Global Structural Insulated Panel Market Set For 4.8% Growth, Reaching $0.55 Billion By 2028

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The surge in demand for energy-efficient building materials has significantly impacted the structural insulated panels market. This highly sustainable, high-performance thermal building envelope solution has seen a significant upturn in recent years. From a valuation of $0.43 billion in 2023, the market is projected to grow to $0.45 billion in 2024, with a compound annual growth rate CAGR of 5.5%. This growth can primarily be attributed to factors such as an increase in construction activities, burgeoning demand from cold storage facilities, substantial growth in the e-commerce sector, and a notable rise in the construction of green buildings.

How Will The Structural Insulated Panels Market Perform in The Coming Years?

Optimistic projections indicate that the structural insulated panels market will see robust growth in the coming years. From the valuation of $0.45 billion in 2024, the market size is projected to reach $0.55 billion by 2028, marking a compound annual growth rate CAGR of 4.8%. This growth can primarily be attributed to factors such as rising urbanization, growth in the residential sector, and rising infrastructure investments.

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What Are The Key Factors Driving The Growth of The Structural Insulated Panels Market?

An increasing emphasis on green buildings is one of the chief factors propelling the growth of the structural insulated panels market. Structural insulated panel systems offer superior thermal resistance and insulation capabilities, enabling the building envelope to effecitvely regulate heating, cooling, and humidity with less energy consumption. Citing from the World Green Building Trends, 47% of industry respondents are expected to focus the majority of their projects on green constructions by 2021. Furthermore, the World Green Building Council has projected that the global green building sector has the potential to cut energy consumption by 50% or more by 2050.

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Who Are The Major Players in The Structural Insulated Panels Market?

Major companies operating in the structural insulated panels market include Owens Corning, Kingspan Group Plc, SSAB AB, KPS Global, and Premier SIPs among others. These companies have been focusing on innovative product launches, increasing investments, and strategic mergers and acquisitions to strengthen their position in the market.

What Key Trends Are Shaping The Structural Insulated Panels Market?

An emerging trend shaping the structural insulated panels market is the increasing collaboration and strategic partnerships among operating companies. Focus is currently being given to manufacturing sustainable products and reducing emissions. For instance, in April 2021, Kingspan Group, an Ireland-based building materials company that produces structural insulated panels, partnered with Sweden-based fossil-free steel manufacturer, H2 Green Steel to reduce embodied carbon in Kingspan's insulated panel products by over 45% and aid towards net zero carbon manufacturing by 2030.

How Is The Structural Insulated Panels Market Segmented?

The structural insulated panels market covered in the report is segmented into insulation materials, facing materials, applications and end-users:

1 By Insulation Materials: Expanded Polystyrene EPS Panel, Rigid Polyurethane PUR, Rigid Polyisocyanurate PIR Panel, Glass Wool, Stone Wool, Extruded Polystyrene Foam Panel, Other Insulation Materials
2 By Facing Material: Oriented Strand Board OSB Structural Insulated Panels, Magnesium Oxide MGO Board Structural Insulated Panels, Other Facing Materials
3 By Application: Walls And Floors, Roofs, Cold Storage
4 By End User: Residential, Non-Residential

What Is The Regional Spread Of The Structural Insulated Panels Market?

North America held the largest regional share in the structural insulated panels market in 2023. However, the market projections indicate that Asia-Pacific is expected to be the fastest-growing region in the forecast period.

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