According to a new report published by Allied Market Research, titled, “Structural Insulated Panels Market by Product Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global structural insulated panels market size was valued at $458.1 million in 2020, and is projected to reach $786.6 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
Structural insulated panels are widely preferred in walls & roofs and cold storage facilities. Rise in construction of residential & commercial buildings as well as warehouses is expected to offer remunerative lucrative opportunities for the global market. In addition, surge in demand for green buildings and need for eliminating heat transfer from external environment through conduction, which, in turn, reduces the energy expenditure on cooling of building structure. In addition, rapid expansion of the e-commerce industry, which demands for warehouses and distribution centers is likely to create ample of opportunities for the market. For instance, in March 2021, Amazon is building its new 1,30,000 square foot distribution center in Hollister, California.
The structural insulated panels market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America has dominated the market, due to increase in demand from residential sector and cold storage industry. UAE has established itself as the region's food import and trade powerhouse. As a result, it is witnessing increased expenditure in cold storage and cold logistics chain, which drives the demand for structural insulated panels. Asia-Pacific is expected to grow at the fastest rate, due to rapid increase in construction of green buildings and increase in awareness of benefits of insulated building structures.
However, during the pandemic, various manufacturers in the structural insulated panels market had to stop their business in countries such as China, the U.S., and India. In addition, lack of technology constricted supply of machines of structural insulated panels. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of structural insulated panels companies.
The key players profiled in the structural insulated panels market report include Owens Corning, PFB Corporation, Premier Building System, Rautaruukki Corporation, T. Clear Corporation, ACME Panels, American Insulated Panel, Extreme Panel Technologies, Inc., InGreen Systems, and Kingspan Group PLC.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging structural insulated panels market trends and dynamics.
- Depending on product type, the polystyrene panels dominated the structural insulated panels market, in terms of revenue in 2020.
- By application, the walls & floors segment registered highest revenue in 2020.
- Residential sector is projected to register highest growth rate in the coming years.
- The key players within the structural insulated panels market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the structural insulated panels industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth structural insulated panels analysis is conducted by constructing estimations for the key segments between 2021 and 2030.