Structural Insulated Panels Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 6.00 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*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.
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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.
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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
Premier Building Systems (Premium SIPS)
*Disclaimer: Major Players sorted in no particular order
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 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand from Construction Sector
4.1.2 Increasing Cold Storage Applications
4.2.1 Advancements in Building Technologies, such as Modular Construction Techniques
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size by Value)
5.1.1 EPS (Expanded Polystyrene) Panel
5.1.2 Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel
5.1.3 Glass Wool Panel
5.1.4 Other Products (Extruded Polystyrene Foam)
5.2 Skin Material
5.2.1 Oriented Strand Board (OSB)
5.2.3 Other Skin Materials (Cement Board)
5.3.1 Building Wall
5.3.2 Building Roof
5.3.3 Cold Storage
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.2 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alubel SpA
6.4.4 Cornerstone Building Brands
6.4.5 DANA Group of Companies
6.4.6 ITALPANNELLI SRL
6.4.7 Jiangsu Jingxue Insulation Technology Co. Ltd.
6.4.8 Kingspan Group
6.4.9 Manni Group SpA
6.4.11 Multicolor Steels (India) Pvt. Ltd.
6.4.12 Nucor Building Systems
6.4.13 Owens Corning
6.4.14 Premium Building Systems
6.4.15 PFB Corporation(Riverside)
6.4.16 Rautaruukki Corporation
6.4.17 Tata Steel
6.4.18 Zamil Industrial Pre-Engineered Buildings Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand from Green Buildings
Structural Insulated Panels Market Research FAQs
What is the current Structural Insulated Panels Market size?
The Structural Insulated Panels Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in Structural Insulated Panels Market?
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.
Which is the fastest growing region in Structural Insulated Panels Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Structural Insulated Panels Market?
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.