New York, USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global structural insulated panels market is anticipated to generate a revenue of $638.4 million and grow at a CAGR of 5.1% throughout the estimated period from 2021 to 2028.
As per our analysts, structural insulated panels (SIPs) offer various advantages to all levels of building design for builders, architects, designers, and even residents, which is expected to fortify the growth of the structural insulated panels market during the analysis timeframe. Besides, the soundproof designs of SIPS help in constructing homes and buildings quieter which is the major factor expected to upsurge the growth of the market over the forecast period. Moreover, the increasing role of structural insulated panels (SIPs) in supporting green construction is predicted to create massive growth opportunities for the market during the estimated timeframe. However, the poor moisture resistance and pest resistance may hamper the growth of the market over the forecast timeframe.
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Segments of the Structural Insulated Panels Market
The report has divided the market into segments based on insulation material, facing material, application, end-user, and region.
Insulation Material: Expanded Polystyrene (EPS) Sub-Segment to be Most Productive
The expanded polystyrene (EPS) sub-segment is expected to generate a revenue of $531.2 million during the analysis period. The increasing use of EPS panels for packaging applications, duct & floor insulation, void filling, and many more, is predicted to uplift the growth of the market sub-segment over the estimated timeframe.
Facing Material: Oriented Strand Board (OSB) Structural Insulated Panels Sub-Segment to be Most Profitable
The oriented strand board (OSB) structural insulated panels sub-segment is predicted to garner a revenue of $427.0 million over the forecast timeframe. This is mainly because of the increasing use of OSB structural insulated panels for wall sheathing, floor underlayment for both residential and commercial applications, and many more. Moreover, OSB sheets are light in weight and easy to install and are known for shear strength, high durability, and longevity which are expected to fuel the growth of the structural insulated panels market sub-segment during the analysis period.
Application: Walls Sub-Segment to be Most Beneficial
The walls sub-segment is projected to generate a revenue of $382.3 million throughout the estimated timeframe. This is mainly because the use of SIPs in the construction of walls offers 50% more energy efficiency compared to traditional framing. In addition, the SIPs have the excellent load-bearing capacity, water resistance properties, and many more which are expected to amplify the growth of the market sub-segment during the analysis timeframe.
End-Use: Residential Sub-Segment to be Most Lucrative
The residential sub-segment is predicted to garner a revenue of $542.7 million during the estimated period. This is majorly due to the increasing use of SIPs in residential construction because of their exceptional thermal performance, and sustainability. Furthermore, the SIPs require less energy for manufacturing compared to the traditional method which is expected to increase the growth of the market sub-segment over the forecast period.
North America Region to Hold the Largest Share of the Market
The North America region of the structural insulated panels market is expected to grow at a CAGR of 5.3% during the analysis timeframe. This is mainly due to the increasing demand for structural insulated panels in this region due to their beneficial properties such as high speed of installation, excellent thermal performance, and many more. Moreover, the increasing demand for energy conservation and high-performance building panels in this region is expected to drive the regional growth of the market during the forecast period.
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Covid-19 Impact on the Structural Insulated Panels Market
The outbreak of the Covid-19 pandemic has had a negative impact on the structural insulated panels market. This is mainly due to the financial crisis led by the pandemic and the lack of adequate medical facilities during that period. Moreover, the decline in residential construction activities owing to the suppression of construction activities and mass migration of labor due to the spontaneous spread of the deadly virus are the factors that have declined the growth of the market during the period of crisis. However, various initiatives taken by the leading structural insulated panel manufacturers in response to the Covid-19 pandemic have created growth opportunities for the market.
Key Players of the Market
The major players in the structural insulated panels market include
- American Insulated Panel Company (AIP)
- Extreme Panel Technologies Inc.
- Premier Building Systems Inc.
- Alubel SpA
- T. Clear Corporation
- Enercept Inc.
- ACME Panel Company
- Kingspan Group
- Ingreen Systems Corp.
- Owens Corning
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
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For instance, in March 2022, Owens Corning, a leading American company that develops and produces insulation, roofing, and fiberglass composites and related materials and products, launched its new product namely “FOAMGLAS® Perinsul® SIB (Structural Insulating Block)” to help in building more energy-efficient buildings. This new solution has the potential to improve thermal performance, minimize performance loss in the event of moisture exposure, and increase energy efficiency.
Further, the report also presents other important aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
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