Structural Insulated Panels Market size to exceed $590 Mn by 2024
Published Date: December 17, 2018 Authors: Kiran Pulidindi, Soumalya Chakraborty
Structural Insulated Panels Market size is predicted to cross USD 590 million by 2024; according to a new research report by Global Market Insights, Inc.
Significant growth in the construction sector supported by rapid urbanization and industrialization will be key impetus for the market growth. Technological advancements in residential & commercial construction regarding the energy conservation and reduced operational expenses will also augment industry demand. Huge potential for new construction in South Africa, China, and Mexico along with favorable government regulations & policies towards green buildings will enhance product penetration.
Increasing R&D investments with respect to the high-performance, energy-efficient building components to conserve significant loss of natural resources will stimulate SIP penetration. These advancements are providing modern and fast-track building techniques for new residential and commercial construction which in return will boost the structural insulated panels market growth.
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Several government policies & regulations for increasing energy efficiency of residential & commercial buildings resulting in the prevention of natural resource depletion will promulgate the industry growth. Numerous innovative building practices, such as modular construction practices may negatively impact the business expansion over the forecast time frame.
Browse key industry insights spread across 500 pages with 705 market data tables & 27 charts & figures from the report, “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” in detail along with the table of contents:
EPS (expanded polystyrene) is anticipated to witness over 7% growth through 2024. Expanded polystyrene is made from rigid cellular plastics and small beads of polystyrene raw materials. Major factors include easy to install, lightweight, energy-efficient, and availability in different colors will augment the structural insulated panels market demand. In addition, highly compatible with the OSB, minimum water absorption, and low vapor permanence are among the major benefits offered by the EPS.
OSB one side skin type will surpass USD 75 million revenue by 2024. Improvised code-compliant air barrier function of OSB one side owing to improved permeability will be a key impetus for industry growth. Potential usage in the construction of roofing and sliding walls to attain improved moisture resistance and heat transfer will proliferate the segment growth.
Walls application held for more than 55% of the overall market revenue share in 2017. Continuous insulation provided by the application promoting uniform wall temperature and reduced moisture collection & convection which benefits building air quality and occupant comfort will proliferate the business expansion. Moreover, SIPs undergo negligible warping as compared to conventional material resulting in the installation of walls with more accuracy, will further propel the industry landscape.
Residential building applications are projected to surpass 45 million square feet demand by 2024. Customers are majorly focusing on building revamps with significant energy efficiency. Increasing adoption of new emerging solutions offering superior performance and enduring the building regulations will propel the end-use penetration in the structural insulated panels market.
Rising support from several government authorities across Asia Pacific coupled with rapid infrastructural developments will promote positive business outlook. The upsurge in the construction expenses along with high industrialization rates in developing economies, including China, India, and Malaysia will augment the structural insulation panel's application scope across the region.
Kingspan Group, Eagle Panel Systems, Inc., Foam Laminates, ACME PANEL, Future Building of America, Foard Panel Inc., Insulspan Inc., Isopan, and Nohara Holdings, Inc. are among the major structural insulation panel companies. The global industry share is consolidated due to the presence of a large number of industry players. Production facilities enhancement, product innovation, mergers & acquisitions, and portfolio expansion are among the key strategies to gain significant share by the major market players.
Structural insulated panels market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million Square Feet & revenue in USD Million from 2013 to 2024, for the following segments:
- Glass wool
- Stone wool
- Flexible insulation
By Skin Type
- OSB two sides
- OSB one side
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia