The global structural insulated panels market size is expected to reach USD 759.6 Million in 2028 and register a revenue CAGR of 6.3%, according to the latest report by Reports and Data. Major factors driving market revenue growth include increasing demand for structural insulated panels in cold storage applications, high demand for more cost-effective and affordable housing, and rising demand for eco-friendly and green buildings and infrastructure to control greenhouse gas emissions and reduce energy consumption.
A Structural Insulated Panel (SIP) is a sandwich structured composite extensively used for residential and light commercial constructions. Structural insulated panels are widely used to construct walls, floors, and ceilings due to properties such as good thermal resistance, lightweight, and energy efficiency. These panels also enhance the air quality and aid in faster construction with minimum labor due to panels being prefabricated. Factors such as increasing government initiatives to reduce carbon emissions and rising adoption of structural insulated panels to lower overall energy consumption are other factors boosting global market revenue growth. In addition, increasing investments for development of more advanced products, growing trend of renovating existing residential buildings, rising per capita income, and improving standard of living in developed and developing countries across the globe are other key factors supporting revenue growth of the market.
However, factors such as fluctuation in raw material costs and low awareness about structural insulated panels are expected to hamper growth of the global structural insulated panels market to some extent going ahead.
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Some of the major companies operating in the global market include Owens Corning, Kingspan Group, Premier Building Systems, Alubel SpA, Enercept, Inc., Foard Panel Inc., Extreme Panel Technologies, Inc., T. Clear Corporation, Premier SIPs, ACME Panel Company, Dana Group Plc, Kingspan Group, Eagle Panel Systems, Inc., Insulspan Inc., Nohara Holdings, Inc., Isopan, and ICS Eco-SIPs.
Some key highlights from the report:
- Among the material segments, the polystyrene segment is expected to account for largest revenue share between 2021 and 2028. High demand for polystyrene is attributed to favorable properties of the material such as lightweight, good moisture, dust, and thermal resistance, and cost-effectiveness.
- Among the skin type segments, OSB two-side segment revenue is expected to expand at the fastest CAGR over the forecast period owing to increasing demand for energy-efficient building and construction materials and rising focus on leveraging advantages and benefits of green buildings and zero-energy houses and structures.
- Among the application segments, the walls and floors segment is expected to continue to account for a significantly larger revenue share throughout the forecast period. Increasing awareness about advantages and benefits of building insulation, steady increase in the number of residential and non-residential projects, improving standards of living, and rising need to renovate old residential structures are factors supporting revenue growth of the walls and floors segment.
- Among the end-use segments, the residential segment is expected to account for largest revenue share throughout the forecast period owing to factors such as rapid urbanization, rising adoption of green buildings, increasing number of residential construction projects, and favorable government policies to control and reduce greenhouse gas emissions.
- North America is expected to account for largest revenue share among other regional markets during the forecast period. Robust revenue growth is attributed to factors such as rapidly growing building and construction sector, increasing demand for green buildings, stringent government regulations to reduce greenhouse gas emissions, rising awareness regarding energy conservation and advantages of SIP for building applications, and presence of major players in the market in the region.
- The Asia Pacific structural insulated panels market is expected to register fastest revenue growth rate owing to factors such as rapid increase in number of construction projects and related activities along with modernization of healthcare infrastructure and office buildings, rising adoption of various green building standards, and increasing demand for structural insulated panels for buildings and cold storage applications in countries in the region.
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For the purpose of this report, Reports and Data has segmented the Global Structural Insulated Panels Market on the basis of material type, skin type, application, and region:
Material Type Outlook (Revenue, USD Million; 2018-2028)
- Glass Wool
Skin Type Outlook (Revenue, USD Million; 2018-2028)
- OSB Two Side
- OSB One Side
Application Outlook (Revenue, USD Million; 2018-2028)
- Wall and Floor
- Cold Storage
End Use Outlook (Revenue, USD Million; 2018-2028)
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Regional Bifurcation of the Structural Insulated Panels Market Includes:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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