The latest report by IMARC Group, titled "Structural Insulated Panels Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global structural insulated panels market size reached US$ 439.1 Million in 2022. Structural insulated panels, also known as SIPs, are advanced building systems that are utilized in residential and commercial construction projects. They are produced by layering insulating materials, such as polyurethane, polyisocyanurate, expanded polystyrene, and extruded polystyrene, between two strong structural facings made of oriented strand boards (OSB). They also offer improved energy efficiency, reduce heat transfer, and provide extra strength and durability compared to traditional insulation methods. Moreover, SIPs also find extensive applications in cold storage systems to maintain optimal temperatures with minimal energy usage.
Global Structural Insulated Panels Market Trends:
The market is primarily driven by the increasing construction of residential and commercial buildings. In addition, the rising environmental awareness among the masses and the growing inclination toward eco-friendly, non-flammable, thermal-resistant, and flexible building materials represent another major growth-inducing factor. Besides this, SIPs are widely used for cold storage applications across various industries. This, coupled with the escalating demand for temperature-sensitive products, such as food and pharmaceuticals, is positively influencing the market growth. Moreover, the market is also propelled by the implementation of favorable government policies to reduce greenhouse gas emissions. Furthermore, the easy availability of soundproof and curved wall panels and the emerging trend of developing green cities are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 588.4 Million by 2028, exhibiting a CAGR of 5.1% during the forecast period (2023-2028).
- Based on the product, the market has been segmented into polystyrene, polyurethane, glass wool, and others.
- On the basis of the application, the market has been classified into walls and floors, roofs, and cold storage.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being All Weather Insulated Panels, American Insulated Panel, Enercept Inc., Ingreen Systems Corp., Isopan (Manni Group S.p.A), Kingspan Group plc, KPS Global, Metl-Span Llc (Cornerstone Building Brands), Owens Corning, PFB Corporation, Premier Building Systems Inc and Structural Panels Inc.
|Base Year of the Analysis
||Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||All Weather Insulated Panels, American Insulated Panel, Enercept Inc., Ingreen Systems Corp., Isopan (Manni Group S.p.A), Kingspan Group plc, KPS Global, Metl-Span Llc (Cornerstone Building Brands), Owens Corning, PFB Corporation, Premier Building Systems Inc and Structural Panels Inc.
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