인도의 샌드위치 패널 시장 평가 : 심재 유형별, 두께별, 용도별, 건설 유형별, 최종 이용 산업별, 지역별 기회 및 예측(2018-2032년)

India sandwich panel market is projected to witness a CAGR of 8.07% during the forecast period FY2025-FY2032, growing from USD 558.61 million in FY2024 to USD 1,039.32 million in FY2032. Sandwich panels are witnessing growth in India due to rapid urbanization and industrialization and the increasing demand for energy-efficient construction materials. There is a demand for sandwich panels from a variety of sectors, including food and pharmaceuticals, as sandwich panels are a prerequisite for cold storage facilities. In the wake of expanding Indian cold chain logistics, good insulation solutions like sandwich panels have become indispensable. The government is making initiatives through investment in infrastructure development and affordable housing, which will increase the demand for panels. Sandwich panels can be used for various applications in industrial buildings, infrastructures associated with commercial purposes, and residential constructions, driving India's sandwich panel market growth in the near future. They are lightweight and have excellent thermal insulation properties, making them fundamentally attractive in the context of sustainable construction practices. The sandwich panels market is filled with diverse product categories in different dimensions, thicknesses, and finishes to fit best the aesthetic and functional requirements of architects and builders. This makes the construction process easier while ensuring energy efficiency and operational cost savings for the entire lifecycle of buildings. Sandwich panel companies are collaborating with foreign companies to manufacture innovative sandwich panels that will benefit them in the long run.

For instance, in May 2024, WNL B.V. and Tata Steel Limited collaborated to manufacture unique sandwich roof panels for the greenhouse construction sector. These sandwich panels are durable and low maintenance, and they contribute to energy conservation, fostering the sales of sandwich panels in India and abroad.

Non-Residential Construction Drives the Sandwich Panel Market

Non-residential construction drives the sandwich panels market as they are manufactured and installed within a short period to offer better insulation than the other systems. Sandwich panels are highly energy-efficient and minimize smoke contamination through non-combustible insulation. The excellent thermal insulation from sandwich panels makes it possible to maintain spaces warm or cooled. It maximizes savings in heating and cooling in non-residential buildings, which aligns with the customers' demands, eventually boosting the demand for sandwich panels in the market. Since they weigh less, construction and work processes go faster, making them ideal to use in industry. As a result, sandwich panels are utilized in non-residential construction projects, such as industrial buildings, factories, warehouses, public buildings, and pharmaceutical companies' storage houses, further fostering India sandwich panel market. The Indian real estate market is on the cusp of transformative growth due to government incentives and funding in the infrastructure sector.

For instance, in September 2024, according to CBRE Group, Inc. reports, significant growth is anticipated in the residential and non-residential sectors this year, with real GVA for FY2023-24 coming in at 7.2% and for the previous year at 6.7%. The retail segment continues to move along its upward trajectory, with focus areas being experiential shopping and expansion beyond Tier-I cities. As businesses strive to develop efficient and attractive commercial spaces, the demand to install sandwich panels will increase.

Automation in Manufacturing Drives the Sandwich Panel Market

Automation in manufacturing facilities in the Indian market is driving the demand for sandwich panels as technological advancements in the sandwich panel manufacturing process enhance quality, efficiency, and customization. The modern automated production line offers panel manufacturing for uniform quality and performance under precise control. Furthermore, recent advancements in continuous manufacturing technology enable the development of sandwich panels for specific applications, including cold storage and commercial buildings. The newly developed core materials, which include fiber-reinforced polymers, offer increased strength and fire resistance, meeting the demand for building materials that possess a higher quality level. Furthermore, due to the rising popularity of sustainable practices in association with green construction worldwide, manufacturers are adopting eco-friendly materials and processes for making products. Companies increasingly include automation in their manufacturing to maximize efficiency and improve quality. Automated production lines ensure that the manufacturing of sandwich panels is more accurate and uniform without creating much waste.

