PUBLISHER: The Business Research Company | PRODUCT CODE: 1429957
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429957
Structural insulated panels (SIPs) are high-performance insulation panels utilized in the construction of walls, ceilings, and floors for residential and light commercial buildings. They are comprised of a robust construction panel with insulating foam sandwiched between two structural facings. SIPs exhibit superior strength, provide resilience against natural disasters, offer high energy efficiency, and are cost-effective for construction purposes.
The primary products in the category of structural insulated panels include EPS (expanded polystyrene) panels, rigid polyurethane (PUR), and rigid polyisocyanurate (PIR) panels, glass wool, stone wool, extruded polystyrene foam panels, and other variations. EPS panels are a type of white foam plastic material derived from solid polystyrene beads, widely used in insulated panel systems for floors, walls, and roofs in both residential and commercial buildings. Facing materials for structural insulated panels encompass oriented strand board (OSB), magnesium oxide (MgO) board, and other alternatives. Structural insulated panels find diverse applications, including walls and floors, roofs, and cold storage, catering to both residential and non-residential end-users.
The structural insulated panels market research report is one of a series of new reports from The Business Research Company that provides structural insulated panels market statistics, including structural insulated panels industry global market size, regional shares, competitors with a structural insulated panels market share, detailed structural insulated panels market segments, market trends and opportunities, and any further data you may need to thrive in the structural insulated panels industry. This structural insulated panels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The structural insulated panels market size has grown strongly in recent years. It will grow from $0.43 billion in 2023 to $0.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The expansion observed in the historical period can be attributed to various factors, including the growth in construction activities, increased demand from cold storage facilities, the expansion of the e-commerce industry, and the rising popularity of green buildings.
The structural insulated panels market size is expected to see steady growth in the next few years. It will grow to $0.55 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. Forecasted growth is driven by increasing urbanization, a growing residential sector, and rising infrastructure investments. Key trends include technological advancements, the increased use of structural insulated panels in modular construction, a focus on green buildings and sustainability, rising investments, innovative product launches, and increased mergers and acquisitions.
The increased focus on constructing green buildings is poised to drive the expansion of the structural insulated panels (SIPs) market. These panels offer superior thermal resistance and insulation capabilities, enabling building envelopes to effectively regulate heating, cooling, and humidity while minimizing energy consumption for temperature control. As per findings from World Green Building Trends, 47% of industry respondents were projected to prioritize predominantly green projects by 2021. Additionally, the World Green Building Council indicates that the global green building industry has the potential to reduce energy consumption by 50% or more by the year 2050. Hence, the growing emphasis on green construction practices serves as a catalyst for the burgeoning structural insulated panels market.
The burgeoning residential industry is expected to be a driving force behind the growth of the structural insulated panels market in the foreseeable future. The residential sector, encompassing private dwellings rather than commercial or industrial spaces, is increasingly turning to structural insulated panels. These panels offer a well-insulated building envelope that effectively reduces energy consumption, thereby lowering heating and cooling expenses for homeowners. For instance, as per data from the United States Census Bureau in March 2023, the number of privately owned housing units approved through building permits in February on a seasonally adjusted yearly basis amounted to 1,524,000 units. This marked a 13.8% increase from the corrected January 2023 rate of 1,339,000 units. Thus, the burgeoning residential sector's reliance on structural insulated panels is expected to significantly propel the growth of this market segment.
A prevailing trend in the structural insulated panels market involves an upsurge in collaborations and strategic partnerships among companies. These collaborations aim to prioritize the manufacture of sustainable products and reduce emissions. Notably, in April 2021, Kingspan Group, an Ireland-based building materials company specializing in structural insulated panels, forged a partnership with H2 Green Steel, a Sweden-based fossil-free steel manufacturer. This strategic alliance is geared towards significantly reducing the embodied carbon in Kingspan's insulated panel products by more than 45%. The overarching objective is to achieve net zero carbon manufacturing by 2030, emphasizing the commitment to minimizing emissions to the lowest feasible level.
Technological advancement stands as a key trend within the structural insulated panels market, with companies focusing on developing innovative technological solutions to strengthen their market positions. For instance, in January 2022, AGACAD, a Lithuania-based firm renowned for advanced building information modeling and management technologies, introduced a groundbreaking tool named BIM (Building Information Modeling) software. This novel tool enables the automated design of sandwich panels, addressing a significant gap in the BIM tool industry. Previously, there existed no efficient method to swiftly construct highly detailed insulated panels within any support framework or seamlessly translate a Revit architectural model into an accurate structural model comprising sandwich panels. The introduction of this new Sandwich Panels suite enhances design speed, efficiency, and precision within a unified BIM project environment, marking a substantial technological advancement in the field.
In August 2021, Owens Corning, a U.S.-based producer of residential and commercial building materials, successfully acquired Vliepa GmbH for an undisclosed sum. This strategic acquisition is anticipated to enhance Owens Corning's global nonwoven portfolio, with a particular focus on better serving European customers. Additionally, the acquisition is expected to expedite the growth of building and construction market applications in the region. Vliepa GmbH, the acquired company, is a Germany-based building materials firm with expertise in the production of structural insulated panels.
Major companies operating in the structural insulated panels market report are Owens Corning, Kingspan Group PLC, SSAB AB, KPS Global, Premier SIPs, Enercept Inc., Extreme Panel Technologies Inc., Isopan, Structural Panels Inc., All Weather Insulated Panels, Shandong Hark Steel Material Co Ltd., Shandong Wiskind Architectural Steel Co Ltd., Shandong Wiskind Steel Structure Co Ltd., Xiamen Yumi New Material Technology Co Ltd., Yantai Jedha Industrial and Trading Co Ltd., Golden Power (Fujian) Building Material Science Technology Co Ltd., Shree Shani Green Energy, Versiclad, EnviroSip, Solaris, Glosford SIPS, Self-Build, Metawell, Sipcon.House, SIPs, Sipeurope, ECSUS Design, Karmod, Tekhnostyl Group, Hotwell, EcoEuroDom, OrgTechStroy, SipMontage, Worsted, FischerSIPS, VIRMAK LLC, TechnoNIKOL, ACME Panel Company, Energy Panel Structures Inc., Foard Panel Inc., General Panel Corporation, Thermapan Structural Insulated Panels, Knight Wall Systems, Tafco, Sinopan, Isoeste, Xipre, Styropek, Arauco, Emirates Industrial Panel, TSSC Group, Sika AG, Qatar Steel Industries Factory, Dana Steel, Isotherm Insulation FZC, Zamil Steel, Al Shahin Metal Industries, Drycraeft, Ecostruct Panel Systems, New World Steel Construction, Panel Co South Africa, Isowall Group, Rockwool
North America was the largest region in the structural insulated panels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the structural insulated panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the structural insulated panels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The structural insulated panels market consists of sales of polystyrene panel, polyurethane panel & polyisocyanurate panel, glass wool, and other structural insulated panels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Structural Insulated Panels Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on structural insulated panels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for structural insulated panels? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The structural insulated panels market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.