Structural Insulated Panels Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Market Overview

The structural insulated panel market is expected to register a CAGR of more than 6% during the forecast period.

The construction industry is one of the industries badly impacted by the COVID-19 outbreak. Because of a lack of funds, labor shortage, and lockdown regulations, many projects were halted in 2020. However, the construction industry is recovering fast and will grow further during the forecast period.

• Over the medium term, the major factors driving the market are likely to be 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, 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 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, the market sizing and forecast have been done based on 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 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 is investing USD 1.43 trillion in the next five years till 2025 in major construction projects. According to the National Development and Reform Commission (NDRC), the Shanghai plan includes an investment of USD 38.7 billion in the next three years, whereas Guangzhou signed 16 new infrastructure projects with an investment of USD 8.09 billion.
• The Japanese construction industry is expected to be blooming as the country will host the World Expo in 2025 in Osaka, Japan. The Yaesu redevelopment project and a 61-story, 390 m tall office tower are due for completion in 2023 and 2027, respectively.
• The same trend is recorded in Germany, with the construction of 29,020 dwellings permitted in the country in November 2021, an increase of 2.8% compared to the same period last year, according to the Federal Statistical Office (Destatis).
• Thus, these factors are expected to drive the demand for building walls during the forecast period.

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