For instance, in June 2024, ALFAA PEB LIMITED announced the grand opening of our fully automated manufacturing plant in Raipur, Chhattisgarh. With this new addition, they claim to become the largest manufacturer of sandwich panels in India by manufacturing more sandwich panels that are more accurate and of better quality. Their expanded capacity solidifies our commitment to providing top-quality products to our customers nationwide.

New Construction to Poise Fair Share in the Market

Sandwich panels are manufactured for easy production and quick installation in new buildings, thus saving time while providing excellent insulation superior to any other traditional building system. Furthermore, the growing demand for lightweight materials and increasing concern about reducing fuel consumption and emissions from construction projects will likely drive the demand for sandwich panels over the next few years. As a result, sandwich panels are utilized in non-residential construction projects, such as industrial buildings, factories, warehouses, public buildings, and purification projects. The growing need for modern infrastructure increases the demand for more advanced sandwich panels to meet the diverse needs of customers in the market. These panels can be installed quickly and provide exceptional insulation, making them a favorite among builders and developers aiming to create effective, sustainable structures in an evolving market. The increasing public-private partnership projects, the surging government funding for the development of commercial buildings, and the rising renovation activities related to public buildings are some of the prime aspects spurring the development of new construction projects.

For instance, in May 2024, GX Group to set up a new facility will involve an expenditure of approximately USD 11.89 million for land, building, and machinery, in line with the Centre's Atmanirbhar Bharat (self-reliant India) ambition in India. This will propel the growth of the sandwich panels market in India. In December 2023, Panattoni Development Company, Inc. announced the development of a new 360,000 square feet warehouse in India. It is thus evident from the data presented above that new construction projects will continue to grow further, which will enhance the growth prospects of the sandwich panels market.

Southern India Holds a Major Share in the Overall Market

The sandwich panels market is growing significantly owing to rising demand from the construction industry in Southern India. Cities like Bengaluru, Chennai, and Mumbai are driving this demand. Additionally, the increasing construction of residential buildings contributes to the market's growth in the forecast period. Government spending on new infrastructure projects and the increase in public-private collaborations for housing positively influence the demand for the building and construction industry in Southern India, which supports the sandwich panels market.

For instance, in November 2024, Electronic components and spare parts supplier to prominent global companies AmberResojet Private Limited planned to establish manufacturing facilities in Telangana with an investment of USD 29.5 million. The company has committed to setting up state-of-the-art manufacturing plants over the next three years. The company plans to establish an advanced printed circuit board (PCB) production facility in Telangana soon. Due to this, the Southern India region is witnessing an increasing number of construction projects currently underway, contributing to the growth of the building products market.

Future Market Scenario (FY2025-FY2032F)

The Atmanirbhar Bharat Abhiyan, launched by the Government of India, is expected to stimulate the construction of new sandwich panel manufacturing plants in the country in the foreseeable future.

The growing emphasis on sustainable building and construction materials is set to significantly sandwich panel markets as environmentally conscious consumers and businesses are prioritizing eco-friendly materials and promoting energy efficiency.

Government initiatives for new residential projects, especially in western and southern regions, will boost the demand for sandwich panels, spurring market growth.

Polyurethane-based sandwich panels will experience more traction to upscale market growth in the coming years. This surge in demand can be attributed to their exceptional insulation properties, lightweight design, and versatility in various construction applications.

Key Players Landscape and Outlook

Sandwich panels have considerably more benefits than traditional materials regarding energy efficiency and reduced maintenance. Tata Steel Limited, ALFA PEB LIMITED, EPACK Polymers Private Limited, Metecno Group, and Kingspan Group dominate the market. These companies are actively leveraging their technical potential and expertise to develop a new range of products related to sandwich panels and increasing their research and development (R&D) capabilities to expand their revenue share in the global sandwich panel market. These strategies are elevating the sandwich panels market competition among the key players in India. Companies in the market have been launching innovative sandwich panel products with better quality and features to help meet the developing demands of real estate developers and contractors.

