Analysis of Structural Insulated Panels market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The structural insulated panels market industry analysis that has revealed the past performance of the industry, which grew at the rate of 3.4% and generated US$ 380 Mn in 2020. Estimated growth rate is around 5% for the 2021 to 2031 period, and the market is likely to generate US$ 253.5 Mn absolute dollar opportunity in the same period.
Moreover, based on estimates, North American countries are anticipated to offer greater opportunities for structural insulated panel manufacturers as well as supplies over the coming years.
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As per the structural insulated panels industry research by Fact.MR – a market research and competitive intelligence provider, historically, from 2016 to 2020, market value increased at 3.4% CAGR, where the United States, Germany, United Kingdom, Japan, and China held a significant share in the global market.
Constant surge in commercial and residential building construction has aggravated demand for structural insulated panels, which are being used in constructing roofs, ceilings, and exterior walls, to name a few. Owing to their superior insulation qualities, strength, low cost, and other numerous characteristics, structural insulated panels are sought for a wide range of applications in building construction.
Growing acceptance of structural insulated panels is projected to take demand growth at 5% CAGR over the next 10 years.
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According to Rocky Mountain Institute, over 120 Mn buildings use over 40% of the primary energy in the U.S. which is more than that used in industries and transportation. As per its report, energy costs in U.S. buildings exceed US$ 400 Bn every year, which is considered a waste as it is not helpful in the country’s GDP.
In order to save money and effort in energy generation, the country has been adapting to the usage of advanced materials in its energy efficient buildings, including structural insulated panels.
The world is struggling with climate change due to various effects such as carbon emissions and greenhouse gas emissions due to excessive consumption of fossil fuel and temperature imbalance.
75% of existing buildings in Europe use fossil fuel energy for balancing the temperature, such as cooling or heating. It creates awareness among consumers as well as manufacturers, owing to which, they are focusing on ensuring that existing building are decarbonized and green buildings and houses are constructed that are sustainable and eco-friendly.
Structural insulated panels are considered the best material that provides proper insulation against various characteristics such as fire, temperature (heating or cooling), water, etc. Owing to this, demand for structural insulated panels is gaining traction and is projected to show a significant growth trajectory in future.
Structural insulated panels are constructed off-site in predefined or standard size and are finished and assembled on-site to build walls, roofs, floors, etc. This is an alternative to traditional building methods and provides fast construction at a comparatively lesser overall cost.
In addition, structural insulated panels provide safe construction, very low wastage of material, and benefits associated with the recovery of value due to the dismantling feature rather than demolition.
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With the fastest growth of 10.6% CAGR, South Asia is projected to generate US$ 52 Mn absolute dollar opportunity over the forecast period.
Significant growth in urbanization and spurt in smart city projects in the region are projected to elevate demand for structural insulated panels.
China has not only been building new infrastructure but also rapidly transforming its existing infrastructure. While its smart city projects have been focusing on connectivity between structures, it has equal focus on energy conservation.
Under the green building initiative, district level governments have been making significant efforts in terms of encouragement and financial incentives. Shanghai’s Changing District, for instance, has recently offered US$ 3.34 Mn subsidies to help builders make their buildings more efficient.
These initiatives and efforts are expected to elevate demand for green building materials, including structural insulated panels, in the country.
Floor and wall application accounted for over 46% of structural insulated panel demand in 2020. Use of structural insulated panels on floors and walls are implemented by most end users, as they are basic applications.
Moreover, in the recent past, demand has increased for cold storage applications owing to their cost-cutting advantage.
Oriented strand board (OSB) structural insulated panels account for nearly 61% of the market share in the facing material segment.
OSBs are a strong, versatile, and lightweight wood product that can be used in numerous applications such as walls, roofs, etc. They are also used as web material in structural insulated panels that can resist seismic and wind load.
OSB structural panels are cheaper than other metal structural panels and provide almost the same characteristics, owing to which, majority of consumers prefer OSBs to construct walls and floors inside rooms.
The aforementioned factors are increasing demand for OSB structural insulated panels, which is expected to grow in revenue by 2X over the coming 10 years.
The global market for structural insulated panels experienced a decline of 1.3% in 2020, owing to worldwide shutdown of production activities.
With the easing of pandemic restrictions, demand for steel, the most important material for structural insulated panels, increased rapidly. As a result, steel prices have risen tremendously and touched the benchmark price of US$ 1,176/ton for hot-rolled steel in May 2021.
These soaring prices are increasing manufacturing cost and decreasing profits of steel-consuming industries. Owing to this ripple effect, profit margins of structural insulated panel manufacturers, installers, and contractors have declined.
However, the construction industry is showing V-shape recovery, which is generating hope among structural insulated panel suppliers. The market is expected to experience normal growth over the coming years and generate around US$ 253 Mn absolute dollar opportunity by 2031.
The structural insulated panels market is fragmented in nature, where companies are focusing on entering into long-term contracts with builders and large construction houses.
Some of the recent developments related to companies offering structural insulated panels have been tracked by the team of Fact.MR, which are available in the available in the full report.
Historical Data Available for
|Units for Volume and US$ Mn for Value|
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The global structural insulated panels market is worth around US$ 394 Mn at present.
In terms of value, the structural insulated panels industry is projected to increase at a CAGR of around 5% during 2021 – 2031.
Value of structural insulated panels increased at a CAGR of around 3.4% during 2016 – 2020.
North America is the largest market and holds more than 1/3 of the total market share.
In terms of value, South Asia accounts for fastest market growth as compared to other regions, and is projected to progress at around 10.6% CAGR.
The East Asian market for structural insulated panels is projected to expand at a CAGR of around 8.6% through 2031.
Key companies in this space are striving to win client orders, with residential clients being the foremost.
Growing consumer awareness towards power cost savings is a major factor driving demand for quality structural insulated panels.
Top 5 manufacturers of structural insulated panels account for around 26% share in the market, as per ratings on the basis of market share, market reach, and clientele.
Top 5 countries driving demand for structural insulated panels are the United States, Germany, United Kingdom, Japan, and China.
India is the fastest-evolving country and accounts for the fastest market growth at 11.2% in the region. The market in Malaysia is estimated to expand at 10.4% CAGR through 2031.
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