Structural Insulation Panels (SIP) Market Size By Product (Glass Wool, Stone Wool, EPS, XPS, Phenolics, PU/PIR, Flexible Insulation), By Skin Type (OSB Two Sides, OSB One Side), By Application (Walls, Roofs, Floors), By End-Use (Residential, Commercial, Non-Building), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Dec 2018 | Report ID: GMI2452 | Authors: Kiran Pulidindi, Akshay Prakash
Structural Insulation Panels Market size was valued at over USD 350 million in 2017 and is anticipated to witness over 6.5% CAGR up to 2024. Surging energy conservation importance, improved management of natural resources, and the increasing preference of insulating products will boost the market growth.
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Growing population, rapid urbanization, and construction sector growth are among the key factors propelling industry expansion over the forecast period. New building constructions with improved energy-efficient solutions for residential and commercial sectors in several countries are fueling the structural insulation panels market demand.
Technological advancements enabling easy installation methods, efficient insulation products, with excellent soundproof materials are fuelling the industry growth. Rising applications of the highest R-value materials in small & large-scale buildings will augment the market growth. R-value determine the covering material effectiveness, higher the R-value greater is the effectiveness of insulating material. Cooling & heating applications, accounts over 50% energy usage in an average building. Hence, the insulated structural panels will provide significant reductions in the energy bills.
Favorable government regulations for improved energy efficiency in commercial & residential buildings to prevent natural resources loss will proliferate the industry landscape. Numerous medium & large size cities are applying new building methods as per Paris Climate Agreement (2016). However, lack of awareness pertaining to the product advantages coupled with the lower innovation initiatives by the traditional manufacturers may restrain the market.
|Base Year:||2017||Market Size in 2017:||350 Million (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||6.5%||2024 Value Projection:||590 Million (USD)|
|Pages:||500||Tables, Charts & Figures:||732|
|Geographies covered (27):||U.S., Canada, Germany, France, Poland, UK, Italy, Spain, Ukraine, Netherlands, Turkey, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Australia, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia, Kuwait, Egypt|
|Segments covered:||Product, Skin Type, Application, End-Use and Region|
|Companies covered (16):||Kingspan Group, ACME PANEL, Eagle Panel Systems, Inc., Foam Laminates, Foard Panel Inc., Future Building of America, ICS Eco-SIPs, Insulspan Inc., Isopan, Lattonedil Spa Milano, METECNO, The Murus Company, Nohara Holdings, Inc, Premier Building Systems, Romakowski GmbH & Co. KG, T Clear Corporation|
|Pitfalls & Challenges:||
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Expanded polystyrene (EPS) is anticipated to surpass 28 million square feet demand by 2024. Key factors, including reduced carbon emissions and low energy consumptions will enhance the product demand. Moreover, stringent government policies for monitoring the CO2 releases will support industry penetration. Houses made with R-Controlled SIPs cut carbon emissions up to 60 to 90 tons of annually. EPS Building eliminates around 2 to 3 tons of carbon particles annually as compared to the 2x dimensional timber houses.
Glass wool based structural insulation panels accounted for more than 27% of the total industry share in 2017. Non-combustible, lightweight, sound proofing, superior thermal resistance at both low & high temperatures, and better elasticity properties will fuel the demand for glass wool panels. Strong product demand to separate walls in a high-grade building, ceilings, and air conduits will stimulate the industry growth.
By Skin Type
Structural insulation panels market revenue from OSB two sides segment will surpass USD 500 million by 2024. OSB structural panel primarily consists of expanded polystyrene (EPS), extruded polystyrene (XPS), and insulation foam. Growing demand for energy conservation products due to their excellent insulating properties will augment the industry growth. Additionally, improvised construction standards coupled with rising demand for low-energy or zero energy houses will stimulate the business growth.
OSB one side skin type is expected to witness over 7% gains up to 2024. These panels are widely applied on the roof, siding, and wall structures of residential buildings.
Walls application is anticipated to exceed USD 375 million by 2024. Substantial reduction in the construction time of wall and labour cost is among the key factors supporting market demand. The factory-built SIPs eliminate the need to cut the material on job site which eradicates delays and enables quick interior finishing. Increasing preferences for high thermal resistance properties materials for reducing energy consumption in the buildings will augment the segment growth.
Floor application is projected to witness over 6.5% CAGR through 2024. Convenient floor construction and growing preferences of pier foundations & sunrooms will enhance the business expansion. Rising demand for comfortable floorings with non-vented features will propel the industry growth.
Residential sector was valued over USD 200 million in 2017. Strong application outlook across residential construction in line with zero-energy home (ZEH) concept and sufficing the building codes laid by the regulatory bodies will fuel the demand for structural insulated panels. Moreover, increasing popularity of insulating building materials, reducing energy consumption is a key factor supporting the SIP market growth.
Commercial segment will witness more than 6.5% growth up to 2024. Rapid expansion of the global commercial sector focusing on energy conservation has enhanced the structural insulated panel demand. Furthermore, trade expansion along with increasing government focus to ease business activities will support the commercial building constructions.
North America accounted for more than 35% of the overall structural insulation panels market growth in 2017. Favourable regulatory guidelines and rising consumer awareness pertaining to the energy conservation along with the government policies for GHG emissions reduction will provide a positive outlook for the regional growth. For instance, government initiatives such as the Weatherization Assistance Program that promotes thermal insulation and helps in reducing the heating & cooling costs for low-income groups.
Asia Pacific is estimated to grow at 8% CAGR up to 2024. Increasing green building technology penetration along with growing consumer demand for high-performance & cost-effective materials for building construction will boost the regional growth. Surging infrastructure expenses for the construction of supermarkets, offices, hotels, and houses with high thermal resistance materials will also propel the industry landscape.
Competitive Market Share
Global structural insulation panels market share is highly consolidated due to the presence of large number of industry players operating comprehensively. Key industry players include Kingspan Group, ACME PANEL, Eagle Panel Systems, Inc., Foam Laminates, Foard Panel Inc., Future Building of America, Insulspan Inc., Nohara Holdings, Inc., Isopan, and ICS Eco-SIPs.
Mergers & acquisitions, portfolio expansion, and product innovation are among the key strategies of industry players for enhancing their share over the forecast period. The MNCs are constantly focusing on their production facilities enhancement and upgradation of their solutions to differ their services from the competitors. Other notable players include Lattonedil Spa Milano, METECNO, The Murus Company, Premier Building Systems, Romakowski GmbH & Co. KG, and T Clear Corporation.
Global structural insulation panels market is driven by rapid innovations & technological development in the construction sector. The respective technologies consist of several precast, prefabricated, and modular building systems, particularly designed for commercial & residential sectors. Moreover, growing population along with increasing consumer concerns pertaining to the energy conservation building materials will promulgate the industry growth. Developing economies such as China, India, Mexico, and Brazil will substantially impact product development owing to a large customer base coupled with inclining preferences towards modern building installations.
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