Structural Insulated Panels Industry Overview
The global structural insulated panels market size is expected to reach USD 17.19 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. Growing emphasis on constructing energy-efficient building structures and the rising investments in the renovation of old buildings are some of the major factors expected to boost the product demand.
Governments across the world are providing various incentives to construction companies and building contractors to promote energy-efficient building structures. For instance, the U.S. government, through its Weatherization Assistance Program (WAP), is incentivizing the improvement of thermal insulation in low-income households, which is expected to promote the demand for structural insulated panels (SIPs).
Structural Insulated Panels Market Segmentation
Grand View Research has segmented the global structural insulated panels market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Polystyrene, Polyurethane, Glass Wool, and Others.
- Polystyrene led the market and accounted for more than 72.0% share of the global revenue in 2020 and is estimated to register the fastest CAGR from 2021 to 2028.
- The glass wool segment is expected to grow at a CAGR of 5.8% over the forecast period owing to superior thermal insulation, fire resistance, and noise insulation properties of glass wool.
Based on the Application Insights, the market is segmented into Walls & Floors, Roofs, and Cold Storage.
- Walls & floors led the market and accounted for more than 46.0% share of the global revenue in 2020. Growing awareness about the economic advantages of installing effective building insulation is driving segment growth.
- The product is widely used in the cold storage industry owing to its superior structural strength and insulation properties.
Structural Insulated Panels Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Major companies in the market are focusing on expanding their product portfolio by developing cost-effective insulation products with enhanced properties. The manufacturers are also engaged in the product installation through their network of certified contractors and installers. Installation of these systems needs expert services, which can affect the overall price. Companies invest significantly in R&D activities related to product manufacturing, supply, and installation, which results in dynamic market conditions.
Some prominent players in the global structural insulated panels market include:
- Metl-Span
- Kingspan Group
- PFB Corporation
- Isopan
- KPS Global
- American Insulated Panel
- Structural Panels Inc.
- All Weather Insulated Panels
- Ingreen Systems Corp.
- Owens Corning
Order a free sample PDF of the Structural Insulated Panels Market Intelligence Study, published by Grand View Research.
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