Press release
Structural Insulation Panels Market to Witness High Growth in near future: Leading Key Players like Kingspan, Romakowski GmbH & Co. KG, Lattonedil Spa Milano, and Isopan
North America is projected to exceed USD 200 million by 2024. The constant development of the business in the regional economy, along with its openness to imports, has provided an impetus to the international trade scenario for these products. The region is expected to witness growing investments towards house refurbishment and repair. Additionally, the growing infrastructure development owing to high economic growth and expanding immigrant population in the region is expected to support business growth.
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Structural insulation panels industry size is driven by rapid technological advancements in the construction industry. These technologies consist of various precast, modular, and prefabricated building structures, specially designed for residential and commercial sectors. Additionally, a growing population and rising consumer concerns regarding energy-saving building materials will drive industry development. Developing economies including Brazil, India, China, and Mexico will significantly trigger product development due to a large consumer base along with a shifting trend for modern building installations.
Wall panels dominated the overall industry and is expected to witness highest growth over the forecast period. Substantial reduction in the construction time of wall and labor cost are key factors supplementing product penetration. The factory-built SIPs eliminate the need to cut the material on job site which eliminates delays and enables quick interior finishing. Substantial reduction in the construction time of wall and labor cost are key factors supplementing product penetration.
The residential sector accounted for over 50% of the market share by 2024 and will continue to maintain its dominance over the forecast period. Infrastructural expansion is a major factor that will drive the use of SIPs in the residential market during the forecast timeframe. Socioeconomic development along with housing subsidies by governments will positively impact the market expansion. Household renovations have observed a strong demand in the past and are anticipated to witness significant gains over the forecast timespan. Affordable housing schemes along with the expansion of zero-energy homes supported by regional authorities are expected to provide a profitable opportunity for manufacturers.
Glass wool is expected to witness significant growth owing to increasing demand for thermal and acoustic insulation. Strong applications scope for reducing the energy consumption of buildings, offering a conducive environment and reducing fuel utilization will positively support product penetration over the forecast timeline. It is widely used in attics, critical opening spaces, and wall cavities. Amplified growth of new housing developments and overall building construction expenditure will drive industry gains.
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The global structural insulation panel minerals market is highly competitive owing to the presence of a few dominating companies including Kingspan, Romakowski GmbH & Co. KG, Lattonedil Spa Milano, and Isopan. Their prime initiatives to improve the market share include new product launches, geographical expansions, R&D investments, and mergers & acquisitions. This helps them explore the untapped market potential. Companies are also focusing on implementing forward and backward integrations across the value chain.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Structural Insulation Panels Industry Insights
Chapter 4. Structural Insulation Panels Market, By Product
Chapter 5 Structural Insulation Panels Market, By Skin Type
Chapter 6 Structural Insulation Panels Market, By Application
Chapter 7 Structural Insulation Panels Market, By End Use
Chapter 8. Structural Insulation Panels Market, By Region
Chapter 9. Company Profiles
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Related Report:
Global Structural Insulation Panels (SIPs) Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023
A Structural Insulation Panel (SIP) is a form of sandwich panel used in the construction industry. SIP is a sandwich structured composite, consisting of an insulating layer of rigid core sandwiched between two layers of structural board, used as a building material. The board can be sheet metal, plywood, cement, magnesium oxide board (MgO) or oriented strand board (OSB) and the core either expanded polystyrene foam (EPS), extruded polystyrene foam (XPS), polyisocyanurate foam, polyurethane foam or composite honeycomb (HSC).
https://www.marketstudyreport.com/reports/global-structural-insulation-panels-sips-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023
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