A12443 | Pages: 268 | Jul 2021 | 2590 Views | ||
Author(s) : Amar Chinchane , Onkar Sumant | Tables: 131 | Charts: 49 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Structural Insulated Panels Market
Request Now !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. A structural insulated panel (SIP), also known as a structural insulating panel, is a type of sandwich panels, which are used in construction and engineering industries. This consist of an insulating layer of stiff core sandwiched between two layers of structural board. The boards can be of various types such as sheet, magnesium oxide board (MgO) plywood, and cement.
The COVID 19 outbreak has affected the growth of the structural insulated panels industry owing to the lockdown measure in the countries and delay in manufacturing and production of structural insulated panels which are utilized in residential and non-residential spaces.
The growth of the global structural insulated panels market is projected to be driven by implementation of favorable green building standards and regulations for the use of building insulation materials to reduce total energy consumption and rise in expenditure in the construction of cold chain infrastructure throughout the world. Structural insulated panels are lightweight, have an aesthetic external look, and enhance the thermal performance of buildings, hence, they have gained widespread popularity across the world. Owing to its potential to shorten total construction time, structural insulated panel is frequently utilized in the construction of warehouses. Warehouses and last-mile delivery hubs are witnessing high penetration, as the e-commerce sector expands. For instance, in September 2020, according to Dave Clark, Senior Vice President of worldwide operations at Amazon announced that the company will build 100 new distribution centers and warehouses till end of 2020. Development of the construction sector is projected to have a positive impact on the structural insulated panels market growth.
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The novel coronavirus has rapidly spread across various countries and regions, causing enormous impact on lives of people and overall community. Originating as a global health crisis, it now poses significant threat to worldwide trade, economy, and finance. Owing to the continuous lockdown in key countries, the COVID-19 pandemic has halted production of many items in the structural insulated panels business.
Market players can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term, as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of structural insulated panels companies at their full-scale capacities, which would aid the market to recover by the start of 2022. As COVID-19 infection cases are declining, equipment and machinery producers are focusing on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
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Polyisocyanurate (PIR), polyurethane (PU), expanded polystyrene (EPS), extruded polystyrene (XPS), and other raw materials are utilized to make structural insulated panels. Furthermore, owing to their durability, fireproof properties, and superior surface quality, metal sheets are becoming a popular facing material. In addition, owing to rise in global warming concerns, few key players are launching global warming potential products made from XPS. For instance, in July 2020, Owens Corning launched FORMULAR NGX, which is new line of XPS foam products that deliver 90% reduction in global warming potential without compromising on the product performance.
Furthermore, wall insulation is one of the most important aspects of improving a building's energy efficiency. Insulated walls and floors form a protective envelope that prevents heat transmission from outside via conduction and convection radiation, thus lowering energy costs for heating and cooling a structure. Increased demand from the residential sector and well-developed cold chain and logistics industry to improve social infrastructure contribute to market expansion in North America. Asia Pacific is projected to register the highest growth rate, due to rapid expansion of the residential and commercial construction sectors as well as the implementation of different green building standards.
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The global structural insulated panels market is segmented into product type, application, end user, and region. By type, the market is categorized into polystyrene panels, polyurethane panels and polyisocyanurate panels, glass wool panels, others. Depending on application, it is fragmented into walls and floors, roofs, and cold storage. On the basis of end user, it is bifurcated into residential and nonresidential. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key companies 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.
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Key Benefits For Stakeholders
Global Structural Insulated Panels Market Segments
Key Segments
By Product Type
By Application
By End User
By Region
Key Players
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The structural insulated panels market has observed significant growth in the past few years, due to increase in awareness for building insulation materials to improve thermal performance of building and lower overall energy consumption. In addition, structural insulated panels are lightweight and have enhanced external appearance and are widely available in a variety of colors. Hence, all these factors are anticipated to fuel the growth of the structural insulated panel market during the forecast period.
Various major key players are improving their product portfolio by launching energy saving panels. For instance, in May 2021, Ruukki Construction launched Ruukki Patina Panel, which combines energy saving with a patinated surface and is made from Cor-Ten steel.
Moreover, structural insulated panels are preferred due to their high thermal insulation and vapor diffusion resistance characteristics. These panels are widely used in the insulation of cold chain storages. As a result, rise in emphasis on the construction of cold chain infrastructures is likely to boost the product demand.
A. The SIP market size was valued at $458.1 million in 2020.
A. Based on product, the polystyrene panels hold the maximum market share of the SIP market in 2020.
A. The SIP market is projected to reach $786.6 million by 2030.
A. Increasing demand for affordable and cost-effective residential housing solutions are the key trends in the SIP market.
A. The product launch is key growth strategy of Structural Insulated Panels industry players.
A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
A. Volatility in raw materials prices and lack of awareness about structural insulated panels are the effecting factors for SIP market.
A. The end users of Structural Insulated Panels include in residential and non-residential spaces.
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