Global Structural Insulated Panels Market Research Report: Forecast (2024-2030)

Market Definition

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.

Market Insights & Analysis: Global Structural Insulated Panels Market (2024-30):

The Global Structural Insulated Panels Market size is valued at USD 11.2 billion in 2023 & is estimated to reach around USD 18.1 Billion in 2030. The market is also expected to grow at a CAGR of around 5.8% during the forecast period, i.e., 2024-30. 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.

More & more builders are increasingly adopting SIPs 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.

*Boost strategic growth with in-depth market analysis - Get a free sample preview today!

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 a 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 2030.

Structural Insulated Panels Market Driver:

Rising Adoption of Cold Storage and Mitigation of Disasters Maximize Market Revenue– Natural disasters are unpredictable, as enhancing disaster-resistant structures and extreme weather incidences, facilitates the flourishing requirements of Structural insulated panels. Reasonably priced, eco-friendly, long-lasting, and also signifying tough strength and resilience, are the primary reasons behind the long-term utilization of SIPs. Apart from this, cold storage is a crucial component for numerous industries, such as medicine, food processing, food preparation, warehousing, storage systems, etc., here SIPs play an important role. This growing requirement for cold storage ultimately resulted in driving the global market growth and development.

Structural Insulated Panels Market Challenge:

Lack of knowledge of Structural Insulated Panels – The high adoption of SIPs owing to their advanced features also requires extensive knowledge and awareness regarding the benefits that these panels offer. Construction workers such as Architects, contractors, and builders are the only individuals who gained the expertise and concerned knowledge of SIPs, which is not sufficient. For SIPs to be extensively used, more construction workers must get proper knowledge regarding the advantages of SIPs and the proper installation procedures. This lack of awareness is expected to hamper the market growth.

Structural Insulated Panels Market Trend:

Rising Adoption of Green Building Initiatives – Structural insulated panels are recognized as lightweight, better external look, and are capable of improving a building’s thermal performance. The rising cost of constructing a cold chain infrastructure is estimated to accelerate the industry. Moreover, to promote green building initiatives, structural insulated panels play an important role. This is the reason for the rising adoption of green building initiatives eventually led to global market growth. Additionally, insulated metal panels are available in several colors, which facilitates applying directly to the exteriors of the buildings. Therefore, the expansion of the construction industry favoring to the lucrative growth of the market.

Structural Insulated Panels Market (2024-30): Segmentation Analysis

The Global Structural Insulated Panels Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2040–2030 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Insulation Material:

• Polystyrene
• Polyurethane
• Expanded Polystyrene (EPS)

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:

• Walls
• Floors
• Ceilings

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:

• Households
• Commercial
• Industrial

Among all, households hold the largest share of the Global Structural Insulated Panels Market, and the same trend is likely during 2024-30. 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.

Structural Insulated Panels Market (2024-30): Regional Projection

Geographically, the Global Structural Insulated Panels Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

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, the Asia-Pacific Structural Insulated Panels Market is expecting notable growth during 2024-30. 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.

Structural Insulated Panels Industry Recent Development:

• In December 2021, the Riverside Company, by an affiliate, completed the acquisition of PFB Corporation, a North America-based manufacturer of proprietary insulating building products based on EPS (Expanded Polystyrene) technology.
• The same year in July, Owens Corning announced the acquisition of Vliepa GmbH, which specializes in printing, finishing, and coating of films, papers, & nonwovens for the building materials industry.
• In June 2021, Kingspan group partnered with TU (Technological University) Dublin for developing the university’s innovative Design and Construct Centre, located at Broombridge.
• In August 2020, Owens Corning introduced Foamular NGX, a new line of XPS (Extruded Polystyrene) foam insulation products. Produced with a proprietary blowing agent, it goes well beyond most regulations and delivers around a 90% reduction in GWP (Global Warming Potential) without compromising product performance.

Gain a Competitive Edge with Our Structural Insulated Panels Market Report

• Global Structural Insulated Panels Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Structural Insulated Panels Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format  - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.