Structural Insulated Panels Market Size, Share & Trends Report

Structural Insulated Panels Market Size, Share & Trends Analysis Report By Product (Polystyrene, Polyurethane, Glass Wool), By Application (Walls & Floors, Cold Storage), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Oct, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-773-5
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 120

Industry Insights

The global structural insulated panels market size was USD 423.6 million in 2018 and is expected to progress at a CAGR of 6.1% over the forecast period. Increasing demand for affordable and cost-effective residential housing solutions is anticipated to drive the demand for structural insulated panels over the forecast period. The need for high-performance and durable building systems with environment-friendly properties is further likely to support the product demand in the market.

Structural insulated panels are prefabricated building materials, which ease and speed up the installation process without compromising the quality of construction. Optimized cost, higher insulation, and lightweight properties offered by structural insulated panels are anticipated to propel their demand in commercial construction. Furthermore, growth of cold storage systems for food & beverage sector is expected to have a positive impact on the growth of market.

U.S. Structural Insulated Panels (SIP) Market

In the U.S., pipeline residential and commercial projects are likely to support the product demand over the forecast period. Early acceptance coupled with high consumer demand for eco-friendly, affordable housing systems in the U.S. is expected to propel demand for these products. Moreover, rising trends for energy-efficient and green constructions are further anticipated to flourish the structural insulated panels market.

Structural insulated panels are highly resistant to heat and cold temperatures, and hence, aid in maintaining room environment at optimum level, resulting in low electricity cost. Furthermore, light weight and easy molding capabilities offered by these panels are expected to increase their popularity as a construction material. However, high raw material price and transportation costs of structural insulated panels are expected to be the biggest challenge for the market.

Structural insulated panels are costly as compared to traditional wood components used in construction activities. However, the structures built with these insulated panels offer higher insulation and cost-effectiveness over the long run. Continuous insulation offered by these panels helps in maintaining uniform wall temperature, resulting in high comfort for the occupant. It also decreases moisture collection on the wall, resulting in increased durability of wall structures.

Energy efficiency legislation and initiatives by European countries to reduce overall carbon emission in the region are expected to increase the demand for structural insulated panels. Key players in the industry are focusing on the development of panels with improved insulation property and durability. However, increasing wood and plastic prices are expected to hamper the profit margins of the market players over the forecast period.

Product Insights

Structural insulated panels manufactured with polystyrene foam materials accounted for the largest market share in 2018. Polystyrene foam’s characteristics including superior thermal resistance, density, lightweight, and lower cost as compared to its counterparts are the factors for high popularity of this product segment.

Polyurethane-based insulated panels provide better resistance to temperatures along with lightweight properties. However, products’ high cost and limited availability are expected to restrain their demand in residential applications. Increasing demand for high-end commercial construction applications that require better insulation is projected to drive the demand for polyurethane-based insulated panels over the projected period.

The demand for glass wool structural insulated panels is expected to progress at a CAGR of 4.8% from 2019 to 2025. Glass wool insulating materials are used in paneling system owing to their lightweight, soundproof, non-combustible, and high thermal resistance. Increasing demand for high-end building structures that require superior insulation within building walls and ceiling is likely to aid the market growth.

Innovations and advancements in technology for increasing insulation values of foams and siding materials are likely to ascend the market for insulated panels. These panels are easy to carry and do not contain any VOCs. Furthermore, the product’s ability to mold into the desired design of buildings is expected to increase its utilization in construction applications.

Application Insights

Walls and floors application accounted for the highest market share in 2018 and is anticipated to progress at a CAGR of 6.1% over the forecast period in terms of revenue. Increasing construction projects with energy-efficient and green materials, majorly for residential applications are expected to drive the demand for structural insulated panels in wall and floor constructions. The rising need for renovation of residential structures on account of improving living standards and high spending capacity is further likely to favor the structural insulated panels market growth.

Cold storage accounted for 30.7% of the market revenue share in 2018. The development in cold chain activities on account of increasing consumption for processed and packaged food in major economies, such as Asia Pacific and North America, has supported the demand for structural insulated panels.

Global structural insulated panels (SIP) market

Roofs application for structural insulated panels is anticipated to register the highest growth at a CAGR 6.2% over the forecast period in terms of revenue. These panels are widely used in extremely cold regions wherein, resistance from external weather is an essential factor for building structures. Development of residential and commercial SIP roofing systems to resist external heat and cold temperature is expected to increase the penetration of structural insulated panels.

Superior resistance to temperature and fire, higher insulation properties, cost-efficiency, and easy installation have contributed to the increasing demand for these panels. The durability of well-built and well-maintained SIP houses is found to be similar to conventional constructions. However, poor installation practices may result in failure of structural insulated panels-based housing units.

Regional Insights

The demand for structural insulated panels in Canada is expected to progress at a CAGR of 5.3% from 2019 to 2025. Early acceptance, high consumer awareness, and government support for energy-efficient and green constructions have supported the product growth in the region. Moreover, commercial availability of the products coupled with easy installation guidelines provided by the players is likely to support the market growth.

Asia Pacific market is likely to register the highest growth over the forecast period owing to increasing construction activities backed with rising investments from foreign multinationals. Increasing production and consumption of packaged and processed food in the region have created scope for construction of cold storage facilities, thus are supporting the market for structural insulated panels.

Europe is expected to grow at a significant rate on account of increasing product penetration in western countries in the region. European countries follow stringent regulations to reduce the adverse impact of construction materials on the environment. Structural insulated panels are eco-friendly and recyclable, making them a popular upcoming material in construction as well as cold storage industries.

The product is becoming a popular choice in Germany and the U.K. as the consumers in this region are continuously looking for environment-friendly products. Furthermore, the consumers in the region can afford the initial cost required for these constructions. Rising new construction and renovation activities of commercial spaces in the region are expected to support the industry growth.

Structural Insulated Panels Market Share Insights

The global market for structural insulated panels is moderately competitive owing to the presence of a few multinational players. Product development and competitive pricing are the key focus areas of the manufacturers to position their product in the market. Major players competing in the market include Kingspan Group, Rautaruukki Corporation, Premier Building Systems, Alubel SpA, and Dana Group Plc.

The players are also focusing on enhancing their portfolios by offering add-on services such as installation guidance to their consumers. For instance, Rautaruukki Corporation provides a customized solution for construction applications, wherein the company works in collaboration with installers. It provides tailored components for structural insulated panels that can be installed in desired building structures.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation                                                  

Volume in million square feet, Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, U.K., Germany, Italy, China, India, Japan, Brazil, Argentina, UAE

Report coverage              

Revenue forecast, company share, competitive landscape, and growth factors and trends

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Segments Covered in the Report

This report forecasts volume and revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global structural insulated panels market report on the basis of product, application, and region:

  • Product Outlook (Volume, Million Sq. Feet; Revenue, USD Million, 2014 - 2025)

    • Polystyrene

    • Polyurethane

    • Glass Wool

    • Others

  • Application Outlook (Volume, Million Sq. Feet; Revenue, USD Million, 2014 - 2025)

    • Walls and Floors

    • Roofs

    • Cold Storage

  • Regional Outlook (Volume, Million Sq. Feet; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America (CSA)

      • Brazil

      • Argentina

    • Middle East & Africa (MEA)

      • UAE

Key questions answered by the report
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