According to the research report titled ‘Global Building Panels Market Size study, by Type (Concrete Panels, Vacuum Insulated Panels (VIP), Structural Insulated Panels (SIP) and Wood Panels), By Application (Residential and Non-Residential), By Raw Material (Concrete, Plastic, Metal, Wood and Silica), By End-user (Floors & Roofs, Walls, Columns & Beams and Staircases) and Regional Forecasts 2019-2026’, available with Market Study Report, global building panels market was worth USD 192.71 billion in 2018 and is expected to grow with a CAGR of 6.21% during 2019-2026.
 

For the record, building panels are utilized to construct external and internal structures of a building. These panels can be developed using concrete, wood and other materials.
 

The building panels industry is expected to register substantial growth primarily due to high resistance to UV rays and better impact strength of the product. Building panels reduce the construction cost while offering accurate housing solutions. Advancements in building panels have resulted in the development of insulated panels, in turn fueling the market size.
 

Escalating investments by government entities towards infrastructural development along with flourishing construction industry are fostering the demand for building panels. However, economic downturn may act as a restraining factor for the global building panels market scenario.
 

As per type, structural insulated panels market segment is presumed to grow significantly during the forecast period. These products do an exceptional job in reducing the transfer of vapor, air and heat through the assembly, hence insulating the enclosed structure.
 

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Considering the geographical landscape, Asia-Pacific is predicted to hold a substantial share in the global building panels industry by the year 2025. Increasing infrastructural development in both semi-urban and urban provinces, growing population, rising per capita income and rising construction activities are favoring the business outlook in Asia-Pacific region.
 

Notably, the prominent companies in worldwide building panels market are LG Hausys Ltd., Mueller Inc., ATAS International Inc., BMC Stock Holding Inc., Armstrong World Industries Inc., Dow Corning Corp., Huntsman International LLC, Lafarge S.A., Nippon Steel Corp. and Saint-Gobain S.A. among others.