Structural Insulated Panels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The structural insulated panels market was valued at over USD 400 million in 2020, and the market is projected to register a CAGR of greater than 6% during the forecast period (2021-2026).

The construction industry is one of the industries that are badly impacted by COVID-19. Structural insulated panels are used in building walls, roofs, and other constructions. Because of a lack of funds, labor shortage, and lockdown regulations, many projects were halted in 2020. Due to a ban on inter-state travel, an exodus of migrant workers, also known as informal sector workers, wreaked havoc on the supply chain. This caused less consumption of construction materials and decreased demand and supply. Owing to all these factors, the structural insulated panels market is hindered by the impact of COVID-19.

• Over the medium term, the major factors driving the market studied are the increasing demand from the construction sector and increasing cold storage applications.
• On the flip side, advancements in building technologies such as modular construction techniques are expected to hinder the market's growth.
• North America dominated the market. This growth is primarily due to rising construction activities in Canada and Mexico.

Scope of the Report

Structural insulated panels are high-performance building systems used in construction applications. The structural insulated panels market is segmented by product, application, and geography. By product, the market is segmented into expanded polystyrene panel, rigid polyurethane and rigid polyisocyanurate panel, glass wool panel, and other products. By application, the market is segmented into building wall, building roof, and cold storage. The report also covers the market size of and forecasts for the structural insulated panels market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

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Key Market Trends

Increasing Demand for Building Walls

• Structural insulated wall panels are generally available in thicknesses of 4-1/2 inches and 6-1/2 inches. The manufacturing of curved wall panels is possible, and it is often more practical to use stud framing for non-orthogonal geometries.
• The whole wall R-value of a wall assembly is currently the best and the most followed method of quantifying the total thermal performance. The whole wall R-value takes the resistance of heat flown through an opaque cross-sectional area of the insulation and structure into account, while the total loss of energy at the interfaces of the wall with the roof and floor are accounted for.
• The whole wall R-value of a 4-inch structural insulated wall panel is 14, whereas for a 2x4 wall is less than 10. The whole wall R-value of a 2x6 wall is between 11 and 13.7, depending on the quality of batt insulation installation.
• The elimination of thermal bridging and a more airtight envelope contributes to the higher whole-wall R-value of structural insulated wall panels compared to the conventional metal and wood stud walls.
• The total volume of the panels used as structural insulated wall panels is much higher compared to the volume of the panels used as structural insulated roof panels.
• According to World Bank and Mordor Intelligence Analysis, the construction industry spending worldwide in the year 2019 is USD 12 trillion and is forecasted to reach an estimated value of USD 15.3 trillion in the year 2026, which will create the demand for building walls.
• Owing to above mentioned factors, demand for building walls dominated the market is expected to grow during the forecast period.

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