As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global structural insulated panel market is anticipated to reach a valuation of US$ 647 Mn by 2031, expanding at a CAGR of around 5% over the next ten years.
Rapid climate change and increasing energy consumption in buildings are raising consumer consciousness towards the environment. Due to this, consumers are adopting affordable green and sustainable construction methods. Owing to the numerous characteristics and benefits of structural insulated panels are gaining rapid consumer attention.
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Market Segments Covered in Structural Insulated Panels Industry Research
- By Facing Material
- Oriented Strand Board (OSB) Structural Insulated Panels
- Magnesium Oxide (MgO) Board Structural Insulated Panels
- Other Facing Materials
- By Insulation Material
- EPS Structural Insulated Panels
- Glasswool Structural Insulated Panels
- Polyurethane Structural Insulated Panels
- Other Insulation Material Based Structural Insulated Panels
- By Application
- Structural Insulated Panels for Floors and Walls
- Structural Insulated Panels for Roofs
- Structural Insulated Panels for Cold Storage
- By End Use
- Structural Insulated Panels for Residential Use
- Structural Insulated Panels for Commercial Use
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Key Takeaways from Market Study
- The global structural insulated panels market is anticipated to add 1.6X value by 2031
- EPS structural insulated panels capture more than three-fourth global market share, and are set to create an absolute $ opportunity of US$ 488 Mn by 2031
- Among the end users, revenue from residential users has been growing at a faster pace
- North America is expected to dominate global market revenue in 2021
- The market in China and India is expected to rise at around 8.6% and 11.2% CAGR, respectively, through 2031
- Due to the COVID-19 crisis, demand for structural insulated panels has increased immensely, which will boost the overall market over the coming years
The structural insulated panels market is fragmented in nature, where companies are focusing on entering into long-term contracts with builders and large construction houses.
- In July 2021, Owens Corning acquired Vliepa GmbH, which specializes in printing, finishing and coating of papers, films, and nonwovens for building material industry. With this acquisition, Owens will be able to expand its global operations and better serve the European market.
- In April 2021, Kingspan Group announced a partnership with H2 Green Steel, under which, the focus will be to reduce Kingspan’s insulated panel products’ carbon emissions by 45%.
- In June 2021, Kingspan group partnered with Technological University Dublin (TU Dublin) to support the construction of the university’s innovative design and construct centre.
- In March 2021, Kingspan group entered into an agreement to acquire Logstor for nearly US$ 300 Mn, through which, the company will be able to make a strong presence in the European, North American, and Middle Eastern markets.
- In September 2019, All Weather Insulated Panels (AWIP) expanded its manufacturing unit in East Stroudsburg, Pennsylvania, a strategic geographic location that will cater to the needs of existing customers, and the company will be able to establish itself in the eastern region of the United States.
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How Has COVID-19 Impacted Overall Demand for Structural Insulated Panels?
The global market for structural insulated panels experienced a decline of 1.3% in 2020, owing to worldwide shutdown of production activities. With the easing of pandemic restrictions, demand for steel, the most important material for structural insulated panels, increased rapidly. As a result, steel prices have risen tremendously and touched the benchmark price of US$ 1,176/ton for hot-rolled steel in May 2021. These soaring prices are increasing manufacturing cost and decreasing profits of steel-consuming industries. Owing to this ripple effect, profit margins of structural insulated panel manufacturers, installers, and contractors have declined. However, the construction industry is showing V-shape recovery, which is generating hope among structural insulated panel suppliers. The market is expected to experience normal growth over the coming years and generate around US$ 253 Mn absolute dollar opportunity by 2031.
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