Structural Insulated Panel Adoption to Surge in Building Construction, Evaluates Fact.MR
Published : 27 Jul 2021 Industry: Chemical & Materials
As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global structural insulated panel market is anticipated to reach a valuation of US$ 647 Mn by 2031, expanding at a CAGR of around 5% over the next ten years.
Rapid climate change and increasing energy consumption in buildings are raising consumer consciousness towards the environment. Due to this, consumers are adopting affordable green and sustainable construction methods. Owing to the numerous characteristics and benefits of structural insulated panels are gaining rapid consumer attention.
Moreover, demand for structural insulated panels made with facing materials such as oriented strand boards (OSBs) and magnesium oxide (MgO) boards is touching new milestones in the industry. OSB structural insulated panels are projected to dominate as far as overall facing material is concerned, in terms of absolute dollar opportunity.
East Asia held less than one-fifth market share in 2020, but is projected to surge at 8.5% CAGR and acquire more than one-fourth market share by 2031. Singapore and India are major stakeholders in South Asia, and these markets are expected to expand 10.4% and 11.2%, respectively.
Key Takeaways from Market Study
- The global structural insulated panels market is anticipated to add 1.6X value by 2031
- EPS structural insulated panels capture more than three-fourth global market share, and are set to create an absolute $ opportunity of US$ 488 Mn by 2031
- Among the end users, revenue from residential users has been growing at a faster pace
- North America is expected to dominate global market revenue in 2021
- The market in China and India is expected to rise at around 8.6% and 11.2% CAGR, respectively, through 2031
- Due to the COVID-19 crisis, demand for structural insulated panels has increased immensely, which will boost the overall market over the coming years
“High R&D on structural insulated panels is set to improve overall product quality, and rising consumer awareness regarding the environment will aid market growth over the coming years,” says a Fact.MR analyst.
Key players have been spending on research & development to come up with newer products with improved lifespan and higher operational flexibility. These enhancements will drive the growth of the structural insulated panels market in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global structural insulated panel market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of facing material (oriented strand board (OSB) structural insulated panels, magnesium oxide (MgO) board structural insulated panels, and other facing materials), insulation material (EPS structural insulated panels, glass wool structural insulated panels, polyurethane structural insulated panels and other insulation material-based structural insulated panels), application (floors and walls, roofs, and cold storage), and end use (residential and commercial), across six major regions of the world(North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Chemicals & Materials