For instance, in June 2024, Kingspan Group installed JinRoc AWP panels in one of their projects; these sandwich panels not only enhance the structural integrity of the building but also significantly improve thermal efficiency, making them an ideal choice for modern construction. By leveraging advanced technology in their design and manufacturing, Kingspan ensures that these panels meet the highest quality and performance standards, contributing to sustainable building practices and reducing energy consumption in the long run.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Brand Awareness
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Features and Other Value-Added Service
  • 4.3.2. After-Sales Support and Services
  • 4.3.3. Sustainability
• 4.4. Consideration of Privacy and Regulations

5. India Sandwich Panel Market Outlook, FY2018-FY2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
  • 5.1.2. By Volume
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Material Type
    • 5.2.1.1. Polyurethane (PUR)
    • 5.2.1.2. Polyisocyanurate (PIR)
    • 5.2.1.3. Expanded Polystyrene (EPS)
    • 5.2.1.4. Mineral Wool
    • 5.2.1.5. Others
  • 5.2.2. By Thickness
    • 5.2.2.1. Below 50mm
    • 5.2.2.2. 51-100mm
    • 5.2.2.3. 101-150mm
    • 5.2.2.4. 151-200mm
    • 5.2.2.5. Above 200mm
  • 5.2.3. By Application
    • 5.2.3.1. Wall
    • 5.2.3.2. Floor
    • 5.2.3.3. Roof
    • 5.2.3.4. Others
  • 5.2.4. By Construction Type
    • 5.2.4.1. New Construction Projects
    • 5.2.4.2. Repair and Renovation Construction Projects
  • 5.2.5. By End-use Industry
    • 5.2.5.1. Residential Construction
    • 5.2.5.2. Non-Residential Construction
      • 5.2.5.2.1. Factories and Warehouse
      • 5.2.5.2.2. Distribution Centers
      • 5.2.5.2.3. Commercial Showrooms and Offices
      • 5.2.5.2.4. Shopping Malls and Supermarkets/Hypermarkets
      • 5.2.5.2.5. Sports Facilities and Restaurants
      • 5.2.5.2.6. Others
  • 5.2.6. By Region
    • 5.2.6.1. North
    • 5.2.6.2. South
    • 5.2.6.3. East
    • 5.2.6.4. West and Central
  • 5.2.7. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Core Material Type
  • 5.3.2. By Thickness
  • 5.3.3. By Application
  • 5.3.4. By Construction Type
  • 5.3.5. By End-use Industry
  • 5.3.6. By Region

6. Demand Supply Analysis

7. Import and Export Analysis

8. Value Chain Analysis

9. Porter's Five Forces Analysis

10. PESTLE Analysis

11. Pricing Analysis

12. Market Dynamics

• 12.1. Market Drivers
• 12.2. Market Challenges

13. Market Trends and Developments

14. Case Studies

15. Competitive Landscape

• 15.1. Competition Matrix of Top 5 Market Leaders
• 15.2. SWOT Analysis for Top 5 Players
• 15.3. Key Players Landscape for Top 10 Market Players
  • 15.3.1. Tata Steel Limited
    • 15.3.1.1. Company Details
    • 15.3.1.2. Key Management Personnel
    • 15.3.1.3. Products and Services
    • 15.3.1.4. Financials (As Reported)
    • 15.3.1.5. Key Market Focus and Geographical Presence
    • 15.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisitions
  • 15.3.2. ALFA PEB LIMITED
  • 15.3.3. EPACK Polymers Private Limited
  • 15.3.4. Metecno Group
  • 15.3.5. Kingspan Group
  • 15.3.6. Wedge Group
  • 15.3.7. Welspun Corp Limited
  • 15.3.8. Multicolor Steels India Private Limited
  • 15.3.9. Panjetani Buildwell Private Limited
  • 15.3.10. Ice Make Refrigeration Limited

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

16. Strategic Recommendations

17. About Us and Disclaimer