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Structural Insulated Panels Market forecast to reach $547 million by 2025 growing at a CAGR of 6.56% during 2020-2025

iCrowdNewswire   Feb 10, 20202:26 AM ET

The Structural Insulated Panels Market is forecast to reach $547 million by 2025, growing at a CAGR of 6.56% during 2020-2025. Since the emergence of construction technology, construction of affordable and environmentally-sensible home at fast pace has brought dream home within the reach. Structural Insulated Panel (SIP) has become a topic of interest among researchers in the recent years. SIP has the advantages of minimal material wastage and labour-savingness whilst having potential to save house builders’ time and money as well as retaining the controlled quality. The report covers Structural Insulated Panels Market size by product and applications, Structural Insulated Panels Market share by top 5 companies and also the market share by start-ups during the forecast period.

Key Takeaways

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By Product – Segment Analysis

SIP is a sandwich panel utilized as structure member such as wall, roof, and floor for concrete and steel frame structures. SIP is usually manufactured with two layers of rigid material as skin and a thicker layer as core. Recent developments in the field of manufactured, modular, and prefab homes have led to a renewed interest in design and application of prefabricated sheets in buildings. The core of SIP is usually non-structural and ridged. It is commonly made of plastic foam such as Extruded Polystyrene and Expanded Polystyrene (EPS) as well as Polyurethanes (PUR) foam such as polyisocyanurate and polyisosyanate. As one of the most versatile types of insulation available on the market today, EPS is used in roofs, walls and floors. On average, it takes 24% less energy to produce EPS than fiberglass insulation of an equivalent R-Value. This is driving the demand for EPS in the market.

By Application – Segment Analysis

Cold storage accounted for the second highest market revenue share in 2018, by application, whereas the walls segment was the highest. The rising demand for processed cold storage packaged food applications is driving the market in regions, such as Asia Pacific and North America. Currently, residential construction is on a soar, when compared to other forms of construction. Residential construction derives its market from parameters like increasing population and emerging urbanization. In the APAC region, the impetus for growth is mainly seen in China and India which exceed the expectations and are on upsurge.

Geography – Segment Analysis

North America dominated the Structural Insulated Panels market with a share of 38%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Globally, construction sector is expected to stand out amongst the most dynamic industrial sectors in the following fifteen years and is completely essential to the advancement of prosperous societies around the world.

The Construction sector is expected to grow strong in economies such as India and Indonesia when comes to Asia-pacific region and in Europe UK is a stand out growth market for construction, where as in the Latin American region developing countries as such Brazil, Mexico and Argentina are expected to witness good construction growth. The rising demand for green buildings in the construction sector is driving the consumption of Structural Insulated Panels.

Drivers – Structural Insulated Panels Market

Growing demand for Green Buildings

A current survey shows that global green building activity continued its ascent, with significant increases expected in 19 countries over the next three years. Almost half of the total respondents say they expect to build more than 60 percent of their projects as green buildings by 2021. Building owners, especially, were excited about the growth in green building, with 57 percent planning to make the majority of their projects green by 2021.

Challenges – Structural Insulated Panels Market

Volatile crude oil prices

In the second half of 2018, the oil market exhibited high volatility not only in terms of price levels but also time spreads and quality spreads. After reaching highs of $81/b and $71/b in October, monthly Brent and WTI prices ended the year in December at $57/b and $49/b respectively. At the same time, time spreads switched from backwardation to contango, as inventories rose above their 5-year average and the prospects for global demand worsened amid supplies increasing. The spreads between light sweet-medium sour crude also exhibited wide volatility, with the Brent-Dubai and WTI-Dubai spreads collapsing signaling a shortage of heavier sour crude globally.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Structural Insulated Panels market. In 2018, the top five players accounted for xx% of the share. Major players in the Structural Insulated Panels Market are Kingspan Group, Rautaruukki Corporation, Premier Building Systems, Alubel SpA, and Dana Group Plc., among others. 

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