Global Structural Insulated Panels Market - Segmented by Product, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global structural insulated panels market is expected to witness a CAGR of 4.2% during the forecast period of 2018—2023. The major factor driving the market is the rapidly increasing demand from the construction industry, cost efficiency of insulated panels, and reduction of power consumption.
Growing Demand from Construction Sector
There has been a constantly increasing demand for structural insulated panels from the construction sector as these panels allow for energy-efficient construction. Additionally, they are well insulated and allow for more airtight construction than traditional building methods. The growing construction sector in developing economies is expected to drive the market for structural insulated panels during the forecast period. However, the lack of awareness about structural insulated panels and strict government regulations are expected to hinder the market.
Building Roof Sector Dominates the Market
The building roof sector is expected to witness the highest demand for structural insulated panels with the fastest growth during the forecast period. The usage of standardized roof panel help in avoiding unnecessary shuttering, due to which it is highly preferred. Thus, there has been an increasing demand for structural insulated panels from building roof segment. Additionally, the growth of construction activities is expected to boost the demand for structural insulated panels, which in turn, shall further augment the growth of the structural insulated panels market.
North America to Dominate the Market
North America is expected to witness the highest demand for structural insulted panels during the forecast period. This is owing to the high adoption and growing demand for energy efficient structures. Europe is expected to have the second highest demand after North America.
Key Developments in the Market
June 2017: Kingspan Insulated Panels introduced new Factory Applied Weather Seal (FAWS) designed to improve weather protection and thermal performance in their insulated roof panels.
The major players include Kingspan, Metecno, Isopan, NCI Building Systems, and TATA Steel, among others.
Reason to Purchase the Report
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating process type and filler used in the market.
To identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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