Composite Insulated Panels Market Size was valued at USD 0.42 billion in 2022. The Composite Insulated Panels industry is projected to grow from USD 0.44 Billion in 2024 to USD 0.63 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.54% during the forecast period (2024 - 2032). Growing construction projects with highly efficient and green materials specifically for residential are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Using structural insulated panels (SIPs) in constructing cold storage facilities has gained significant traction due to their cost-effectiveness, sustainability, and durability. Cold storage is crucial in various industries, including food processing, food preparation, warehousing, storage systems, pharmaceuticals, and retail solutions. The demand for efficient cold storage systems is anticipated to drive the adoption of structural insulated panels, fueling the market's growth. SIPs offer an effective solution for creating insulated and temperature-controlled environments, meeting the specific requirements of cold storage facilities. This, in turn, contributes to the overall expansion of the structural insulated panels market. This factor drives the Market CAGR.
Additionally, In response to strict building regulations and the need for energy-efficient structures, developers are increasingly adopting technology that enables the creation of energy-efficient buildings. These regulations require builders to meet specific energy efficiency and CO2 emission targets, leading them to utilize structural insulated panels (SIPs) in construction. SIPs can significantly reduce HVAC and heating costs by up to 40%. However, a challenge in the market is the lack of awareness about SIPs among builders and stakeholders. Nevertheless, the growing demand for composite insulated panels in the construction industry, particularly in applications such as refrigerated and processed food facilities, is driving the revenue growth of the market. The high flexibility, reliable performance, and ability to provide thermal insulation against warmer conditions are key factors contributing to the increasing demand for composite insulated panels.
Additionally, the rising popularity of green buildings, which benefit from the environmentally friendly properties of solar panels, has further boosted the demand for composite insulated panels. The industry is expected to advance with the use of natural fibers in developing composite insulated panels, further propelling the market's growth. The higher need for lightweight materials in the automotive industry contributes to Composite Insulated Panels market revenue.
The Composite Insulated Panels market segmentation, based on Product, includes Expanded Polystyrene (EPS) Panels, Rigid Polyurethane (PUR), Rigid Polyisocyanurate (PIR) Panels, and Glass Wool Panels. The rigid polyurethane (PUR) segment dominated the market primarily due to the exceptional thermal insulation capabilities and strong structural properties of PUR panels. These panels effectively reduce energy consumption and ensure comfortable indoor environments. Moreover, they possess high fire resistance and are lightweight, making them highly suitable for diverse construction applications. The Rigid Polyurethane (PUR) Panel segment has consequently captured a substantial market share in the Composite Insulated Panels industry.
Based on Application, the  Composite Insulated Panels market segmentation includes building walls, roof, cold storage, and glass wool panels. The building wall segment dominated the market; due to the extensive Application of composite insulated panels in building wall construction. By minimizing heat transfer, composite insulated panels contribute to improved indoor comfort and substantial energy savings. Furthermore, their durability, versatility, and ease of installation further bolster their prominence in the market.
Figure1: Composite Insulated Panels Market, by Application, 2022 & 2032 (USD billion)Â Â Â Â Â Â Â Â Â Â 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Composite Insulated Panels market will dominate this market;due to high consumer awareness, early acceptance, and government support for energy-efficient and green constructions, which have supported product growth in the Region and will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COMPOSITE INSULATED PANELS MARKET SHARE BY REGION 2022 (%)Â Â Â Â Â Â Â Â Â Â 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Composite Insulated Panels market accounts for the second-largest market share due to the product's commercial availability and easy installation guidelines provided by the key players, which is likely to support the growth of the regional market. Further, the German Composite Insulated Panels market held the largest market share, and the UK Composite Insulated Panels market was the fastest-growing market in the European Region.
The Asia-Pacific Composite Insulated Panels Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased Growing construction projects with highly efficient and green materials specifically for residential. Moreover, China’s Composite Insulated Panels market held the largest market share, and the Indian Composite Insulated Panels market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Composite Insulated Panels market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Composite Insulated Panels must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Composite Insulated Panels industry to benefit clients and increase the market sector. The Composite Insulated Panels industry has offered some of the most significant advantages in recent years. Major players in the Composite Insulated Panels market, including libel SpA (Italy), ArcelorMittal (Luxembourg City), Balex- Metal (Poland), Dana Group Plc (UAE), ITALPANNELLI SRL (Italy), Jiangsu Jingxue Insulation Technology Co. Ltd (China), Kingspan Group (Ireland), Manni Group S.p.A (Italy), METECNO (India), Multicolor Steels (India) Pvt Ltd, Nucor Building Systems (Indiana), Owens Corning (US), and PFB Corporation (Canada). and various companies are making investments in research and development
activities. These initiatives aim to enhance product innovation, improve existing technologies, and introduce new solutions to the market by investing in research and development operations and driving growth in the industry.
