New York, July 20, 2023 (GLOBE NEWSWIRE) -- The global Composite Insulated Panels Market is expected to witness significant growth at a remarkable CAGR of 5.8% during the forecast period of 2023-2030. The factors such as the increasing development of new cold storage facilities, growth in the investment of new residential projects, and others are accelerating the demand for composite insulated panels, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of composite insulated panels product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the composite insulated panels market is poised for strong expansion and is expected to reach USD 491.61 Million by 2030. The market, which was valued at USD 314.58 Million in 2022, is predicted to grow at a compound annual growth rate of 5.8% during the period 2023-2030. The report highlights the increasing adoption of composite insulated panels in building walls application, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the composite insulated panels market.
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Composite insulated panels are deployed in building walls to aid in efficient vapor, air, moisture, and thermal protection. Building walls are constructed in various construction projects such as residential, commercial, industrial, and infrastructure. For instance, according to the recent 2022 statistics published by the European Construction Industry Federation (FIEC), in 2020, the investment in residential construction projects in the Netherlands was Euro 34,917.95 million (USD 39,883.15 million), and in 2021, it was EURO 36,175.00 million (USD 42,785.62 million), an increase of 3.6% as compared with the year 2020. Therefore, the booming residential construction accelerated the construction of building walls. Hence, the increase in the development of building walls is boosting the demand for composite insulated panels to ensure superior thermal properties. This, in turn, is benefiting market growth.
Composite insulated panels are utilized in cold storage applications as the panels are equipped with excellent thermal performance. This makes composite insulated panels for use in a diverse range of cold storage applications such as refrigerated vehicles, temperature-controlled environments, and others. For instance, in December 2022, Maersk announced the operation of a new cold storage facility in Norway by the Q1 of 2024. Thus, the increase in the development of new cold storage facilities will boost the demand for composite insulated panels as these panels are utilized in cold storage ceilings, walls, cold store partitions, and others. This prominent determinant will drive the growth of the composite insulated panels market.
Global Composite Insulated Panels Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 491.61 Million |
| CAGR (2023-2030) | 5.8% |
| By Product Type | Expanded Polystyrene (EPS) Panel, Rigid Polyurethane (PUR) Panel, Rigid Polyisocyanurate (PIR) Panel, Glass Wool Panel, and Others |
| By Application | Building Wall, Building Roof, Cold Storage, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Kingspan Group, Alubel SpA., ArcelorMittal, DANA Group of Companies, Balex-Metal, PFB Corporation, Jiangsu Jingxue Insulation Technology Co. Ltd, METECNO, Zamil Steel Pre-Engineered Buildings Co. Ltd, and Tata Steel |
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Global Composite Insulated Panels Market Segmentation Details:
Based on Product Type, the expanded polystyrene (EPS) panel segment contributed the largest shares to the market growth in 2022. Expanded polystyrene (EPS) panel has multiple advantageous characteristics such as measurable energy savings, modular in nature, multiple finishing options, constant thermal resistance, and lightweight, among others. These features ensure an excellent weight-to-strength ratio. Expanded polystyrene (EPS) panels are employed in commercial construction projects. Thus, the ongoing commercial construction projects at the global level will create a lucrative opportunity for expanded polystyrene (EPS) panel demand growth to ensure energy-efficient insulation. This, in turn, will boost the segment growth in the upcoming years.
Based on Application, the building wall accounted for the largest market share in the year 2022. The utilization of composite insulated panels ensures the superior structure of the building. Furthermore, the deployment of composite insulated panels ensures superior design flexibility, excellent thermal property, and others for building walls. The building walls are employed in various building and construction projects, including residential, commercial, infrastructure, and industrial. Hence, due to the above properties, the demand for composite insulated panels is increasing in building walls to ensure an excellent insulation core. This, in turn, is fostering the growth of the composite insulated panels market.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. owing to the increasing number of building and construction projects. For instance, in quarter 3 of 2021, the construction work commenced on USD 3,170 million Hamamatsucho Shibaura 1 Chome Redevelopment project in Tokyo, Japan. The project includes the development of a 550,000m2 multi-use building complex, which consists of two towers. The construction work is expected to be completed by the end of 2030. Thus, the growth in building and construction projects in Asia Pacific is accelerating the development of new building walls, roofing, and others. This, in turn, is propelling the market growth.
Competitive Landscape
As per the research, Kingspan Group, Alubel SpA., ArcelorMittal, and DANA Group of Companies are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of composite insulated panels. Further, the composite insulated panels market is expected to grow steadily due to rising demand from the building and construction industry, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new cold storage facilities will boost the demand for composite insulated panels in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In November 2022, All Weather Insulated Panels, a leading manufacturer of foam composite insulated metal panels in the United States launched DM44 Mesa Panel. The product is ideal for building wall applications. Hence, the development of a new range of products will supplement the market growth in the upcoming years.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 34.55% and was valued at USD 108.69 million in 2022 and is expected to reach USD 170.34 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 26.50% during the base year of 2022.
- Based on product type, the expanded polystyrene (EPS) panel segment accounted for the highest share contribution to the composite insulated panels market statistics in 2022.
- In the context of application, the building wall segment is expected to contribute significant shares to the growth of composite insulated panels market statistics during the forecast period.
- North America is expected to boost the market demand for composite insulated panels due to the increasing investments in new building and construction projects in countries such as the U.S., Canada, and others.
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List of Major Global Composite Insulated Panels Market:
- Kingspan Group
- Alubel SpA.
- ArcelorMittal
- DANA Group of Companies
- Balex-Metal
- PFB Corporation
- Jiangsu Jingxue Insulation Technology Co. Ltd
- METECNO
- Zamil Steel Pre-Engineered Buildings Co. Ltd
- Tata Steel
Global Composite Insulated Panels Market Segmentation:
- By Product Type
- Expanded Polystyrene (EPS) Panel
- Rigid Polyurethane (PUR) Panel
- Rigid Polyisocyanurate (PIR) Panel
- Glass Wool Panel
- Others
- By Application
- Building Wall
- Building Roof
- Cold Storage
- Others
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Frequently Asked Questions in the Composite Insulated Panels Market Report
- What was the market size of the composite insulated panels industry in 2022?
- In 2022, the market size of composite insulated panels was USD 314.58 million
- What will be the potential market valuation for the composite insulated panels industry by 2030?
- In 2030, the market size of composite insulated panels will be expected to reach USD 491.61 million.
- What are the key factors driving the growth of the composite insulated panels market?
- The increasing adoption of composite insulated panels in building walls is driving the market growth
- What is the dominating segment in the composite insulated panels market by application?
- In 2022, the building wall segment accounted for the highest market share of 36.55% in the overall composite insulated panels market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the composite insulated panels market?
- Asia Pacific accounted for the highest market share in the overall composite insulated panels market.
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