According to the latest report by IMARC Group “Structural Insulated Panels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global structural insulated panels market size reached US$ 439.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 588.4 Million by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
Structural insulated panels (SIPs) are lightweight prefabricated building systems used for insulating purposes in residential and commercial building construction. They are energy efficient and help resist heat transfer and provide strength and durability to structures compared to traditional insulation methods. Consequently, they are widely utilized in cold storage systems for maintaining optimal temperature with minimal energy requirements.
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Market Trends:
Significant growth in the construction industry across the globe represents one of the key factors creating a positive outlook for SIPs in designing walls, ceilings, floors, and roofs. SIPs can also be combined with blocks, tiles, bricks, slates, steels, woods, and glasses to improve energy efficiency, durability, and cost-effectiveness. Moreover, the increasing environmental consciousness among individuals is driving the need for SIPs that are lightweight, non-combustible, thermal resistant, and flexible building materials. Additionally, the rising demand for SIPs in food preparation and processing and storage systems for temperature-sensitive pharmaceutical and retail products is impelling the market growth. Besides this, several product innovations, such as curved wall panels and soundproof variants, are anticipated to propel the market growth.
Breakup by Product:
- Polystyrene
- Polyurethane
- Glass Wool
- Others
Breakup by Application:
- Walls and Floors
- Roof
- Cold Storages
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
- Structural Panels Inc.
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