Owens Corning, an American company specializing in insulation, roofing, and fiberglass composites, has unveiled a new product range known as Foamular NGX. This innovative line features Extruded Polystyrene (XPS) foam products that offer a remarkable 90% reduction in  Warming Potential (GWP) while maintaining excellent performance. Owens Corning's Foamular NGX addresses the need for sustainable and environmentally friendly solutions by significantly reducing the carbon footprint associated with insulation materials. This development showcases the company's commitment to delivering high-quality products that not only meet performance requirements but also contribute to a greener and more sustainable future.
PFB Corporation is a leading manufacturer of advanced, top-notch insulating building products and technologies. Their innovative solutions enhance energy efficiency in residential and commercial structures when integrated into the building envelope. Additionally, PFB Corporation possesses expertise in the geotechnical Application of their products, providing comprehensive solutions for various construction needs. Recently, the company announced an important announcement regarding acquiring 27 acres of land and three manufacturing facilities in Crossfield, Alberta. This strategic move allows PFB Corporation to secure ownership of previously occupied properties under a leasing agreement, further strengthening its regional presence and capabilities.
August 2020: Owens Corning has recently unveiled an innovative product range known as Foamular NGX. This new line of Extruded Polystyrene (XPS) foam products is designed to offer exceptional performance while significantly reducing its impact on warming. With a remarkable 90% reduction in Warming Potential (GWP), Foamular NGX demonstrates Owens Corning's commitment to sustainability without compromising the quality and effectiveness of the Product. By incorporating advanced technologies, Owens Corning has successfully developed an environmentally conscious solution that meets the demands of today's market.
April 2018: Owens Corning has successfully finalized the acquisition of Guangde SKD Rock Wool Manufacture Co., Ltd., a leading mineral wool manufacturer based in China. SKD specializes in producing mineral wool insulation that caters to building and technical insulation sectors. Mineral wool is widely recognized as the predominant insulation material in China, primarily due to its exceptional properties in terms of fire protection and preservation of human life. This strategic acquisition allows Owens Corning to strengthen its position in the Chinese market and expand its offerings in the insulation industry.
February 2018: Owens Corning has acquired Paroc Group, a renowned Finnish manufacturer specializing in mineral wool insulation for building and technical purposes across Europe. This strategic move by Owens Corning has allowed them to expand their product range and enhance their presence in different geographical regions. By incorporating Paroc Group into its portfolio, Owens Corning has achieved greater diversification and strengthened their position in the market.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.42 billion |
| Market Size 2024 | USD 0.44 billion |
| Market Size 2032 | USD 0.63 billion |
| Compound Annual Growth Rate (CAGR) | 4.54%(2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Alubel SpA (Italy), ArcelorMittal (Luxembourg City), Balex- Metal (Poland), Dana Group Plc (UAE), ITALPANNELLI SRL (Italy), Jiangsu Jingxue Insulation Technology Co. Ltd (China), Kingspan Group (Ireland), Manni Group S.p.A (Italy), METECNO (India), Multicolor Steels (India) Pvt Ltd, Nucor Building Systems (Indiana), Owens Corning (US), and PFB Corporation (Canada) |
| Key Market Opportunities | Increasing demand from the construction sector Increasing cold storage applications |
| Key Market Dynamics | The key players are likely to support the growth of the regional market. Growing construction projects with highly efficient and green materials, specifically for residential. |
Composite Insulated Panel Market Highlights:
Frequently Asked Questions (FAQ) :
The Composite Insulated Panels market size was valued at USD 0.42 Billion in 2023.
The Composite Insulated Panels Market is estimated to grow at a CAGR of 4.54% during the forecast period, 2024-2032.
North America had the largest share of the Composite Insulated Panels Market
The key players in the market areAlubel SpA (Italy), ArcelorMittal (Luxembourg City), Balex- Metal (Poland), Dana Group Plc (UAE), ITALPANNELLI SRL (Italy), Jiangsu Jingxue Insulation Technology Co. Ltd (China), Kingspan Group (Ireland), Manni Group S.p.A (Italy), METECNO (India), Multicolor Steels (India) Pvt Ltd, Nucor Building Systems (Indiana), Owens Corning (US), and PFB Corporation (Canada).
The Rigid Polyurethane (PUR) Composite Insulated Panels category dominated the Composite Insulated Panels Market in 2023.
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