbanization and the desire of middle-class urban residents to improve one’s living conditions can have a profound effect on the housing market and thus increase residential construction in the country which in turn will have a positive effect on the concrete panel market in the country.
However, in the second half of 2021, residential and non-residential construction in China slowed due to tighter control by developers of loan regulators. Additionally, the country’s second largest real estate developer, Evergrande Group, faced debt repayment problems that further slowed many construction projects.
As in India, the government is pushing huge projects over the next few years. The government’s “Housing for All” initiative aims to build over 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction (the largest category in the market), which will represent more than a third of the total value of the sector by 2023.?
The construction industry is India’s second largest industry with a contribution to GDP of around 9% and has shown promising growth in 2020 and 2021 with renewed production of around 8%. The Indian construction sector is expected to emerge as the third largest market in the world, with a size of nearly $ 1 trillion by the end of the forecast period.
Overall, demand growth for the market studied in the Rest of Asia Pacific is expected to be moderate during the forecast period.
The market for concrete panels is partially fragmented in nature. However, the top four or five market players hold a significant share in the global market. Some of the major players in the market include (in no particular order) James Hardie Industries Plc., Etex Group, Saint-Gobain, Johns Manville, and NICHIHA Co. Ltd, among others.
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