Press release
Structural Insulated Panels Market to Garner $786.6 Million by 2030, With a CAGR of 5.5%
Structural insulated panels are widely preferred in walls & roofs and cold storage facilities. Rise in construction of residential & commercial buildings as well as warehouses is expected to offer remunerative lucrative opportunities for the global market. In addition, surge in demand for green buildings and need for eliminating heat transfer from external environment through conduction, which, in turn, reduces the energy expenditure on cooling of building structure.Allied Market Research published a report, titled, the global structural insulated panels industry hit $458.1 million in 2020, and is anticipated to garner $786.6 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
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Prime determinants of growth
The growth of the global structural insulated panels market is driven by rise in the commercial and residential real estate industry and surge in spending on home remodeling. In addition, the rise in construction activities of green buildings provides new opportunities in the coming years. However, fluctuations in raw material prices hamper the market growth.
The polystyrene panels segment to lead in terms of revenue during the forecast period
On the basis of product type, the polystyrene panels segment held the largest share in 2020, accounting for nearly half of the global structural insulated panels market, and is expected to maintain its lead trail in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the fastest CAGR of 5.9% from 2021 to 2030. This is attributed to its characteristics such as superior shock-absorbing nature, inexpensive nature, a relatively low melting point, enhanced thermal & noise insulation, and high strength to weight ratio.
The residential segment to dominate during the forecast period
On the basis of end user, the residential segment dominated the market with the highest share in 2020, contributing to more than two-thirds of the global structural insulated panels market, and is estimated to continue its lead during the forecast period. Moreover, the same segment is projected to grow at the fastest CAGR of 5.7% from 2021 to 2030. This is attributed to rise in investments in the real estate sector, new product developments such as gypsum wallboard, fiber cement, and light gauge metal panels, increase in popularity of eco-friendly roofing technologies, and trend of building renovations & remodeling. The research also analyzes the non-residential segment.
North America to dominate in terms of revenue by 2030
On the basis of region, the Asia-Pacific region is anticipated to witness the largest CAGR of 6.2% during the forecast period, owing to a surge in installation in the commercial and residential sectors in the region. On the other hand, the region across North America held the highest market share in 2020, accounting for more than two-fifths of the global structural insulated panels market, and is expected to dominate in terms of revenue by 2030. This is attributed to adoption of exterior structural insulated panels for their scratch-resistant and waterproof properties that offer prolonged durability with lightweight.
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Key Players:
The key players 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.
Key Findings Of The Study:
The report provides an extensive analysis of the current and emerging structural insulated panels market trends and dynamics.
Depending on product type, the polystyrene panels dominated the structural insulated panels market, in terms of revenue in 2020.
By application, the walls & floors segment registered highest revenue in 2020.
Residential sector is projected to register highest growth rate in the coming years.
The key players within the structural insulated panels market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the structural insulated panels industry.
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https://www.alliedmarketresearch.com/global-sandwich-panels-market-A17020
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https://www.alliedmarketresearch.com/building-construction-market-A17012
Modular Construction Market -
https://steemit.com/modular/@rashmip/exploring-the-outlook-of-the-modular-construction-market-from-2022-to-2032
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