Structural Insulated Panels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global structural insulated panels market size reached US$ 415 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 562 Million by 2027, exhibiting a growth rate (CAGR) of 5.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Structural insulated panels (SIPs) are high-performance, engineered building systems used in residential and light-commercial construction. They are manufactured using insulating polyurethane, polyisocyanurate, expanded polystyrene, and extruded polystyrene sandwiched between two structural facings, especially oriented strand boards (OSB). They are energy efficient, help resist heat transfer, and provide strength and durability to infrastructure compared to traditional insulation methods. They are combined with bricks, blocks, stones, tiles, slates, woods, steel and glass and used in ceilings, roofs, walls and floors. Besides this, SIPs are extensively utilized in cold storage systems for maintaining optimal temperatures with minimal energy requirements.
Structural Insulated Panels Market Trends:
The growing global population is resulting in increasing construction activities of residential and commercial buildings. This represents one of the key factors driving the demand for SIPs worldwide. In addition, the rising environmental awareness among individuals is catalyzing the demand for lightweight, non-combustible, thermal-resistant, and flexible building materials. Along with this, the escalating demand for SIPs for cold storage applications across various industries is also contributing to the growth of the market. Apart from this, the rising use of SIPs in food processing, food preparation, warehousing, and storage systems for temperature-sensitive pharmaceutical and retail products, is strengthening the market growth. This, in confluence with the increasing establishment of local data centers by major technology companies, is positively influencing the market. Furthermore, the introduction of soundproof variants and curved wall panels is strengthening the market growth. These advanced SIPs are extensively used for stud framing and curating non-orthogonal designs on the walls. Additionally, the implementation of favorable government policies to reduce greenhouse gas (GHG) emissions is catalyzing the demand for SIPs. Moreover, the emerging trend of developing green cities and the rising use of structural insulated panels in green construction are anticipated to offer lucrative growth opportunities to manufacturers.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global structural insulated panels market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product and application.
Breakup by Product:
On the basis of product, the market has been classified into polystyrene, polyurethane, glass wool, and others.
Breakup by Application:
Walls and Floors
Based on application, the market has been segregated into walls and floors, roofs, and cold storage.
Breakup by Region:
Middle East and Africa
On the basis of region, the market has been segmented into North America (United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined along with the profiles of the key players being All Weather Insulated Panels, American Insulated Panel, Enercept Inc., Ingreen Systems Corp., Isopan (Manni Group S.p.A), Kingspan Group plc, KPS Global, Metl-Span Llc (Cornerstone Building Brands), Owens Corning, PFB Corporation, Premier Building Systems Inc and Structural Panels Inc.
Key Questions Answered in This Report:
How has the global structural insulated panels market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global structural insulated panels market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global structural insulated panels market and who are the key players?
What is the degree of competition in the industry?
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