The report "Structural Insulated Panels Market by Facing Material (OSB. MGO Board, and Others), Insulation Material (EPS, XPS, and Others), Application (Floor, Roof, and Wall), End Use (Residential, Non-Residential), and Region - Global Forecast to 2025" The global structural insulated panels market size is projected to grow from USD 405 million in 2020 to USD 517 million by 2025, at a CAGR of 5.0% from 2020 to 2025.
Browse 133 market data Tables and 47 Figures spread through 169 Pages and in-depth TOC on "Structural Insulated Panels Market by Facing Material (OSB. MgO Board, and Others), Insulation Material (EPS, XPS, and Others), Application (Floor, Roof, and Wall), End Use (Residential, Non-Residential), and Region - Global Forecast to 2025"
The global structural insulated panels market size is projected to grow from USD 405 million in 2020 to USD 517 million by 2025, at a CAGR of 5.0% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the structural insulated panels market has witnessed a significant increase in its demand, owing to the growth in the construction of green and energy-efficient buildings worldwide.
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The structural insulated panels market has thousands of companies which thrive in their domestic market. A few of the major players are, Owens Corning (US), Kingspan Group (Ireland), PFB Corporation (Canada), Alubel SpA (Italy), Enercept, Inc. (US), Extreme Panel Technologies, Inc. (US), T. Clear Corporation (US), and Premier SIPs (US). These players have adopted various growth strategies, such as acquisitions, and new product developments, to increase their market shares and enhance their product portfolios.
Driver: Increased demand for structural insulated panels for cold storage applications
Being a cost-effective, sustainable, and durable building system, the structural insulated panels are widely adopted and used in various end use industries for the construction of cold storage facilities. Cold storage is a vital element for several businesses such as food processing, food preparation, warehousing, and storage systems, as well as for pharmaceutical and retail solutions. The increase in the demand for cold storage systems is expected to boost the application, and, in turn, the market for structural insulated panels.
Restraint: Volatility in raw materials prices
Raw material and energy used in manufacturing structural insulated panels have volatile prices and the trend is set to continue during the forecast period. Sudden increase or decrease in price affects the profit margin of manufacturers as well. The main raw materials used in the manufacturing of structural insulated panels are EPS and XPS. Volatility in the prices of energy and crude oil leads to the fluctuations in the prices of the raw materials used for structural insulated panels (such as XPS and EPS). These fluctuations, in turn, result in volatility of prices of finished products.
Opportunity: Supportive building regulations
With increasingly rigorous legislations surrounding commercial properties, developers are encouraged to keep pace with the technology that can create energy-efficient buildings. Stringent building regulations have posed a challenge to builders to comply with energy efficiency and CO2 emission targets. This has forced builders to use structural insulated panels for buildings, which can help in reducing the HVAC/heating costs by up to 40%.
Challenge: Lack of awareness about structural insulated panels
The structural insulated panels market has a positive outlook due to the high growth in the construction industry. However, in some developing or underdeveloped countries of APAC Africa, and South America, people are less aware of these insulation panels and the benefits it offers. There is a lack of awareness about the sustainability, flexibility, recyclability, and durability of structural insulated panels in the emerging economies in Africa and South America. For the growth of this industry, it is important to educate customers regarding the positive effects of structural insulated panels on the environment and the way it can contribute to a healthy lifestyle.
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