Metal SIP Market size is expected to cross USD 53 billion by 2028, according to a new research report by Global Market Insights Inc.
Growing infrastructure developments along with increasing penetration of advanced building materials for the energy-efficiency and durability of building structures will drive industry statistics. Government schemes favoring green building constructions in the U.S., Europe, and Asia Pacific are anticipated to fuel product demand. Shifting focus toward sustainable construction solutions to decrease greenhouse gas emissions is predicted to trigger market growth. Increasing product applications in industrial and commercial buildings owing to key properties, such as improved thermal efficiency, effective structural integrity, and easy installation process, will support the use of metal-insulated panel products.
The expanding cold storage sector around the globe will further foster metal SIP market revenue. Cold storage requires superior thermal insulation to reduce heat transfer. Significant advantages of metal structural insulation panels over normal or wood SIPs will influence industry statistics. High insulation & lightweight properties are propelling the metal insulation panels market from cold storage applications. Moreover, superior product strength accompanied by the availability in various thickness & widths is augmenting business expansion.
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Browse key industry insights spread across 226 pages with 355 market data tables & 22 figures & charts from the report, “Metal Structural Insulation Panels Market Size By Application (Walls, Roofs), By End-use (Residential, Commercial, Non-building), Regional Outlook, COVID-19 Impact Analysis, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2028”, in detail along with the table of contents:
Increasing adaptability of metal-based SIP units to roof construction
The roof application accounted for more than 4.5% of the metal SIP market share in 2021 and is anticipated to grow nearly at 2% CAGR through 2028. The rising demand for metal structural units in roofs can be credited to their high strength-to-weight ratio, durability, and weight-carrying capacity. Additionally, these units provide enhanced climate protection, reducing energy consumption while heating & cooling enclosed spaces, thereby saving about 70% air leakages and about 50% energy usage than average buildings.
Residential sector to exhibit steady growth
The residential sector is poised to generate about USD 5.5 billion revenue by 2028. The trending zero-energy home concept in several economies and changing government rules & regulations regarding residential household constructions will boost the metal structural insulated panel market expansion. The increasing demand from the residential sector can be attributed to the characteristics of metallic SIP, such as enhanced water resistance, air tightness, climate protection, termite protection, and fire resistance, over conventional structural units.
Increased utilization of the highest R-value materials in Asia Pacific
The Asia Pacific metal SIP market held approximately 18% of the volumetric shares in 2021 and is slated to generate above USD 8.5 billion revenue by 2028. Rising product awareness and high-performance material adaptivity in the Asia Pacific construction industry promote the use of the highest R-value materials. R-Value represents material effectiveness; higher the R-Value better the insulating capacity of the material. Changing trends toward sustainability in line with government initiatives toward green building solutions promote the sale of metal-based SIP units in the region.
Product launches and mergers & acquisitions are the key market strategies
The global market is highly competitive, and key companies are investing in R&D to develop new products, carry out mergers & acquisitions, and expand the distribution network. The key metal SIP market participants in the sector include Kingspan Group plc, Tata Steel, Arcelor Mittal, Kirby Building Systems, and Jindal Mectec, Flexospan Steel Buildings, Inc.