Americas Structural Insulated Panel Industry Overview
The Americas structural insulated panel market size to be valued at USD 4.27 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% during the forecast period. Increasing adoption of green building standards and growing investments in the renovation of various residential and industrial building structures are anticipated to drive the market. The American construction market, following its recovery, is expected to witness steady growth over the coming years. Favorable regulations for the adoption of building insulation materials for lowering the overall energy consumption coupled with heavy investments in the establishment of cold chain infrastructure are some of the key factors driving the market growth. The U.S. construction industry is experiencing rapid growth on account of a rising number of residential and non-residential renovations and new construction activities.
The rising consumer demand for innovative buildings with modern technologies improved aesthetic appeal, and better energy-efficiency is expected to drive the market growth. The U.S. governments’ initiatives, through the Weatherization Assistance Program (WAP), to promote thermal insulation through federal funding in households and the U.S. Department of Energy’s funding to develop highly insulating phenolic insulation foams are expected to influence the growth positively.
Gather more insights about the market drivers, restraints, and growth of the Americas Structural Insulated Panel market
Structural Insulated Panels (SIPs) are expected to gain traction owing to their several benefits, such as low weight, improved appearance, and high thermal performance. Increasing demand for energy-efficient buildings owing to the stringent government regulations and rising awareness regarding environmental degradation is anticipated to fuel the demand for SIPs over the forecast period.
However, fluctuating raw material prices result in price variations of thermal insulating materials, thus affecting the manufacturers’ profit margins across the value chain. Blowing agents employed in various insulation materials, such as Polyurethane (PU) foams, Expanded Polystyrene (EPS), and Extruded Polystyrene (XPS), contain Greenhouse Gasses (GHG), which causes environmental issues, and thus, are expected to restrain the market growth.
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Modular Construction Market - The global modular construction market size was valued at USD 84.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028.
Cross Laminated Timber Market - The global cross laminated timber market size was estimated at USD 955.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2021 to 2028.
Americas Structural Insulated Panel Market Segmentation
Grand View Research has segmented the Americas structural insulated panel market on the basis of product, application, and region:
Americas SIP Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 - 2028)
- Expanded Polystyrene (EPS)
- Polyurethane
- Glass Wool
- Extruded Polystyrene (XPS)
Americas SIP Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 - 2028)
- Walls & Floors
- Roofs
- Cold Storage
Americas SIP Regional Outlook (Volume, Million Square Feet; Revenue, USD Million, 2017 - 2028)
- North America
- Central & South America
Market Share Insights:
June 2022: Kingspan announced an investment of 210 million Euros in a Building Technology Campus located in Ukraine. This new plant will manufacture advanced insulation and heating solutions
February 2022: Kingspan Group announced the acquisition of Troldtekt A/S. The development will facilitate Kingspan’s entry into the natural materials space
Key Companies profiled:
Some prominent players in the Americas Structural Insulated Panel market include
- Kingspan Group
- Metl-Span
- Owens Corning
- Metecno Group
- KPS Global
- Isopan
- PFB Corporation
- All Weather Insulated Panels
- Green Span Profiles
- American Insulated Panel Company
- American Buildings Company
- Ingreen Systems Corp.
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