Structural Insulation Panels Market Insights, Trends Sales, Supply, Demand 2018-2024

The global structural insulation panels market size is expected to reach USD 590 million by 2024, progressing at a CAGR 6.5% over the forecast period, according to a new report by Global Market Insights, Inc.

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.

Increasing consumer awareness pertaining to rising electricity bills and the necessity for energy-efficient building techniques have stimulated the product demand across residential as well as commercial buildings. The necessity for effective energy conservation due to the rising energy demand along with growing concerns regarding resource scarcity will propel the SIP market. The implementation of several programs such as LEED, Energy Star building certification, and ICC's Model Energy Codes is likely to influence industry dynamics over the forecast period.

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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.

OSB one side skin type is estimated to witness a growth of over 7% up to 2024. They are widely used and applied on the roofing, siding, and wall structures of residential buildings. It provides excellent insulation from heat, moisture, and humid conditions and offers outstanding benefits over its counterparts owing to its compatibility with fixed structures. These benefits have increased the adoption in building construction fueling the industry share.

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.

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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.

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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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.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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