Structural Insulated Panels Market Size to Reach USD 611.8 Million in 2028 | Stringent Government Regulations Regarding Greenhouse Gas Emissions is Key Factor Driving Industry Growth, says Emergen Research
Vancouver, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — The global structural insulated panels market size is expected to reach USD 611.8 Million in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. This growth can be attributed to increasing government initiatives such as favorable regulations for improved energy efficiency in residential and commercial buildings. Government initiatives such as the Department of Energy’s (DoE’s) Building Technology program in the U.S., which aims at reducing residential energy consumption through development of the zero-energy home (ZEH) concept are key factors contributing to growth of the structural insulated panels market. Stringent government regulations regarding greenhouse gas emissions are boosting utilization of structural insulated panels. Structural insulated panels reduce energy usage and do not emit greenhouse gases over the life of the building.
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Increasing demand for EPS in construction of cold storage facilities due to constant thermal resistance and dimensional stability of EPS is expected to support market growth going ahead. The minimal water absorption and low vapor permeance of EPS are other factors that make it an ideal choice for construction of cold storage spaces. Rising demand for cold storage systems in food processing and pharmaceutical industries is expected to positively affect growth of the structural insulated panels market during the forecast period.
Some Key Highlights in the Report
- In May 2018, Owens Corning announced the completion of its acquisition of Guangde SKD Rock Wool Manufacture Co. Ltd., which is a mineral wool manufacturer in China. The acquisition is expected to strengthen the global position of the company and help in the expansion of its mineral wool manufacturing capabilities in China.
- Wall segment accounted for largest revenue share in 2020. Increasing demand among consumers to construct more energy-efficient homes and reduce running costs is supporting growth of the structural insulated panels and insulation of walls.
- EPS (Expanded Polystyrene) panel segment revenue is expected to expand at a rapid CAGR during the forecast period. The cost-effective and energy-efficient insulation properties of EPS have resulted in increasing utilization in the construction industry.
- Residential segment accounted for a significantly high revenue share in the structural insulated panels market in 2020. Increasing investment in residential construction with more focus on energy efficient and advanced buildings is boosting utilization of structural insulated panels in the residential construction industry.
- Revenue from the structural insulated panels market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Increase in the number of commercial, healthcare, and office buildings with improved energy-efficient solutions is contributing to growth of the structural insulated panels market in the region.
- Key players in the market include Kingspan Group, PFB Corporation, Owens Corning, Premier SIPS: Structural Insulated Panels, Enercept, Inc., Extreme Panel Technologies, T. Clear Corporation, ALUBEL SPA, Foard Panel, and Acme Panel.
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Emergen Research has segmented the global structural insulated panels market on the basis of application, product, end-use, and region:
- Application Outlook (Revenue, USD Million; 2018–2028)
- Product Outlook (Revenue, USD Million; 2018–2028)
- EPS (Expanded Polystyrene) Panel
- Glass Wool Panel
- XPS (Extruded Polystyrene) Foam
- End-use Outlook (Revenue, USD Million; 2018–2028)
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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