The global structural insula ted panels market size is projected to grow from USD 405 million in 2020 to USD 517 million by 2025, at a CAGR of 5.0% from 2020 to 2025. The market is projected to grow in accordance with the increase in the demand for residential and commercial construction across the globe. Furthermore, the structural insulated panels market has witnessed a significant increase in its demand, owing to the growth in the construction of green and energy-efficient buildings worldwide.
Being a cost-effective, sustainable, and durable building system, the structural insulated panels are widely adopted and used in various end use industries for the construction of cold storage facilities. Cold storage is a vital element for several businesses such as food processing, food preparation, warehousing, and storage systems, as well as for pharmaceutical and retail solutions. The increase in the demand for cold storage systems is expected to boost the application, and, in turn, the market for structural insulated panels.
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Residential dominated the structural insulated panels market in 2019, in terms of value and volume.
Residential, by end use, accounted for the largest demand for structural insulated panels in 2019, in terms of value and volume. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drive the sales of residential construction projects. The spending on residential construction is estimated to witness a surge, particularly in the emerging countries of APAC. There is a trend of urbanization in the region, resulting in a high growth rate for the residential construction sector. In addition, the demand for residential buildings is witnessing a boost in the US, Saudi Arabia, and the UK. All these factors are expected to drive the structural insulated panels market in the residential building segment globally.
The North American region is projected to account for the largest share in the structural insulated panels market during the forecast period.
The North American region is projected to lead the structural insulated panels market, in terms of both value and volume from 2020 to 2025. The growth of the structural insulated panels market in North America is driven by technological advancements in the building & construction industries. In the US, single-family homes are growing, especially in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. The usage of insulation materials in residential applications has been a key factor driving the structural insulated panels’ market growth.
Owens Corning (US), Kingspan Group (Ireland), PFB Corporation (Canada), Alubel SpA (Italy), Enercept, Inc. (US), and Extreme Panel Technologies, Inc. (US) are the key players operating in the structural insulated panels market. Acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the structural insulated panels market.
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