Rockville, May 16, 2023 (GLOBE NEWSWIRE) -- Structural insulated panels are one high-performance building solution used in the construction industry. In the building and architecture industries, structural insulated panels are frequently used as insulators.
The global structural insulated panels market is expected to grow from its current value of US$ 443.2 million in 2023 to US$ 728.8 million by 2033. Fact.MR projects that the market will grow at a CAGR of 5.1% between 2023 and 2033.
The main driver fueling the market's expansion is an increase in international expenditures in energy-efficient infrastructure. The market for structural insulated panels is expected to increase during the forecasted period as a result of the rising need for cold storage and the growing acceptance of constructing environmentally and energy-efficient constructions.
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Market Drivers:
The Structural Insulated Panels (SIPs) market drivers can vary based on regional factors and specific industry trends. However, some common drivers that have been observed in the market include:
- SIPs are known for their thermal performance, which helps reduce energy consumption in buildings. The growing focus on energy-efficient construction and sustainable building materials has been a significant driver for the SIPs market. Governments and building codes in many regions are also promoting energy-efficient construction practices, further boosting the demand for SIPs.
- SIPs are prefabricated panels that can be quickly assembled on-site, resulting in shorter construction timelines compared to traditional building methods. This faster construction process can lead to cost savings in terms of labor and overall project management. The demand for rapid and cost-effective construction solutions has been driving the adoption of SIPs in both residential and commercial sectors.
- SIPs can be customized to meet various architectural designs and styles, allowing for greater design flexibility. The panels can be easily cut and shaped to create unique structures, making them attractive to architects and designers. The ability to achieve attractive and modern building aesthetics while maintaining high energy efficiency has driven the adoption of SIPs in both residential and commercial projects.
- SIPs provide excellent insulation and airtightness, leading to better control of indoor air quality and temperature. The superior insulation properties of SIPs reduce air leakage and help maintain a comfortable indoor environment while minimizing drafts and thermal bridging. The increasing emphasis on healthy and comfortable indoor spaces has contributed to the demand for SIPs.
Market Restraints:
- SIPs can have a higher upfront cost compared to traditional building materials such as wood or concrete. The cost of manufacturing, transportation, and installation of SIPs can be relatively higher, which may deter some builders and developers from choosing SIPs for their projects, especially in regions with budget constraints or where construction costs are a major consideration.
- Despite the growing popularity of SIPs, there may still be limited awareness and acceptance of these building systems among some segments of the construction industry. Builders, architects, and contractors who are unfamiliar with SIPs or have limited experience using them may hesitate to adopt this technology due to concerns about construction techniques, availability of skilled labor, or perceived risks.
- Building codes and regulations vary across regions, and some jurisdictions may not have specific provisions or guidelines for SIP construction. This lack of standardized codes and regulations can pose challenges for builders and developers, as they may encounter difficulties in obtaining necessary approvals or permits for SIP-based projects. It may require additional effort and coordination with local authorities to ensure compliance with building codes.
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Key Trends:
- The construction industry is increasingly prioritizing sustainable and environmentally friendly building practices. SIPs, with their energy efficiency and reduced environmental impact, align well with these objectives. The trend toward green building certifications and regulations, such as LEED (Leadership in Energy and Environmental Design), is driving the adoption of SIPs in both residential and commercial construction.
- The use of advanced technologies, such as computer-aided design (CAD), Building Information Modeling (BIM), and prefabrication techniques, is becoming more prevalent in the SIPs market. These technologies improve the accuracy of SIP manufacturing, facilitate efficient design and construction processes, and enhance collaboration among architects, engineers, and contractors.
- With the rise in extreme weather events and natural disasters, there is a growing emphasis on constructing resilient buildings that can withstand such challenges. SIPs, known for their strength and durability, are increasingly recognized as viable solution for building resilient structures that withstand high winds, earthquakes, and other adverse conditions.
- Manufacturers are constantly developing new manufacturing techniques to enhance the performance and efficiency of SIPs. This includes innovations in foam core materials, adhesive technologies, and facing materials to improve insulation values, fire resistance, and moisture management. These advancements contribute to the overall quality and competitiveness of SIPs in the market.
Competitive Landscape:
The competitive landscape in the Structural Insulated Panels (SIPs) market includes a mix of reputed manufacturers, emerging players, and regional suppliers. These players are focusing on new developments, quality control, and product controls to improve their market share.
- For instance, ACME Panel Company Acquisition by Premier SIPs: In 2019, Premier SIPs, a leading SIP manufacturer, acquired ACME Panel Company, a regional SIP manufacturer based in Illinois, USA. This acquisition expanded Premier SIPs' manufacturing capabilities and market reach, strengthening its position in the SIPs industry.
Key Players:
- Owens Corning
- Kingspan Group
- PFB Corporation
- Alubel SpA
- Enercept, Inc.
- Foard Panel Inc.
- Extreme Panel Technologies, Inc.
- T. Clear Corporation
- Premier SIPS
- ACME Panel Company
- Metl-Span
- Isopan
- American Insulated Panel
- Structural Panels Inc.
- All Weather Insulated Panels
- Ingreen Systems Corp
Key Segments of Structural Insulated Panels Industry Research
- By Facing Material:
- Oriented Strand Boards (OSB)
- Magnesium Oxide (MgO)
- Others
- By Insulation Material:
- EPS
- Glasswool
- Polyurethane
- Others
- By Application:
- Floors and Walls
- Roofs
- Cold Storage
- By End Use:
- Residential
- Commercial
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Structural Insulated Panels Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Structural Insulated Panels sales grow until 2033?
- Which are the factors hampering the Structural Insulated Panels demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Structural Insulated Panels Market during the forecast period?
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