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Structural Insulated Panels Market Size to Hit USD 12,368.20 Million by 2030 Expanding at 6.10% CAGR - Report by Market Research Future (MRFR)

New York, USA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Structural Insulated Panels Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), "Structural Insulated Panels Market Information by Application, Product, And Region - Forecast till 2030", the market is estimated to grow at a 6.10% CAGR to reach USD 12,368.20 Million by 2030.

Market Synopsis

Sandwich panels of the structural insulated panel (SIP) and structural insulating panel (SIP) variety are employed in the building and engineering sectors. This consists of two layers of structural board and an insulating layer of the stiff core. The boards may be made of various materials, including sheets, plywood, magnesium oxide board (MgO), and cement. The market is anticipated to be driven by favorable green building regulations and standards for the use of building insulation materials for reducing total energy consumption and increased expenditures in creating cold chain infrastructure globally.

Structural insulated panels (SIPs), which are lighter, have a better exterior look, and can enhance a building's thermal performance, are anticipated to become widely used worldwide. Due to their capacity to save total construction time, structural insulated panels are frequently utilized in the construction of warehouses. Warehouses and last-mile distribution hubs are in high demand due to the e-commerce sector's expansion.

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Report Scope:

Report Attribute Details
Market Size in 2030 USD 12,368.20 Million
CAGR 6.10% (2022–2030)
Base Year 2021
Forecast Period 2022–2030
Historical Data 2020
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application, Product, And Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Structural insulated panels are suitable for large projects and offer advantages in terms of assembly time
Rising infrastructure demand for residential and commercial buildings has resulted in the use of insulation components in buildings

Market Competitive Landscape:

The well-known players in the structural insulated panels market are:

  • Alubel SpA (Italy)
  • PFB Corporation (Canada)
  • Owens Corning (US)
  • Marcegaglia SpA (Italy)
  • Metecno (Italy)
  • NCI Building Systems (US)
  • ArcelorMittal (Luxembourg)
  • BALEX-METAL (Poland)
  • Isopan (Manni Group SpA)
  • Italpannelli SRL (Italy)
  • Kingspan Group (Ireland)

Market U.S.P. Covered:

Market Drivers:

The adoption of preferable green building regulations and standards for building insulation materials to decrease overall energy consumption and increase costs for building cold chain infrastructure around the world is anticipated to drive the growth of the worldwide structural insulated panels market. Because structural insulated panels are compact, have a beautiful exterior, and improve a building's thermal performance, they have become quite popular worldwide. The structural insulated panel is commonly used in the manufacture of warehouses due to its potential to reduce overall construction time. Structural insulated panels are also advantageous in assembly time and are appropriate for large projects, which has impacted their adoption in the building sector.

Aside from that, the use of insulation components in structures is a result of the growing infrastructure demand for commercial and residential structures. Construction technology incorporating insulation panels has shown to be the more cost-effective choice for facilitating structure assembly and disassembly. Construction sites get structural insulated panels that have been manufactured and are prepared for installation. Due to their resilience, fire proofness, and exceptional surface polish, metal sheets are becoming a desirable facing material. Insulated metal panels can also be applied directly to the exteriors of buildings because they come in many colors.

Market Restraints:

It is anticipated that developments in building technology, such as modular construction methods, will restrain the market growth. Environmental risks, stringent governmental requirements, and a growing emphasis on renewable energy sources may constrain the market size for structural insulated panels. According to projections, stringent government regulations will limit the market share for structural insulated panels. High manufacturing costs and fluctuating raw material prices severely hamper the growth of the structural insulated panel market.

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COVID 19 Analysis

Due to country-wide lockdowns and delays in the development and production of structural insulated panels used in residential and non-residential sectors, the COVID-19 epidemic has hampered the expansion of the structural insulated panel business. It began as a global health issue but now poses a serious threat to international trade, the economy, and the financial system. The COVID-19 epidemic has interrupted the manufacturing of numerous products in the structural insulated panel industry because of the ongoing lockdown in important countries. Market participants can only sustain a total lockdown for a short time before they are forced to change their investment strategies.

The prevalence of COVID-19 cases is also anticipated to decline soon due to the availability of the COVID-19 vaccine. This is also anticipated to result in the restarting of structural insulated panel businesses at full capacity, which would help the market recover by the beginning of 2022. Equipment and machinery manufacturers are concentrating on safeguarding their personnel, operations, and supply networks to deal with emergencies and implement new working procedures as COVID-19 infection cases are decreasing.

Market Segmentation

By application, the market includes residential and commercial. By product, the market includes expanded polystyrene, polyurethane insulated, and glass wool.

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Regional Insights

Some key drivers behind North America's market expansion include rising residential demand, a highly advanced cold chain and logistics sector, and government programs to build social infrastructure. In the upcoming years, rising consumer awareness of the advantages of building structure insulation is anticipated to drive the market. Rapid building projects that comply with energy efficiency norms and regulations are anticipated to grow at the greatest CAGR in Asia-Pacific. This is also due to the rising demolition of outdated infrastructure, which requires large restoration expenses.

The large-scale development of urban constructions is anticipated to be a key factor in driving the global market for structural insulated panels during forecasting. Over the forecast period, the Middle East and Africa are anticipated to see a high CAGR. Due to the region's dry environment and scarcity of rainfall, the bulk of its food goods is imported from abroad. The region's import and trading center for food goods has developed as the United Arab Emirates. This has led to increased investments in the construction of cold storage facilities and cold chain logistics, increasing demand for structural insulated panels.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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