The global structural insulated panels market size is expected to grow from $0.38 billion in 2021 to $0.40 billion in 2022 at a compound annual growth rate (CAGR) of 5.46%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The structural insulated panel market is expected to reach $0.50 billion in 2026 at a CAGR of 5.66%.
What is the Global Structural Insulated Panels Market?
The structural insulated panels market consists of sales of structural insulated panels (SIPs) by entities (organizations, partnerships, and sole proprietors) that consist of a super-strong construction panel having an insulating foam between two structural facings. SIPs are high-performance insulating panels used to construct walls, ceilings, and floors for residential and light commercial construction. They have superior strength against natural disasters, high energy-efficiency, and are cost-effective in construction purposes.
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What drives the Global Structural Insulated Panels Market?
Increasing emphasis on green buildings is expected to propel the growth of the structural insulated panels market. The structural insulated panel system has superior thermal resistance and, insulation capabilities, which enables the building envelope to regulate the heating, cooling, and humidity using less energy to heat or cool. For instance, according to the US Green Building Council, in August 2019, California had over 46,252,746 sq. ft. of sustainable residential structures in the form of 39,296 buildings followed by Texas, with 24,598, and New York, with 10,876 certified residential units. Also, according to the World Green Building Council, the global green building industry has the potential to cut energy consumption by 50% or more by 2050. Therefore, increasing emphasis on green buildings is driving the growth of the structural insulated panels market.
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Global Structural Insulated Panels Market Segments
The global structural insulated panels market is segmented:
By Product: EPS (Expanded Polystyrene) Panel, Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel, Glass Wool Panel, Others
By Facing Material: Oriented Strand Board (OSB) Structural Insulated Panels, Magnesium Oxide (MgO) Board Structural Insulated Panels
By Application: Walls and Floors, Roofs, Cold Storage
By End-User: Residential, Non-Residential
By Geography: The regions covered in the structural insulated panels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Structural Insulated Panels Global Market Report 2022 provides market size and growth forecasts for the global structural insulated panels market, global structural insulated panels market share, structural insulated panels market segments and geographies, structural insulated panels market competitive landscape including leading competitors’ revenues, profiles and market shares. The structural insulated panels market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Structural Insulated Panels Industry Playersinclude Kingspan Group, PFB Corporation, Isopan, Structural Panels Inc., Ingreen Systems Corp., Owens Corning, Premier Building Systems, Inc, T. Clear Corporation, ACME Panels, Eagle Panel Systems, Inc., Future Building of America, Isopan, Korwall Industries, M-sips, Inc. and Porter Corp. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
