The latest market report published by Credence Research, Inc. “Global Wall Panels Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Wall Panels Market generated revenue of around USD 13.1 billion in 2022 and is anticipated to grow a CAGR of over 4.7% during the forecast period from 2023 to 2030 to reach around USD 18.06 billion in 2030.
Growing demand from the commercial and residential sectors, especially in the Asia-Pacific and European regions, is the key driver driving the market’s rise. The increase in construction activity in these locations has increased the demand for raw materials like wood, metals, PVCs, etc., leading to a rise in demand for panels. Wall panels are commonly considered an element of interior design. Yet, these panels are equally ideal for outdoor use. These wall-length panels are available in various materials, such as metal-clad boards and PVC sheets. Additionally, rising construction spending for aesthetically pleasing interior decoration in the residential and commercial sectors and rising advancements in building technologies employing automated manufacturing and installation are additional drivers driving market revenue development.
The global wall panels market is bifurcated into Product, Application, and Geography. Based on the product, the market is categorized into 3D Panel, Panels Made of Natural Wood, Chipboard panels, Hardboard Panels, MDF Panels, Glass Panels, Vinyl Gypsum Panels, and PVC Panels. On the basis of application, the global wall panels market is segmented into Residential, Commercial, and Other. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is projected to be the largest and fastest-growing market for wall coverings in 2022, with the United States and Canada as the major countries with considerable potential opportunities. The growth of the region’s market may be due to the rising per capita income of countries, the quick expansion of the building sector in the region, and the enormous number of wall panel manufacturers in the countries mentioned above.
Wall Panels Market current trends are an interesting topic to discuss as they showcase the changing preferences and needs of consumers. The market is currently experiencing a surge in demand for sustainable and eco-friendly wall panels made from materials such as bamboo, reclaimed wood, or cork. These alternatives to traditional materials offer unique textures and patterns that add character to any space while also being environmentally conscious.
The Wall Panels Market major players analysis sheds light on the key players operating in the market and their strategic moves to gain a competitive edge. The report delves into critical aspects such as market share, revenue generation, product offerings, and expansion plans of these companies. Some of the prominent names in this space include Kingspan Group, Armstrong World Industries Inc., Saint-Gobain S.A., NCI Building Systems Inc., and Owens Corning among others. These players are continually exploring innovative technologies to develop sustainable wall panels that cater to various end-use industries such as residential, commercial, healthcare, and hospitality sectors.
The wall panels market is expected to experience significant growth worldwide due to various factors.
- One of the primary growth factors is the increasing demand for energy-efficient and sustainable building materials.
- Wall panels are used as a building material for both interior and exterior walls and provide excellent insulation, durability, and aesthetic appeal. The growing demand for energy-efficient buildings and sustainable construction practices is driving market growth for wall panels.
- Moreover, the increasing demand for affordable housing, especially in developing countries, is driving market growth for wall panels. Wall panels are cost-effective and can be easily installed, making them an ideal choice for affordable housing projects.
- Furthermore, advancements in building technology and materials, such as the development of lightweight and fire-resistant wall panels, are driving market growth. These advancements have enabled manufacturers to improve the performance, safety, and durability of wall panels, leading to an increasing adoption of these products.
- Additionally, the growing demand for wall panels in the commercial and industrial sectors, such as warehouses, factories, and offices, is expected to create new opportunities for the wall panels market.
- Geographically, the wall panels market is expected to witness strong growth in Asia-Pacific and North America, where there is a significant demand for energy-efficient and sustainable building materials. The Europe region is also expected to witness significant growth, driven by the increasing adoption of wall panels in the residential and commercial construction sectors.
- Overall, the wall panels market is expected to experience significant growth worldwide in the coming years due to various factors such as increasing demand for energy-efficient and sustainable building materials, growing demand for affordable housing, advancements in building technology and materials, and expanding applications in the commercial and industrial sectors.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global Wall Panels market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global wall panel market segmentation based on product and application.
- The global Wall Panels market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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