Americas Structural Insulated Panel Market Size, Share & Trends Report

Americas Structural Insulated Panel Market Size, Share & Trends Analysis Report By Product (EPS, XPS), By Application (Cold Storages, Building Walls), By Region (North America, Central & South America), And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: 978-1-68038-753-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 102

Report Overview

The Americas structural insulated panel market size was valued at USD 3.0 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2020 to 2027. The growing adoption of green building standards and the rising establishment of cold chain infrastructure are anticipated to drive the market. Increased R&D expenditure to develop advanced manufacturing techniques and vacuum insulation panels that are economically viable for household applications is anticipated to benefit the industry growth over the forecast period. In addition, the development of hybrid insulation technology is projected to fuel product demand. In the U.S., the demand for the rigid polyurethane segment is expected to grow at a significant pace. Growing product adoption for the insulation purposes in the cold chain industry on account of its superior thermal insulation and vapor diffusion resistance properties is expected to drive the market over the forecast period.

The U.S. structural insulated panel market size

Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), rigid polyurethane, glass wool, and Oriented Strand Board (OSB), and metal sheets are some of the most commonly used raw materials in the production of structural insulated panels. Fluctuations in the prices of raw materials result in variations of product prices, thus affecting the profit margins of manufacture.

Structural insulated panels are completely fabricated at factories and are shipped to the job site in a ready-to-install state. Metal sheets are emerging as a preferred facing material owing to their durability, fireproof property, and superior surface finish. Moreover, insulated metal panels are available in a variety of colors, thus making them suitable for application on building exteriors.

The blowing agents employed in the insulation industry contain ozone-depleting substances that can cause serious environmental issues. In addition, the EPA has put stringent restrictions on the use and disposal of plastic foams, such as polystyrene, owing to their non-biodegradability. Such restrictions are projected to restraint the market growth over the projected to period.

Product Insights

The EPS segment led the market and accounted for more than 76% share of the total revenue in 2019. The demand for EPS panels is driven by their high compression strength, moisture resistance, sound absorption, lightweight, and quakeproof properties, along with the high functionality in challenging environments.

The extruded polystyrene (XPS) segment is estimated to register the fastest CAGR from 2020 to 2027. The XPS insulation is manufactured using an extrusion process, forming a closed-cell structure with smooth skin on the top and bottom of the board. In addition, the closed-cell structure of the material prevents water penetration in the insulation board, thereby providing long-term durability and strength.

Polyurethane foam (PUR) and Polyisocyanurate foam (PIR) are manufactured from two components, namely isocyanate (MDI) and polyol. Both these insulating materials are rapidly emerging as an alternative to polystyrene insulation materials owing to their superior thermal insulation property, rigidity, fire resistance, and dimensional stability.

The glass wool segment also accounted for a significant market share in 2019. Apart from being low-cost, the glass wool panels exhibit excellent thermal insulation and superior fire resistance and noise insulation properties. As a result, these panels are often used in wall and roof applications in the construction of commercial and industrial buildings.

Application Insights

The building walls segment led the market and accounted for more than 46% of the total revenue share in 2019. Insulation of walls is one of the essential elements to enhance the energy efficiency of buildings. Insulated walls and roofs create a protective envelope, which eliminates heat transfer from the external environment through conduction and convection radiation.

Insulated roof panels offer heat retention and prevention benefits, thereby enabling cozy space in houses and workspaces. Temperature regulated by insulated roofs leads to improvement in the energy efficiency of buildings through a reduction in the usage of air conditioning systems and heaters. Thus, these benefits provide a major boost to product demand.

Americas structural insulated panel market share

The cold storage segment is anticipated to progress at the fastest CAGR of 3.9% over the forecast period. Growing investments in the establishment of cold chain infrastructure are expected to be the primary driving factor for the segment growth. Furthermore, rising product utilization for retrofitting to the existing cold storage structures is projected to aid product demand.

The structural insulated panels are fabricated in a factory environment and are assembled and installed at the project location. These panels are directly attached to the supporting structure of buildings in multiple steps, thereby eliminating the need for constructing insulated walls and roofing. Thus, product usage delivers significant savings in terms of total project time and cost required.

Regional Insights

North America led the market and accounted for over 66% of the total revenue share in 2019 owing to high product utilization in the construction of sustainable, energy-efficient buildings. In addition, an increase in the incidents of natural calamities, including hurricanes and wildfire, hitting different parts of the region is anticipated to boost the product demand over the forecast period.

The product demand in Brazil is expected to grow at a significant CAGR over the forecast period on account of growing product utilization in the residential application. Furthermore, government support for the construction of affordable housing structures aided by easy credit availability is expected to boost the product demand in the country.

The U.S. market is expected to witness robust growth over the forecast period owing to the growth in the regional construction sector. Increased demand for energy-efficient construction solutions and the adoption of green building standards are the primary factors driving the market growth.

The Central & South America region is anticipated to grow at a CAGR of 2.4% over the forecast period. The growth can be attributed to the increasing investments in industrial infrastructure projects by foreign and domestic private companies in the region, which, in turn, is expected to fuel the product demand.

Key Companies & Market Share Insights

Key players are integrated across the value chain as they produce raw materials as well as products of structural insulated panels. In addition, these companies also provide training to insulation contractors and workers. This enables companies to ensure proper product installation. Companies invest significantly in R&D activities related to manufacturing, supplying, and installation of the product, thus resulting in dynamic market conditions. The companies perform extensive innovations in manufacturing and supplying products to enhance their portfolio and penetration in the industry. Some of the prominent players in the Americas structural insulated panel market include:

  • Metl-Span

  • Kingspan Group

  • Owens Corning

  • PFB Corp.

  • Isopan

  • KPS Global

  • American Insulated Panel

  • Structural Panels, Inc.

Americas Structural Insulated Panel Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 2.4 billion

Market volume in 2020

319.5 million square feet

Revenue forecast in 2027

USD 3.9 billion

Volume forecast in 2027

531.1 million square feet

Growth Rate

CAGR of 3.5% from 2020 to 2027 (Revenue-based)

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in million square feet, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Central & South America

Country scope

The U.S.; Canada; Mexico; Brazil; Colombia; Argentina; Chile

Key companies profiled

Metl-Span; Kingspan Group; Owens Corning; PFB Corp.; Isopan; KPS Global; American Insulated Panel; Structural Panels, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the Americas structural insulated panel market report on the basis of product, application, and region:

  • Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2016 - 2027)

    • Expanded Polystyrene (EPS)

    • Rigid Polyurethane

    • Glass Wool

    • Extruded Polystyrene (XPS)

  • Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2016 - 2027)

    • Building Walls

    • Building Roofs

    • Cold Storages

  • Regional Outlook (Volume, Million Square Feet; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Central & South America

      • Brazil

      • Argentina

      • Chile

      • Colombia

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