TMR Analyzes Impact of Outbreak of COVID-19 on Steel Composite Panel Market

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

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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.

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