Structural Insulated Panels Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Global Structural Insulated Panels Market Trends and is segmented by Product (Expanded Polystyrene Panel, Rigid Polyurethane and Rigid Polyisocyanurate Panel, Glass Wool Panel, and Other Products), Skin Material (Oriented Strand Board, Plywood, and Other Skin Materials), Application (Building Wall, Building Roof, and Cold Storage), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast in revenue (USD million) for all the above segments.

Structural Insulated Panels Market Size

Structural Insulated Panels Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR > 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Structural Insulated Panels Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Structural Insulated Panels Market Analysis

During the time frame of the forecast, the structural insulated panel market is expected to grow at a CAGR of more than 6%.

The construction industry is one of the industries that was badly impacted by the COVID-19 outbreak. Because of a lack of funds, labor shortages, and lockdown regulations, many projects were halted in 2020. But the construction industry is getting better quickly and will continue to grow over the next few years.

  • Over the next five to ten years, the market is likely to be driven by the growing demand from the construction industry and the growing number of uses in cold storage.
  • On the other hand, improvements in building technologies, like modular construction, are likely to slow the growth of the market.
  • But the demand for green buildings is growing, which could be a chance for the market to grow.
  • North America had the most of the market, mostly because there were more building projects in Canada and Mexico.

Structural Insulated Panels Market Trends

This section covers the major market trends shaping the Structural Insulated Panels Market according to our research experts:

Increasing Demand from Building Walls

  • Structural insulated wall panels are generally available in thicknesses of 4-1/2 inches and 6-1/2 inches. It is possible to make curved wall panels, but for non-orthogonal shapes, it is often better to use stud framing instead.
  • The total volume of the panels used as structural insulated wall panels is much higher than the volume used as structural insulated roof panels.
  • Also, oriented strand boards are a cost-effective alternative for home construction. As per the National Association of Certified Home Inspectors (NACHI), OSB costs USD 700 less than wood for a typical 2400-square-foot home.
  • The building and construction industry is currently thriving in several emerging economies. China has planned an investment of USD 1.43 trillion in major construction projects until 2025. According to the National Development and Reform Commission (NDRC), the Shanghai plan includes an investment of USD 38.7 billion, whereas Guangzhou signed 16 new infrastructure projects with an investment of USD 8.09 billion.
  • In 2021, new home construction output in the U.S. private sector reached over USD 776 billion, which increased from USD 628.9 billion in 2020.
  • The Japanese construction industry is expected to bloom as the country will host the 2025 World Expo in Osaka, Japan. In 2023 and 2027, respectively, the Yaesu redevelopment project and a 61-story, 390 meter-tall office tower will be finished.
  • In 2022, Germany announced a USD 3.08 billion NeuConnect interconnector project connecting Germany with the United Kingdom, which is scheduled to be completed by 2028. The European Investment Bank will contribute USD 406.5 million to the project.
  • So, these things are likely to increase the demand for building walls over the next few years.
Structural Insulated Panels Market: Value of New Private Residential Construction in the United States, Revenue (USD Billion),2017-2021

North America to Dominate the Market

  • The North American region dominated the global market share. The US construction industry has witnessed an increase in private construction spending over the years.
  • According to the US Census Bureau, the total construction output in the United States was estimated at USD 1625.88 billion in November 2021. Also, non-residential construction in the US was estimated to be worth USD 820.538 billion, which is 3.4% more than it was during the same time last year.
  • In January 2023, the U.S. Department of Transportation announced the investment of a total of USD 5 billion for nine mega-construction projects across the country. The National Infrastructure Project Assistance (Mega) discretionary grant program gave USD 1.2 billion to build these nine mega projects, which was announced by the government.
  • Furthermore, the Canadian construction industry is witnessing growth in a few major cities, such as Toronto, Montreal, and Vancouver. In these cities, developers are registering good profits on investment, mainly with high-density residential projects. The most important places for construction are Toronto and Montreal, which bring in about 25% of the total revenue.
  • StatCan says that investments in building construction in Canada went up by 1.2% to USD 18.0 billion in November 2021, after going up by 1.6% to USD 17.8 billion in October 2021. This drove construction work and increased demand for structural insulated panels.
  • These factors are driving the consumption of structural insulated panels in the region.
Structural Insulated Panels Market - Growth Rate by Region, 2023-2028

Structural Insulated Panels Industry Overview

The structural insulated panels market is highly fragmented, with no major player accounting for a prominent share of the market. Most of the market leaders are forward-integrated, i.e., they produce structural insulated panels and provide installation and maintenance services. Some of the major players (not in any particular order) include Kingspan Group, Rautaruukki Corporation, Premier Building Systems Inc. (Premier SIPS), Owens Corning, and PFB Corporation.

