Global structural insulated panels market was valued at USD 11.17 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.5%) between 2021 and 2028. The market is expected to be driven by favorable green building standards and regulations that encourage the use of insulation materials in buildings. This, along with growing investments in cold chain infrastructure development across the globe, are key factors. Because they are lighter, more attractive and have better thermal performance, structural insulated panels (SIPs), are expected to be widely accepted. The Federal Energy Policy Act 2005 provides a tax credit up to USD 2000 for builders of energy-efficient new homes built according to the Federal Manufactured Homes Construction and Safety Standards.
Due to its cost-effectiveness and robust insulation properties, the U.S. market for structural insulated panels was led by the polystyrene segment in 2020. Future product demand in the U.S. market will be driven by investments in renovations of old buildings.
Because of their ability to speed up construction times, structural insulated panels are widely used for warehouse construction. There is an increasing demand for warehouses and delivery hubs in the sector due to the growth of the eCommerce industry. The market is expected to grow due to the positive effect of major technology companies like Amazon, Google, Microsoft and Alibaba setting up local data centers.
Structural insulation panels are made at manufacturing facilities, and then shipped to the jobsite in a ready for installation state. Due to their fireproof properties, durability, and superior finish, metal sheets are becoming a popular choice for facing materials. Insulated metal panels can be applied directly to exterior walls of buildings by being available in a range of colors.
For the production of structural insulated panels, raw materials include Polyisocyanurate(PIR), Polyurethane(PU), Expanded Polystyrene/EPS, Extruded Polystyrene [XPS], and other. These products are all downstream derivatives from crude oil. The volatile price of crude oil on the international market is a major inhibitor to this industry's growth.
Polystyrene dominated the market, accounting for 72.0% of global revenue in 2020. It will continue to hold this position through the forecast period. These products are highly in demand due to their cost-effectiveness, dust and moisture resistance, and high demand. The tough, resilient surface of polystyrene provides a greater degree of puncture resistance as well as quakeproof properties. The fastest CAGR is expected to be in the polyurethane sector between 2021 and 2028.
The price of structural insulated polyurethane panels is higher than for other products, like polystyrene or glass wool. They are popularly used for insulation of cold chain storages due to their excellent thermal insulation and vapor diffusion resistant properties. The increasing importance placed on cold chain infrastructure development is expected to drive product demand in the forecast period. Due to its superior thermal insulation, fire resistance and noise insulation properties, the glass wool segment will grow at a 5.8% CAGR over the forecast period.
Walls and floors dominated the market, accounting for over 46.0% of global revenue in 2020. The segment is growing because of the increasing awareness about the economic benefits of effective building insulation. Wall insulation is an essential element to improve the energy efficiency of buildings. Insulated walls and floors can be combined to create a protective environment that eliminates heat transfer from outside through conduction radiation. This will reduce energy consumption for heating and cooling.
Because of its exceptional structural strength and insulation capabilities, the product is popular in cold storage. SIPs can be used in walls, ceilings and roofs for cold storage, freezers and food processing buildings. They can also retrofit existing controlled environments structures such as dry warehouses where temperature and insulation is important. A significant demand has been generated by the recent pandemic. This is to establish cold chain infrastructure in order to protect the Covid-19 vaccines as well as ensure seamless delivery.
North America was the dominant market, accounting for 38.0% of global revenue in 2019. The market's growth is due to increased demand from the North American residential sector, a highly developed cold chain and logistics industry, as well as government initiatives to improve social infrastructure. The market will be driven by rising awareness about the benefits of insulation in building structures over the next few years.
Due to rapid growth in the residential and commercial construction sector and the adoption of green building standards, the Asia Pacific region is expected to grow the fastest. Over the forecast period, Africa and Middle East are expected to experience a substantial CAGR. Due to its dry climate and low rainfall, the region imports most of its food products from abroad. UAE is the regional's leading importer and trader of food products. It is seeing increasing investments in cold storage and cold chain logistics. This drives the demand to structural insulated panels.
The market's major companies are working hard to expand their product range by creating cost-effective insulation products that have enhanced properties. Through their network of installers and contractors certified by the manufacturer, they are also involved in product installation. These systems require expert services which may impact the final price. Dynamic market conditions are possible because companies invest heavily in R&D related to product manufacturing, supply and installation. The following are some of the major players in the global market for structural insulated panels:
Metl-Span
Kingspan Group
PFB Corporation
Isopan
KPS Global
American Insulated Panel
Structural Panels Inc.
All Weather Insulated Panels
Ingreen Systems Corp.
Owens Corning
Up Market Research published a new report titled “Structural Insulated Panels Market research report which is segmented by Application (Roofs, Walls & Floors), by Product (Polystyrene, Polyurethane), By Players/Companies Kingspan Group, Isopan, KPS Global, Ingreen Systems Corp, Structural Panels Inc, PFB Corporation, Metl-Span, All Weather Insulated Panels, Owens Corning, American Insulated Panel”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Structural Insulated Panels Market Research Report |
By Application | Roofs, Walls & Floors |
By Product | Polystyrene, Polyurethane |
By Companies | Kingspan Group, Isopan, KPS Global, Ingreen Systems Corp, Structural Panels Inc, PFB Corporation, Metl-Span, All Weather Insulated Panels, Owens Corning, American Insulated Panel |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 250 |
Number of Tables & Figures | 175 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Roofs, Walls & Floors), by Product (Polystyrene, Polyurethane).
Structural Insulated Panels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Structural Insulated Panels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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