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Composite Insulated Panels Market size is expected to grow at a CAGR of 6.1% during 2020-2025. Composite Insulated Panels, also known as factory engineered panels, mainly used for partitioning, exterior cladding, load bearing walls and roofing elements in a wide range of non-residential buildings. These Panels are manufactured on a continuous lamination basis with metal facings, usually aluminum or steel, encapsulate a foamed polyurethane core. This composition offers a high degree of rigidity, stability, and excellent load-bearing capacity.
By Type – Segment Analysis
Polyurethane-based insulated panel is dominating the composite insulated panels market. Owning to its better resistance to temperatures along with lightweight properties, PUR panels are in high demand. In addition, products’ high cost and limited availability are expected to restrain their demand in residential applications. Increasing demand for high-end commercial construction applications in requirement of better insulation is projected to drive the demand for polyurethane-based insulated panels over the projected period.
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By Application – Segment Analysis
Building walls application accounted for the highest market share in 2019. The growing construction projects with highly efficient and green materials, specifically for residential are expected to drive the demand for structural insulated panels in wall construction. The rising need for renovation of residential structures on account of improving living standards and high spending capacity is further likely to favor the structural insulated panels market growth. On the other hand, the other application such as cold storage is also rising due to the development in cold chain activities on account of increasing consumption for processed and packaged food in major economies, such as Asia Pacific and North America, has supported the demand for structural insulated panels.
Geography – Segment Analysis
North America is dominating the composite insulated panels market by region. High consumer awareness, early acceptance, and government support for energy-efficient and green constructions have supported the product growth in the region. In addition, the commercial availability of the products coupled with easy installation guidelines provided by the key players is likely to support the market growth. On the other hand, owing to increasing construction activities backed with rising investments from foreign multinationals, APAC is likely to register the highest growth over the forecast period. Increasing production and consumption of packaged and processed food in the region have created scope for construction of cold storage facilities, thus are supporting the market for structural insulated panels.
Drivers – Composite Insulated Panels Market
The growing demand of lightweight panel with high thermal insulation properties for building walls.
The growth in use of composite insulated panels has been driven by the construction industry’s need for a lightweight panel with high thermal insulation values and simple on-site installation. This requirement has been assisted by the technical development of rigid polyurethane foams offering very high insulation values, especially compared to site-assembled systems. Composite panels offer architects and specifiers an exciting dimension in the planning, costing and design of new and refurbished buildings. There is a wide and attractive choice of surface finishes available, both in terms of color and metallic coatings. Hidden joints, combination options with other materials and foamed moldings for roofs and walls enable buildings of striking architectural value and appearance to be created.
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Challenges – Composite Insulated Panels Market
The high material and installation cost of composite insulated panels is constraining the market growth.
One of the main drawbacks of composite insulated panel is cost. However, composite insulated panels reduce construction time and labor costs, but they are more expensive as compared to traditional materials. Owning to its high cost, it limits the number of people who can use the material. In addition, it also cannot resist moisture, and due to this, the builders use aluminum composite panels in addition to resist moisture, and due to this, the cost also gets increased. To reduce this issues, the manufacturers are now using some special materials while manufacturing these insulated panels to increase its property, which will reduce its challenge in upcoming years.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Composite Insulated Panels market. In 2019, the market of Composite Insulated Panels has been consolidated by the top five players accounting for xx% of the share. Composite Insulated Panels Market top 10 companies are ATAS International Kingspan Group, Rautaruukki Corporation, Premier Building Systems, PFB Corporation, and Owens Corning, among others.
The growing advancements in building technologies such as modular construction techniques and others are likely to propel the growth of the market.
Growth of the construction industry owing to urbanization & simplified utility, along with lower costs of insulated wall panels drive the growth of the market.
A. Structural Insulated Panels Market
B. Steel Sandwich Panels Market
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