Structural Insulated Panels Market, Size, Share, Growth - 2020-2027

Market Overview

• The Global Structural Insulated Panels Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
• A structural insulated panel is a prefabricated insulated structural element used in building walls, floors, and ceilings. Structural insulated panels provide superior and uniform insulation compared to more traditional construction methods, offering 12–14% of energy savings. Upon proper installation, the structural insulated panel also provides a more airtight dwelling, which makes building more comfortable and quieter. Structural insulated panels are currently gaining a larger market share within the construction industry, due to the increasing trend within the structural insulated panels industry for OSB faced structural insulated panels.

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Market Dynamics

• The major factors driving the global structural insulated panel market demand are increasing construction activities focusing on energy-efficient buildings, and rapid urbanization from emerging economies. For instance, the U.S. DOE Zero Energy Ready Home National Program has established standard criteria for the new building construction. The building codes have criteria to qualify in the national program initiatives by constructing energy-efficient buildings with efficiency between 40-50% as compared to other houses.
• Advancements in the building technologies such as modular construction techniques, and hike in the prices of sheathing material such as wood and plastic are the key factors expected to hamper the market growth.

Segmentation Analysis

• The global structural insulated panels market is segmented based on insulting material type, property type, and end-user type.
• Based on insulating material type, global structural insulated panels are sub-segmented into polystyrene, polyurethane, compressed straw core, and others. Polystyrene insulating material is anticipated to gain significant market share over the forecasted period owing to the key advantages such as reduced carbon dioxide emission and low energy consumption. Houses made with structural insulated panels are capable to cut down carbon emissions up to 6o-90 tons annually. Polystyrene building eliminates around 2-3 tons of carbon particles annually as compared to the 2x dimensional timber houses. Compressed straw-core insulated panels demand is anticipated to grow higher over the forecast period owing to the rising demand for eco-friendly construction materials as they are being manufactured from the recycled waste agriculture straw.
• In terms of end-user type, the market is sub-segmented into residential, commercial, institutional, and others. The residential segment is anticipated to be the major market owing to strong application across the residential segment in line with the zero-energy home (ZEH) concept. ZEH is the building that produces the same amount of renewable energy which it consumes on an annual basis. For instance, in 2017, California had more than 5,000 zero net single-family homes, according to a report from the Net-Zero Energy Coalition which indicates higher structural insulated panel penetration in these zero-energy homes.
• The commercial segment is expected to gain a higher CAGR over the forecast owing to the rapid expansion of the commercial building sector focusing on energy conservation, which will drive the structural insulated panels to demand. For instance, as per the Energy Information Administration (EIA) report in the US commercial buildings sector, energy consumption is expected to increase by 25% by 2030. Furthermore, creating demand for the energy conservation building which will support the commercial structural insulated pan.

Geographical Analysis

• Geographically, the global structural insulated panels market is segmented into North America, South America, Asia-Pacific, Europe, and the Rest of the World. North America is the key market for the structural insulated panel as a majority of the constructions in countries such as the US and Canada are made up of wooden materials. For instance, in the US, government initiatives such as the Weatherization Assistance Program promoted thermal insulation which helps in reducing the heating and cooling costs for low-income groups augmented the overall regional business expansion of structural insulated panel manufacturers. Strong economic growth, growing population, increase in household formation, and low mortgage rates are expected to be the key factors aiding to the growth in residential structural insulated panels in the region.
• The Asia Pacific region is expected to exhibit the fastest growth over the forecast period owing to the massive potential lying in the construction industry. The construction industry in the Asia Pacific region is expected to outperform on account of rapid urbanization, and a growing population. Growing economies such as India and China are anticipated to flourish the structural insulated panels markets over the forecast period owing to massive investments by the governments for the development of public infrastructure and the expansion of the residential construction sector. Rising infrastructure investments for the construction of supermarkets, offices, hotels, and houses using high thermal resistance materials will propel the regional industry landscape.

Competitive Landscape:

• The global structural insulated panel market is highly fragmented with no major player accounting for a prominent share in the global market. Most of the structural insulated panels manufacturing companies are forward integrated, i.e., they produce structural insulated panels along with providing installations and maintenance services. Some of the key players include – Insulspan Inc, Korwall Industries, Energy Panel Structures Inc., Murus Company, SIPS@Clays LLC, Foard Panel Inc., SIPCO Limited, Premier Building Systems, SIPTEC, and Gramatica SIPS International.
• Aqua-Pak Industries one of the prominent players in the polystyrene foam boxes manufacturers, it is enhancing its growth by undergoing acquisitions. For Instance, in September 2018, Aqua-Pak Industries Ltd. has intended to acquire the shares of the Mansonville Plastics Group of Companies including First Choice Manufacturing Ltd., Mansonville Plastics (B.C.) Limited, and Korolite Engineered Panel Structures Ltd.

Key Takeaways:

• The increasing demand for structural insulated panels is driven by the increasing energy and construction costs and the ever-growing interest in an eco-friendly building.

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