Structural Insulated Panels Industry Overview
The global structural insulated panels market size was valued at USD 11.17 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028.
Favorable green building standards and regulations for the adoption of building insulation materials for lowering the overall energy consumption coupled with the growing investments in the development of cold chain infrastructure across the world are the key factors that are expected to drive the market. Structural insulated panels (SIPs) are expected to gain wide acceptance globally as they are lightweight, have a better external appearance, and can improve the thermal performance of buildings. In the U.S., as per the Federal Energy Policy Act 2005, a tax credit of up to USD 2,000 is provided for builders of new energy-efficient homes that are constructed as per the standards of Federal Manufactured Homes Construction and Safety Standards.
Gather more insights about the market drivers, restrains and growth of the Global Structural Insulated Panels market
In 2020, the polystyrene product segment led the U.S. structural insulated panels market owing to robust insulation property and cost-effectiveness of polystyrene. Growing investments in the renovation of old building structures are expected to drive future product demand within the U.S. market.
Structural insulated panels are widely used in the construction of warehouses owing to their ability to reduce the overall construction time. The growth of the e-commerce industry is generating a huge demand for warehouses and last-mile delivery hubs. In addition, the establishment of local data centers by major technology companies, such as Amazon, Alibaba, Google, and Microsoft, is projected to have a positive impact on the market growth.
Structural insulated panels are fabricated at manufacturing facilities and shipped to the job site in a ready-to-install state. Metal sheets are emerging as a preferred facing material owing to their durability, fireproof property, and superior surface finish. Moreover, insulated metal panels are available in a variety of colors, thus making them suitable for direct application on building exteriors.
Raw materials used for manufacturing structural insulated panels include Polyisocyanurate (PIR), Polyurethane (PU), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), and others. All these products are downstream derivatives of crude oil. Thus, the volatile pricing of crude oil in the international market is a serious restraint to the growth of this industry.
Browse through Grand View Research’s Green Building Materials Industry Research Reports.
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Structural Insulated Panels Market Segmentation
Grand View Research has segmented the global structural insulated panels market on the basis of product, application, and region:
- Structural Insulated Panels Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 – 2028)
- Polystyrene
- Polyurethane
- Glass Wool
- Others
- Structural Insulated Panels Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 – 2028)
- Walls & Floors
- Roofs
- Cold Storage
- Structural Insulated Panels Regional Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Structural Insulated Panels market include
- Metl-Span
- Kingspan Group
- PFB Corporation
- Isopan
- KPS Global
- American Insulated Panel
- Structural Panels Inc.
- All Weather Insulated Panels
- Ingreen Systems Corp.
- Owens Corning
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