SIPs (Structural Insulated Panels) are crafted using insulating polystyrene, polyurethane, & expanded polystyrene sandwiched between two layers of structural boards, especially OSBs (Oriented Strand Boards). These energy-efficient & high-end are utilized as a prominent building material in different construction applications and offer excellent strength & durability to any infrastructure in comparison to conventional insulation panels.
The Global Structural Insulated Panels Market is projected to grow at more than 5% CAGR during the forecast period, i.e., 2023-28. Most of the market expansion is projected to be driven by the mounting demand for SIPs in the globally booming construction sector due to their benefits, including enhanced energy efficiency, cost-effectiveness, and easy operation, as well as their composite nature that makes them highly versatile for any type of construction.
In addition, the increasing shift of consumers toward green homes and their mounting focus on minimizing operational costs is another prominent factor expected to spur growth in the global structural insulated panels market. SIPs are single-shell structures that are thermally efficient and deliver enhanced load-bearing & bigger internal space, which is another prominent reason behind their high demand among homeowners willing to renovate their households.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, Egypt, Turkey, South Africa, Rest of MEA|
|Key Companies Profiled||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, Porter Corp|
|Unit Denominations||USD Million/Billion|
More & more builders are increasingly adopting SIPs in order to garner better ROIs, asset turnovers, & opportunity costs. Governments of various countries, especially the US, are taking active initiatives toward reducing energy consumption in households and pushing the country toward a sustainable future by adopting ZEH (Zero-Energy Home) concept, thereby augmenting the demand for SIPs.
With excellent performance properties of EPS (Expanded Polystyrene), such as thermal resistance, dimensional stability, minimal water absorption, chemical inertness, sustainability, & low vapor permeance, it is being utilized extensively in the construction of cold storage industries and, in turn, contributing to the overall market expansion for structural insulated panels globally.
However, fluctuations in raw material prices and lack of awareness among a large number of consumers regarding the benefits of SIPs are expected to act as major growth restraints for the Global Structural Insulated Panels Market through 2028.
Based on Insulation Material:
Of these three, Expanded Polystyrene (EPS) holds a larger share of the Global Structural Insulated Panels Market. It is the most common core insulation used in the majority of the total SIPs. With benefits like cost-effectiveness, energy efficiency, & low water absorption rate that prevents humidity & moisture, as well as corrosion of load-bearing system accessories, EPS is witnessing escalating demand in the construction industry.
In addition, since it further prevents microorganism growth and mold in interior environments, a large number of consumers are also increasingly adopting EPS material for home applications. Moreover, the versatility, ease of installation, and consistent performance delivered by EPS are other notable aspects contributing to its ever-increasing demand in commercial construction activities, as well as the renovation of existing residential structures, and, in turn, stimulating the Global Structural Insulated Panels Market growth.
Based on Application:
Here, walls account for the largest market share. It owes to the ever-evolving consumer needs for improved thermal performance & enhanced energy efficiency of buildings, coupled with increasing upgradation of existing residential infrastructures, i.e., amplifying the demand for SIP-insulated walls, especially in households. Besides, the ability of SIPs to create an envelope around a structure, covering wall cavities & studs to enhance heat-transfer resistance & moisture protection, is also contributing to its widening application worldwide. Moreover, benefits like faster wall construction as SIPs come pre-manufactured at job sites, alongside fewer labor requirements for their installation, are other notable factors promoting the growth of the Global Structural Insulated Panels Market.
Based on End-User:
Among all, households hold the largest share of the Global Structural Insulated Panels Market, and the same trend is likely during 2023-28. It owes to favorable lending policies laid by governments, i.e., instigating an increasing number of residential construction projects, particularly in the emerging nations of Asia-Pacific. In addition, various government initiatives for reducing residential energy consumption are leading to substantial investments in the construction of green buildings, i.e., another prominent aspect driving SIP sales in the residential sector. Moreover, with improving living standards & growing concerns over running costs, consumers are showing active interest in home renovation activities and moving to more sustainable buildings. As a result, they are increasingly spending on SIPs and fueling the overall market growth across households worldwide.
Geographically, the Global Structural Insulated Panels Market expands across:
Of all regions globally, North America dominates the Structural Insulated Panels Market with the largest share. It ascribes to growing consumer awareness of the benefits of SIPs, i.e., leading to their ever-increased demand, especially in the residential sector, coupled with various government initiatives for developing social infrastructures and the well-developed cold chain & logistics sector.
In addition, the extensive presence of leading SIP manufacturers, coupled with the emerging trends of green buildings, sustainable construction, & aesthetic designs due to stringent government regulations for reducing GHG emissions, especially in the US & Canada, are other prominent aspects amplifying the utilization of SIPs across the region.
On the other hand, Asia-Pacific Structural Insulated Panels Market is expecting notable growth during 2023-28. It owes to the rapidly increasing number of commercial, healthcare, & office buildings with enhanced energy-efficient solutions, coupled with rising renovation activities of existing residential buildings on account of increased disposable incomes of people living in developing countries of the region.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Structural Insulated Panels Market is likely to register more than 5% CAGR during 2023-28.
A. The flourishing building & construction sector, growing consumer interest in sustainable buildings, and rise in home renovation projects are the prime factors projected to drive the Structural Insulated Panels Market during 2023-28.
A. ACME, American Insulated Panel, Extreme Panel, InGreen Systems, Kingspan Group PLC, Owens Corning, PFB Corporation, T Clear Corporation, Enercept, Foard Panel, METL Span, KPS , Isopan, All Weather Insulated Panel, and Porter Corp. are the key companies participating in the Structural Insulated Panels Market.
A. Households are expected to create lucrative prospects for the leading players in the Structural Insulated Panels Market during 2023-28.
A. North America would continue creating substantial growth opportunities for the Structural Insulated Panels Market during 2023-28.