The global structural insulated panels market is anticipated to grow at a steady rate in the next five years. A structural insulated panel is a pre-fabricated structural element with added insulation, which is commonly used to build walls, floors, and ceilings. Structural insulated panels offer superior and more uniform insulation than traditional construction methods. When installed properly, structural insulated panels also make rooms airtight, resulting in quieter and more comfortable buildings.
Polystyrene is a material used for insulation, is expected to expand its market share rapidly in the next five years, thanks to key advantages like reduced carbon dioxide emission and low energy consumption. Compressed-straw core insulated panels are also projected to drive market growth in the next five years, because of the increasing demand for eco-friendly construction materials, since these are made using recycled waste agriculture straw.
Structural insulated panels are currently gaining considerable market share within the construction industry. Massive government investment for construction will also propel the market in countries like India and China. Large investments for the construction of supermarkets, offices, hotels, houses and other buildings which feature high thermal resistance materials will help the regional markets expand. Of many applications of structural insulated panels, the residential segment is likely to be the major market driver as a result of extensive application across the residential segment. The commercial segment is also set to expand rapidly, fuelled by the growth of the commercial building sector, where a major concern is energy conservation. The increasing of demand for energy-efficient buildings will definitely boost the growth of this market.
Key Players of Global Structural Insulated Panels Market =>
Insulspan Inc, Korwall Industries, Energy Panel Structures Inc., Murus Company, SIPS@Clays LLC, Foard Panel Inc., SIPCO Limited, Premier Building Systems, SIPTEC, and Gramatica SIPS International
The global structural insulated panels market is categorized by material type and end-user application.
Depending on the material used for insulation, the global structural insulated panels market is segmented into polystyrene, polyurethane, compressed-straw core, and other materials.
On the basis of end user, the market is categorized into residential, commercial, institutional and other users.
Geographically viewed, the global structural insulated panels market consists of North America, South America, Asia-Pacific, Europe, and the Rest of the World (ROW). North America is a key market for structural insulated panels because a number of buildings in countries such as the United States and Canada are made with wooden materials. In the United States, government programs such as the Weatherization Assistance Program promote the use of thermal insulation to reduce the heating and cooling costs for people with low-incomes. Robust economic growth, increasing population, the rise in the number of households, and low mortgage rates are anticipated to be contributing to the popularity of structural insulated panels in the region. The Asia-Pacific region is likely to exhibit the fastest growth in the next five years by tapping into the immense potential of the construction industry. The construction industry in this region is likely to grow at an unprecedented rate because of rapid urbanization and a burgeoning population.
In recent years, structural insulated panels have effectively substituted conventional wooden construction, so fewer forest resources need to be depleted. Additionally, surges in electricity bills are expected to drive market growth as well. The rapid expansion of hotel chains, malls and hospitals will give this market a boost in the years to come.
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