REPORT HIGHLIGHT
Structural Insulation Panels (SIP) Market size was valued at USD 510.9 Million in 2022, expanding at a CAGR of 5.4% from 2023 to 2030.
SIPs, or structural insulated panels, are a high-performance building solution used in residential and light commercial construction. An insulating foam core is layered between two structural facings, usually oriented strand board (OSB). These are created in a factory-controlled environment and may be tailored to almost any building design. As a result, the building system is exceptionally sturdy, energy-efficient, and cost-effective. SIPs are utilized in commercial buildings where temperatures can rise due to the presence of machines and equipment. During these conditions, solar panels enable effective indoor temperature management. Also, It is used for large-scale cooling purposes, such as covering refrigerators and walk-in freezers to keep the required temperature. These facilities are used by hospitals, schools, restaurants, and campers, among other things.
Structural Insulation Panels (SIP) Market - Market Dynamics:
- Rising construction of green buildings sustainable growth to propel market demand
- Globally, the growing emphasis on sustainable construction and green building techniques has given rise to creative building solutions that improve energy efficiency while reducing environmental impact. Structural Insulation Panels (SIP) are high-performance building panels used in the floors, walls, and roofs of residential and commercial structures. World Green Building Council predicted that, in 2020, the green building materials market in the US is estimated at USD64.6 billion. In China alone, the market is expected to reach USD84.8 billion by 2027. The construction sector is increasingly looking for creative solutions that are long-lasting, efficient, and quick. This desire is met by SIPs, which are prefabricated and have exceptional strength-to-weight ratios. However, lack of awareness about SIPs and their advantages hampers the growth of market.
Structural Insulation Panels (SIP) Market - Key Insights:
- As per the analysis shared by our research analyst, the global Structural Insulation Panels (SIP) market is estimated to grow annually at a CAGR of around 5.4% over the forecast period (2023-2030)
- Based on Product type segmentation, Polystyrene was predicted to show maximum market share in the year 2022
- Based on Application segmentation, Walls and floors was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Structural Insulation Panels (SIP) Market- Segmentation Analysis:
- The Global Structural Insulation Panels (SIP) Market is segmented on the basis of Product Type, Application, and Region.
- The market is divided into three categories based on product type: Polystyrene, Polyurethane, Glass Wool, and Others. Polystyrene dominates the market. EPS is a closed-cell, rigid foam plastic insulation made from expanding spherical polystyrene polymer beads. The finished product is made up of a network of closed air-filled cells. When compared to other SIP insulations, EPS provides a consistent insulation value at a lower cost.
- The market is divided into two categories based on application: Walls and floors, Roof and Cold Storage. The Walls and floors sector dominates the market and is likely to maintain its dominance during the forecast period. SIPs (Structural Insulated Panels) are adaptable building materials that can be used for a variety of structural components, including walls and floors. When included into these components, they provide various benefits as well as some particular considerations.
Structural Insulation Panels (SIP) Market - Geographical Insights:
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the Structural Insulation Panels (SIP) Market, due to increased demand for structural insulated panels for cold storage applications. North America has a thriving food processing and pharmaceutical business. The necessity for cold storage facilities in these sectors is critical, and as production and consumption increase, so will the demand for cold storage applications. Due to their high insulation effectiveness, SIPs are ideal for these applications. United States Cold Storage is driven to advance, innovate, and serve companies seeking the best service, facilities, and logistics in the cold chain industry. Europe and Asia are expected to provide growth opportunities for the market. In 2021, the capacity of cold storage warehouses in Japan reached approximately 35.3 million cubic meters, increasing from about 34.5 million cubic meters in 2020.
Structural Insulation Panels (SIP) Market- Competitive Landscape:
The SIPs industry is expanding, particularly in locations that promote energy efficiency, sustainable construction, and speedy building processes. Their significant energy-saving benefits, along with reduced building timelines, are propelling their use in residential, commercial, and even certain industrial applications. As concerns about energy consumption and climate change grow, it's likely that demand for energy-efficient building methods like SIPs will expand as well, but their rate of adoption will be determined by how they compare to competing methods and other market variables.
Recent Developments:
0n 9 Aug 2021, announced that it has successfully completed its acquisition of Cornerstone Building Brands' insulated metal panels (IMP) business for a cash purchase price of approximately $1 billion, subject to customary adjustments.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL STRUCTURAL INSULATION PANELS (SIP) MARKET KEY PLAYERS
- Metl-Span
- Kingspan Group
- PFB Corporation
- Isopan
- KPS Global
- American Insulated Panel
- Structural Panels Inc.
- All Weather Insulated Panels
- Ingreen Systems Corp.
- Owens Corning
GLOBAL STRUCTURAL INSULATION PANELS (SIP) MARKET, BY PRODUCT TYPE
- Polystyrene
- Polyurethane
- Glass Wool
- Others
GLOBAL STRUCTURAL INSULATION PANELS (SIP) MARKET, BY APPLICATION
- Walls & Floors
- Roof
- Cold Storage
GLOBAL STRUCTURAL INSULATION PANELS (SIP) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA