New York, USA, March 23, 2022 (GLOBE NEWSWIRE) -- A new report on the global structural insulated panels market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $638.4 million by 2028, rising at a CAGR of 5.1% from 2021 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Structural Insulated Panels Market Growth:
Growing applications of structural insulated panels in building roofs, walls, and floors, owing to the various benefits they offer, is boosting the growth of the global structural insulated panels market. Additionally, structural insulated panels offer great sustainability, and hence they are extensively used in offsite construction methods. Therefore, the use of structural insulated panels in green constructions is projected to bring in lucrative growth opportunities for the market in the forecast period. However, structural insulated panels lack moisture resistance owing to which they need exceptional care and set up of waterproof surface or additional panel, this is projected to hamper the growth of the market.
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Impact of COVID-19 Pandemic on the Structural Insulated Panels Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global structural insulated panels market. In the pandemic period, the construction sector has ceased normal functioning to avoid the spread of the deadly virus. This has significantly dropped the demand for structural insulated panels during the crisis. Also, the labour force in the construction sector has migrated to their home town during the pandemic owing to the fear of getting infected with the virus. All this has negatively impacted the market growth.
The report segments the global structural insulated panels market into an insulation material, facing material, application, end-use, and region.
Expanded Polystyrene (EPS) Sub-Segment to Experience Remarkable Growth
Among the insulation material segment, the expanded polystyrene (EPS) sub-segment is expected to experience highest growth and garner $531.2 million during the forecast period. The growth of this sub-segment is mostly because of the increasing use of EPS panels in the construction sector for duct & floor insulation, void filling, cavity wall, and packaging application.
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Oriented Strand Board (OSB) Structural Insulated Panels Sub-Segment to Witness Foremost Growth
Among the facing material segment, the oriented strand board (OSB) structural insulated panels sub-segment is projected to grab leading market share and hit $427.0 million during the estimated timeframe. This is mostly because of the increasing use of OSB panels in applications such as wall sheathing, roof covering, and floor underlayment in both housing and commercial areas.
Walls Sub-Segment to Witness Foremost Growth
Among the facing material segment, the walls sub-segment is projected to grab leading market share and hit $382.3 million during the estimated timeframe. This is mostly because OSB panels are greatly used in the making of walls as they are structurally superior as compared to stronger, wood framing, and less vulnerable to shifting.
Residential Sub-Segment to be Most Dominant
Among the end use segment, the residential sub-segment is projected to grab leading market share and hit $542.7 million during the estimated timeframe. This is mostly because structural insulated panels are widely used in residential constructions due to their excellent thermal performance, sustainability, good indoor quality, and quicker construction with less labour.
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North America Structural Insulated Panels Market to Observe Leading Growth
The report analyses the global structural insulated panels market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to lead the market and grow with a CAGR of 5.3% during the estimated timeframe. The growth of this region market is mainly owing to the rising demand for structural insulated panels, as buildings constructed using these type of panels are cost-effective, safe, and greatly energy-efficient, which is surging their adoption in the region.
Major Players in the Structural Insulated Panels Market:
The report lists some of the leading players functioning in the global structural insulated panels industry including -
- T. Clear Corporation
- Alubel SpA
- Kingspan Group
- Enercept, Inc.
- Premier Building Systems, Inc.
- Extreme Panel Technologies, Inc.
- ACME Panel Company
- Ingreen Systems Corp.
- American Insulated Panel Company (AIP)
- Owens Corning, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in November 2021, Kingspan Group, a worldwide frontrunner in advanced insulation & building solutions, launched Planet Passionate Communities, a programme that will support people and communities across the globe while using resources in the most responsible way conceivable.
Report Overview & Table of Content: https://www.researchdive.com/8363/structural-insulated-panels-market
Related links:
Analyst Review @ https://www.researchdive.com/8363/Anlyst-Review/structural-insulated-panels-market
