Steel Composite Panel: Introduction
- Stainless steel composite panel comprises two sheets of stainless steel sandwiching a solid core of extruded thermoplastic material formed in a continuous process using no glues or adhesives between dissimilar materials
- The core shall be free of voids and/or air spaces and does not contain foamed insulation materials. The bond between the core and the skins shall be a chemical bond.
Increase in building & construction activities to drive steel composite panel market
- Building & construction is estimated to be a prominent application industry of steel composite panels. The steel composite panels market is driven by an increase in standardization in architecture that fueled the installation of steel composite panels in new constructions and due to the superior quality of durability, fire resistance, anti-bacterial, and weatherproof properties that steel composite panels offer. Emerging markets, such as Asia Pacific, have contributed to an increase in the application of steel composite panels in building & construction. High repairing cost if broken or dented is a key factor restraining the steel composite panels market.
- Rise in demand for high-performance steel composite panels and standardization in the building & construction industry led to the development of the installation of steel composite panels. Optimal fire, weather, and chemical resistance and lightweight features of steel composite panels coupled with the emerging international building codes that have challenged the construction market to be design-oriented with sustainability and energy efficiency are key factors influencing growth.
- Thus, the factors mentioned above are anticipated to drive the steel composite panel market in the near future
Applications of Steel Composite Panel
- The market in Asia Pacific is projected to expand at a rapid pace during the forecast period, followed by Latin America. In Asia Pacific, China is a prominent consumer for steel composite panels, followed by Japan. China, with its expanding building & construction industry, is expected to drive the steel composite panels market. Japan, with its growing inclination toward convenient and safe building materials, is expected to drive the steel composite panels market in Asia Pacific.
COVID-19 Impact on Global Steel Composite Panel Market
- The global coronavirus outbreak is expected to pose severe challenges to the global steel composite panel market. Steel composite panel is primarily employed in the building & construction industry. Therefore, contraction of the building & construction industry is likely to adversely affect the steel composite panel market in the near future. Extension of the lockdown in various countries across the world has led to supply chain disruptions. This, in turn, is anticipated to hamper the market in the near future.
North America to Hold Major Share of Global Steel Composite Panel Market
- In terms of region, the global steel composite panel market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In terms of volume, Asia Pacific dominated the global steel composite panel market in 2019. This can be ascribed to expansion of the construction sector in developing countries, such China and India, in the region.
- Europe is anticipated to create lucrative opportunities for the steel composite panel market due to an increase in usage in various applications such sidewalks and driveways
- The steel composite panel market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period, due to the sluggish expansion of the building & construction industry in the region
Key Players Operating in Global Market
- The global steel composite panel market is fragmented, with players focusing on incorporating advanced technologies to gain higher market share. These players offer a complete portfolio of products and focus on different business strategies to strengthen their position.
Prominent players operating in the global steel composite panel market include:
- Wisdom Metal Composites Ltd.
- Jiangyin Yoobond New Composite Materials Co.,Ltd.
- Alubond U.S.A.
- EconCore N.V.
Global Steel Composite Panel Market: Research Scope
Global Steel Composite Panel Market, by Application
- Building & Construction
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.