Composite panels are the factory engineered panels used as load baring walls, exterior cladding, partitioning, and roofing element in non-residential buildings. The panels are manufactured with a metal facing mostly aluminium or steel.
Growing demand for constructing innovative building designs is expected to boost the composite panels market. It is used as an alternative to concrete cladding due to its load bearing properties is expected to fuel the market growth. Lower maintenance cost of the panels along with weather resistance properties are expected to fuel the market growth. However, high production cost of panels is expected to hamper the market growth over the forecast period.
The type segment of the composite panels market includes metal composite panels, wood composite panels, rock wool composite panels and others. Metal composite panels market contributes major markets share and is expected to keep its dominance over the forecast period owing to increase in adoption of metal composite panels in building innovative designs and their flexibility.
The application segment of the market includes building, furniture, industrial equipment, and others. Building application segment is expected to be the largest segment in the market. Growing construction sector in various regions is expected to boost the market.
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Regional segment of the composite panels market includes North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The Asia Pacific region dominates the global composite panels market. Increasing adoption of composite panels in various end use industries is expected boost the market in the region.
Key players in the global composite panel market include EGGER Group, Sonae Indústria, SGPS, S.A., Louisiana-Pacific Corporation, SWISS KRONO GROUP, Norbord Inc., Georgia-Pacific LLC, Duratex S.A, Weyerhaeuser Company, Kastamonu Entegre, Masisa S.A., Finsa, Yatai Industrial Group Co., Ltd., Shanghai Jixiang Industry Co., Ltd., Schweiter Technologies AG, Alstrong Enterprises India Pvt. Limited, and Arconic Inc.