Categories: Metal & Construction

Structural Insulated Panels Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024: A Comprehensive Report

The Structural Insulated Panels by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Structural Insulated Panels, The structural insulated panels market size has grown strongly in recent years. It will grow from $0.43 billion in 2023 to $0.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth in construction activities, the increase in demand from cold storage facilities, the growth in the e-commerce industry and the rise in green buildings.

The structural insulated panels market size is expected to see steady growth in the next few years. It will grow to $0.55 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to the rising urbanization, the growing residential sector and the rising infrastructure investments. Major trends in the forecast period include technology advancements, increasing use of structural insulated panels in modular construction, focus on green buildings and sustainability, increasing investments, innovative product launches and increasing mergers and acquisitions.

The increase in 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 World Green Building Trends, 47% of industry respondents would make the majority of their projects green by 2021. 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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The structural insulated panels market covered in this report is segmented –

1) By Insulation Materials: Expanded Polystyrene (EPS) Panel, Rigid Polyurethane (PUR), Rigid Polyisocyanurate (PIR) Panel, Glass Wool, Stone Wool, Extruded Polystyrene Foam Panel, Other Insulation Materials

2) By Facing Material: Oriented Strand Board (OSB) Structural Insulated Panels, Magnesium Oxide (MGO) Board Structural Insulated Panels, Other Facing Materials

3) By Application: Walls And Floors, Roofs, Cold Storage

4) By End User: Residential, Non-Residential

Growing collaborations and strategic partnerships among structural insulated panels companies is a key trend gaining popularity in the market. Structural insulated panel companies are focusing on manufacturing sustainable products and reducing emissions. For instance, in April 2021, Kingspan Group, an Ireland-based building materials company that produces structural insulated panels partnered with Sweden-based fossil-free steel manufacturer, H2 Green Steel. The partnership would help in reducing embodied carbon in Kingspan’s insulated panel products by over 45% and aid towards net zero carbon manufacturing by 2030 with the intent of minimizing emissions to the lowest possible level.

The structural insulated panels market report table of contents includes: