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Metal Structural Insulation Panels Market 2024-2033 - Size, Trends & Competitive Outlook
Metal Structural Insulation Panels Market
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According to The Business Research Company's, The metal structural insulation panels market size has grown steadily in recent years. It will grow from $42.74 billion in 2023 to $43.68 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth in the historic period can be attributed to energy efficiency regulations, cost-effective construction, improved insulation, reduced labor requirements, residential construction.
The metal structural insulation panels market size is expected to see steady growth in the next few years. It will grow to $48.99 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to fire resistance, resilient infrastructure, government incentives, aging infrastructure renewal, climate change mitigation. Major trends in the forecast period include smart building integration, innovative architectural design, sustainable construction, renewable energy integration, innovative materials.
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Market Drivers and Trends:
The growing demand for construction is expected to propel the growth of the metal structural insulation panels market going forward. Construction refers to the activity of building something, typically a large structure. Metal structural insulation panels are used to construct ceilings, walls, and floors in the construction industry. These panels are also used for roofs and walls in commercial buildings and cold storage, which helps to increase the strength and durability of the building and make it more cost-effective. They also form an insulating core. For instance, according to the Ministry of Statistics and Program Implementation, an India-based government program, the construction sector in India grew by 10.2 percent in 2022 and recorded a growth of 8.6% for the year 2020. Furthermore, according to the Royal Institution of Chartered Surveyors, a UK-based surveying company, for the year 2021, there was a 9.7% increase in the value of construction output in the UK, which was 42.7 billion in the year 2021, as compared to 38.9 billion for the year 2020. Therefore, the growing demand for construction is driving the growth of the metal structural insulation panels market.
Strategic partnerships and collaborations are a key trend gaining popularity in the metal structural insulation panels market. Major companies operating in the metal structural insulation panels market sector are focused on partnerships to sustain their position in the market. For instance, in July 2022, Sika Corporation, a Europe-based specialty chemical company, announced a partnership agreement with All-Weather Insulated Panels (AWIP). With this partnership, both companies joined to develop AWIP's OneDek insulated roof deck panel and Sika's Sarnafil PVC roof membrane, which is fully warranted under Sika Sarnafil's. All-Weather Insulated Panels is a US-based manufacturer of insulated metal panels that designs, constructs, and advances. Moreover, in July 2022, ArcelorMittal, a Luxembourg-based steel manufacturing company and a manufacturer of metal insulation panels, entered into a partnership with Gestamp to put low-carbon emissions steel parts on the automotive production line. With this partnership, they are expected to develop low-carbon steel for use in car parts. Gestamp is a Spin-based automotive engineering company.
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Major Key Players of the Market:
ArcelorMittal S.A., Jindal Mectec Insulation Private Limited, Ingreen Systems Corp, Kingspan Group PLC, Flexospan Steel Buildings Inc., Owens Corning, Metl-Span LLC, Nucor Building Systems, Metal Building Components L.P., Green Span Profiles, All Weather Insulated Panels, PermaTherm, Isocindu S.p.A., Italpannelli S.r.l., Tata Steel Europe, Ruukki Construction, Building Component Solutions LLC, Alubel SpA, Alumawall, Alumicor, Alucoil, Alumax Panel, AluNatur, Alutech Panels Limited, Aluvert, Alvic USA, Alwitra, American Buildings Company, ATAS International, Bemo USA, Berridge Manufacturing Company
Metal Structural Insulation Panels Market 2024 Key Insights:
• The metal structural insulation panels market size is expected to see steady growth in the next few years. It will grow to $48.99 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Rising Construction Activities Bolstering The Metal Structural Insulation Panels Market Growth
• Strategic Alliances Shape The Future Of Metal Structural Insulation Panels Market
• Asia-Pacific was the largest region in the metal structural insulation panels market in 2023
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