The Structural Insulated Panels Market is projected to grow at a CAGR of 5% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market expansion is aided by the surging demand for SIPS in the globally booming construction sector due to the benefits of SIP, such as Enhanced energy efficiency, cost-effectiveness, and easy operation. Besides, the composite nature of the material which makes it highly versatile for any type of construction and the flexibility of the material to blend into numerous shapes and sizes without compromising the strength and durability of the material is fueling industrial growth. Moreover, the increasing shift of consumers toward green homes is increasing the demand for SIPs, further states the research report, “Structural Insulated Panels Market Analysis, 2023.”
The market is highly fragmented and segmented on the basis of Insulation Material, Facing Material, Application, Distribution channel, and End User. On the basis of Insulation Material, the market is segmented into Polystyrene, Polyurethane, and Expanded Polystyrene. Based on Facing Material the market is divided between Oriented Strand Board. Additionally, based on Application the market is distributed among Floor, Wall, and Ceiling. Depending on Distribution Channel, the market is segmented between Offline and Online. Finally, on the basis of End Users, the market is fragmented into Household and Commercial.
Cost-Effectiveness of Expanded Polystyrene Garners the Larger Market Share
Expanded Polystyrene (EPS) holds the largest market share among Polystyrene, Polyurethane, and Expanded Polystyrene (EPS), under the Insulated Material segment. The growth of the segment is attributed to EPS being the most common core insulation which is used in the majority of the total Structural Insulated Panels. Furthermore, the added benefits of Expanded Polystyrene, such as cost-effectiveness, energy efficiency, and low water absorption rate that prevents humidity and moisture, as well as corrosion of load-bearing system accessories are promising escalating demand for EPS in the construction industry, leading to further extension of the market.
North America Leads the Market with the Presence of Leading Manufacturers
Globally, North America dominates the market with the largest share, aided by the growing consumer awareness of the several benefits of SIP, which has led to ever-increased demand for SIPs in residential sectors. Added government initiatives for the development f social infrastructure and cold chain and logistics sector further raise the requirement of structural insulated panels. Moreover, the extensive presence of leading SIP manufacturers, coupled with emerging trends of green buildings, sustainable construction, and aesthetic designs, collectively adds to the strong market presence in the region.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ACME, American Insulated Panel, Extreme Panel, InGreen Systems, Kingspan Group PLC, Owens Corning, PFB Corporation, T Clear Corporation, Enercept, Foard Panel, METL Span, KPS Global, Isopan, All Weather Insulated Panel, and Porter Corp. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report