Structural Insulated Panels Market Leaders

  1. Owens Corning

  2. Kingspan Group

  3. Rautaruukki Corporation

  4. Premier Building Systems (Premium SIPS)

  5. PFB Corporation

*Disclaimer: Major Players sorted in no particular order

Structural Insulated Panels Market Concentration

Structural Insulated Panels Market News

  • June 2022: Owens Corning announced the acquisition of a Florida-based composite decking and structural lumber manufacturer, WearDeck. With the acquisition, Owens Corning would strengthen its portfolio of weather-resistant decking and structural lumber and expand its expertise in both commercial and residential applications.
  • January 2022: Owens Corning introduced its FOAMGLAS Perinsul SIP, which acts as a thermal bridge solution for high-performance buildings. The new structural insulated panel is made up of cellular glass that will help in the elimination of thermal bridging, increase energy efficiency, and minimize performance loss in the event of moisture exposure.

Structural Insulated Panels Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from Construction Sector

      2. 4.1.2 Increasing Cold Storage Applications

    2. 4.2 Restraints

      1. 4.2.1 Advancements in Building Technologies, such as Modular Construction Techniques

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size by Value)

    1. 5.1 Product

      1. 5.1.1 EPS (Expanded Polystyrene) Panel

      2. 5.1.2 Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel

      3. 5.1.3 Glass Wool Panel

      4. 5.1.4 Other Products (Extruded Polystyrene Foam)

    2. 5.2 Skin Material

      1. 5.2.1 Oriented Strand Board (OSB)

      2. 5.2.2 Plywood

      3. 5.2.3 Other Skin Materials (Cement Board)

    3. 5.3 Application

      1. 5.3.1 Building Wall

      2. 5.3.2 Building Roof

      3. 5.3.3 Cold Storage

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

        4. 5.4.2.4 Rest of North America

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alubel SpA

      2. 6.4.2 ArcelorMittal

      3. 6.4.3 Balex-Metal

      4. 6.4.4 Cornerstone Building Brands

      5. 6.4.5 DANA Group of Companies

      6. 6.4.6 ITALPANNELLI SRL

      7. 6.4.7 Jiangsu Jingxue Insulation Technology Co. Ltd.

      8. 6.4.8 Kingspan Group

      9. 6.4.9 Manni Group SpA

      10. 6.4.10 METECNO

      11. 6.4.11 Multicolor Steels (India) Pvt. Ltd.

      12. 6.4.12 Nucor Building Systems

      13. 6.4.13 Owens Corning

      14. 6.4.14 Premium Building Systems

      15. 6.4.15 PFB Corporation(Riverside)

      16. 6.4.16 Rautaruukki Corporation

      17. 6.4.17 Tata Steel

      18. 6.4.18 Zamil Industrial Pre-Engineered Buildings Co. Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand from Green Buildings

**Subject to Availability

Structural Insulated Panels Industry Segmentation

Structural insulated panels are high-performance building systems used in construction applications. These panels are used for the construction of ceilings, walls, and floors for residential as well as light commercial properties. A structural insulated panel is a sandwich-structured composite that consists of an insulating layer of rigid core sandwiched between two layers of structural board, which makes them much more energy efficient than traditional building materials as it helps in regulating temperature more efficiently. The structural insulated panels market is segmented by product, application, and geography. By product, the market is segmented into expanded polystyrene panels, rigid polyurethane and rigid polyisocyanurate panels, glass wool panels, and other products. By skin material, the market is segmented into oriented strand board, plywood, and other skin materials. By application, the market is segmented into building walls, building roofs, and cold storage. The report also covers the market size and forecast for the market in 15 countries across major regions. For each segment, market sizing and forecasting have been done based on revenue (USD million).

Product
EPS (Expanded Polystyrene) Panel
Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel
Glass Wool Panel
Other Products (Extruded Polystyrene Foam)
Skin Material
Oriented Strand Board (OSB)
Plywood
Other Skin Materials (Cement Board)
Application
Building Wall
Building Roof
Cold Storage
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Structural Insulated Panels Market Research FAQs

The Structural Insulated Panels Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).

Owens Corning, Kingspan Group, Rautaruukki Corporation, Premier Building Systems (Premium SIPS) and PFB Corporation are the major companies operating in the Structural Insulated Panels Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the North America accounts for the largest market share in the Structural Insulated Panels Market.

Structural Insulated Panels Industry Report

Statistics for the 2023 Structural Insulated Panels market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Structural Insulated Panels analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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