Global Structural Insulated Panels Market to Generate $638.4 Million and Exhibit a CAGR of 5.1% from 2021 to 2028 [175-Pages] | Declared by Research Dive
The global structural insulated panels market is expected to witness substantial growth in forecast period, due to the rising demand for SIPs in the construction industry worldwide. The Europe region is expected to witness fastest growth by 2028.
NEW YORK, July 7, 2022 /PRNewswire/ -- Research Dive in its latest published report estimates that the global structural insulated panels market will generate $638.4 million and exhibit a CAGR of 5.1% from 2021 to 2028.
Market Dynamics
The demand for structured insulated panels (SIPs) is increasing across the globe as these panels are widely used in construction of floor, walls, and roofs. Besides, SIPs offer broad range of benefits to all levels of building design for designers, architects, builders, and even the residents. For example, SIPs offer freedom to architects to create custom as well as creative design without the restrictions of conventional building materials. All these factors are estimated to propel the growth of the global structural insulated panels market during the forecast period. Moreover, the role of structural insulated panels in supporting green construction to create huge growth opportunities for the structural insulated panels market by 2028. However, poor moisture and of pest resistance of SIPs is expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Structural Insulated Panels Market
The COVID-19 pandemic has negatively impacted the global structural insulated panels market growth. The negative growth of the market is majorly owing to the financial crisis led by the pandemic and the decline in residential construction activities due to mass migration of labor and clamping down of construction activities. Besides, the remote working has led to underutilization of office spaces resulting in falling demand for commercial construction. These factors have drastically impacted the market growth during the pandemic period.
Key Segment Findings of the Structural Insulated Panels Market:
The research report segments the structural insulated panels market into insulation material, facing material, application, end-use, and region.
- Based on insulation material, the expanded polystyrene (EPS) sub-segment is estimated to surpass $531.2 million by 2028 and account for the majority of the market share over the forecast period. This is mainly due to wide usage of EPS as a type of foam board insulation, which is a closed-cell type of insulation that offers an R-vale of R-4 to 5 per inch of thickness. Besides, EPS panels are available in different sizes ranging from 4 to 24 feet in width.
- Based on facing material, the oriented strand board (OSB) sub-segment of the global structural insulated panels market accounted for $279.8 million in 2020 and is estimated to hold dominating market share over the forecast period. This is majorly because OSB is widely used for roof covering, floor underlayment, and wall sheathing for both residential and commercial applications. Besides, OSB is inexpensive and is readily available.
- Based on application, the walls sub-segment is projected to generate $382.3 million by 2028 and is expected to hold maximum market share during the analysis period. This is mainly due to wide usage of SIPs in the construction of walls as they are stronger, less susceptible to shifting, and structurally superior as compared to wood framing.
- Based on end-use, the residential sub-segment of the structural insulated panels market is anticipated to have a dominant market share and surpass a revenue of $542.7 million by 2028. This is mainly because SIPs are broadly used in residential construction due to their exceptional thermal performance, sustainability, good indoor quality, and faster construction with less labor.
- Based on region, the Europe structural insulated panels market valued for $82.8 million in 2020 and is expected to witness the fastest growth over the forecast period. This is mainly owing to the rising popularity of SIPs in the region as they facilitate the construction of passive buildings with new zero energy. Besides, SIPs are widely used in the construction of interior loadbearing, non-loadbearing partition walls, and for the construction of perimeter walls in Europe.
Prominent Market Players
The key players of the global structural insulated panels market include
1. Owens Corning
2. Enercept, Inc.
3. Kingspan Group
4. Alubel SpA
5. Premier Building Systems, Inc.
6. American Insulated Panel Company (AIP)
7. Extreme Panel Technologies, Inc.
8. ACME Panel Company
9. T. Clear Corporation
10. Ingreen Systems Corp.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in October 2021, Crossville, Inc., a leading porcelain tile manufacturer, launched its new 'Ardesia a Spacco' porcelain tile panel collection, which are crafted to replicate the structural depth and appearance of split-gauged stone.
Related Article to Structural Insulated Panels Market:
- How can Structural Insulated Panels Become the Best Solution to Protect the Properties from Adverse Environmental Impacts?
- Acquisitions Like Those of PFB Corporation by Riverside Company to Propel the Growth of Structural Insulated Panels Market
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