Philippines Structural Insulated Panels Market Size

Philippines Structural Insulated Panels Market Analysis

The Philippines Structural Insulated Panels Market size is estimated at USD 1.01 million in 2024, and is expected to reach USD 1.26 million by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19. The country went into lockdown due to the pandemic, which led to work stoppages, supply chain disruption, and labor shortages. All the construction activities were put on hold, which had a negative impact on the market. However, the condition recovered in 2021 and 2022, driving the market during the forecast period.

• Over the medium term, the market is driven by the increasing demand from the construction sector. Increased government spending on infrastructure projects funded by foreign assistance and private capital will likely boost the market studied.
• Conversely, advancements in building technologies, such as modular construction techniques, might hinder the market's growth.
• Increasing cold storage applications are likely to act as an opportunity for market growth in the future.
• The building wall application dominated the market among all other application areas for structural insulated panels.