Structural Insulated Panels Market Research Report - Global Forecast till 2030

Structural Insulated Panels Market Research Report Information By Product (Expanded Polystyrene, Polyurethane Insulated, and Glass Wool), By Application (Residential and Commercial), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2030

ID: MRFR/CO/6202-HCR | 100 Pages | Author: Sakshi Gupta | February 2024         

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Global Structural Insulated Panels Market Overview

Structural insulated panels market Size was predicted at USD 7.9485 billion in 2021. The structural insulated panel industry is projected to grow from USD 8.4333 billion in 2022 to USD 12.7646 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022 - 2030). Residential and commercial building construction is increasing due to the expanding world population. This is one of the main factors influencing the demand for SIPs. Aside from this, the growing usage of SIPs in food processing, food preparation, warehousing, and storage systems for temperature-sensitive pharmaceutical and retail products is the key market driver fueling the market.
Structural Insulated Panels Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Structural Insulated Panels Market Trends

  • Growing green building initiatives to drive market growth

As per market dynamics, positive green building rules and standards for the use of building insulation materials to reduce overall energy consumption, as well as rising costs for constructing a  cold chain infrastructure, are predicted to boost the industry. Structural insulated panels (SIPs), which are lightweight, have a better external look, and can enhance a building's thermal performance, are anticipated to become widely used worldwide. According to the Federal Energy Policy Act of 2005, builders of new, energy-efficient homes built by the Federal Manufactured Homes Construction and Safety Standards are eligible for a tax credit of up to USD 2,000. Thus such federal policy increases the number of green buildings. Construction sites get structural insulated panels that have been manufactured and are prepared for installation. With their resilience, fireproofing, and exceptional surface polish, metal sheets are becoming a desirable facing material. Insulated metal panels can also be applied directly to the exteriors of buildings because they come in several colors. The expanding construction industry is another factor driving the structural insulated panels market revenue.

With their capacity to save total construction time, structural insulated panels are frequently utilized in the construction of warehouses. As per market data, warehouses and last-mile delivery hubs are in high demand due to the e-commerce sector's expansion. Over 26 million eCommerce sites exist worldwide, and new ones are launched daily. Additionally, the development of regional data centers by well-known technological firms like Amazon, Alibaba, Google, and Microsoft is anticipated to expand the market size.

Figure1: Estimated retail sales through e-commerce from 2013 to 2023 in billion

Estimated retail sales through e-commerce from 2013 to 2023 in billion
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Structural insulated panels are a widely used building material for cold storage facility construction because they are affordable, environmentally friendly, and long-lasting. Cold storage is essential for many industries, including food processing, food preparation, warehousing, and storage systems, as well as pharmaceutical and retail solutions. By 2023, 1,914 refrigeration storage companies will be operating in the US. The structural insulated panels industry is anticipated to grow as a result of the rise in demand for cold storage systems. Therefore, the trend of using cold storage has enhanced the  market CAGR in recent years.

Structural Insulated Panels Market Segment Insights

Structural insulated panels Product Insights

The structural insulated panels market segmentation, based on product, includes expanded polystyrene, polyurethane insulated, and glass wool. In 2021, polystyrene was the market leader in the structural insulated panels market revenue. With their affordability and resilience to dust and moisture, these products are in high demand, which is responsible for their increase. Polystyrene's robust and durable surface gives greater puncture resistance and earthquake-proof functionality.

April 2021: INEOS Styrolution, Recycling Technologies, and Trinseo announced a key milestone in their efforts to develop commercial polystyrene (PS) recycling plants in Europe. Recycling Technologies was chosen as a technology partner. The qualities of recycled PS will be identical to those of virgin PS. This partnership has further broadened the growth opportunity for the structural insulated panels industry.

Polyurethane structural insulated panels are cheaper than other products, such as polystyrene and glass wool. With their outstanding thermal insulation and vapor diffusion resistance qualities, these panels are frequently used to insulate cold chain storage. Hence, rising applications of polyurethane structures positively impact market growth.

Structural insulated panels Application Insights

According to the structural insulated panels market outlook, the market has been bifurcated by application into residential and commercial. The structural insulated panel's industry is anticipated to be dominated by the residential sector. This is mainly because governments in all regions have implemented benevolent lending regulations that encourage the sales of residential development projects. It is predicted that spending on residential development will increase, especially in the APAC region's developing nations.

Figure 2: Structural insulated panels Market, by Application, 2021& 2030 (USD billion)
Structural insulated panels Market, by Application
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

As per market research, the commercial sector is the second fastest-growing structural insulated panels industry segment. Adopting favorable green building standards and regulations for building insulation materials to reduce overall energy consumption and increase costs for building cold chain infrastructure worldwide is anticipated to propel the  structural insulated panels market.

Structural insulated panels Regional Insights

By region, the study provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific's structural insulated panels market accounted for USD 3,386.06 million in 2021 and is expected to exhibit a significant CAGR of 42.6 percent growth during the study period. As per market forecast, the introduction of Energy Conservation Building Codes (ECBC) in nations like India is anticipated to fuel structural insulated panels market revenue growth significantly. Additionally, as packaged and processed food demand rises in the region's nations, the need for cold storage facilities also rises, boosting structural insulated panels market expansion. With the numerous benefits the material offers in this application, growth in the e-Commerce sector is also raising demand for warehouses, which is predicted to enhance the utilization of structural insulated panels. Moreover, China's structural insulated panels market held the largest share, and the Indian structural insulated panels market was the fastest-growing market in the Asia-Pacific region.

Furthermore, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North American structural insulated panels market accounts for the second-largest share. The use of structural insulated panels is anticipated to rise due to supportive incentives offered by the governments of various nations in the region, such as tax incentives for energy efficiency upgrades in commercial buildings to encourage the development of energy-efficient buildings. It is anticipated that structural insulated panels will continue to increase due to rising government measures to reduce greenhouse gas emissions and conserve energy in homes and businesses. For instance, the Department of Energy's Building Technology Program seeks to reduce domestic energy use by adopting Zero-Energy Homes (ZEH), which is anticipated to support demand for structural insulated panels.

Europe's structural insulated panels market accounts for the third-largest market share. In Europe, structural insulated panels (SIPs) are very common because they make it easier to develop passive structures that use zero energy. As per market statistics, around 2,600 structures in Germany will have received green building certification as of 2022. Additionally, SIPs can be utilized to build perimeter walls, interior load-bearing walls, and non-load-bearing partition walls. The SIP-built modern homes are renowned for their structural strength and lightweight. The German structural insulated panels market held the largest share, and the UK structural insulated panels market was the fastest-growing market in the European region.

Structural Insulated Panels Key Market Players & Competitive Insights

The structural insulated panels market will keep growing due to market players investing heavily in R&D to broaden their product offerings. With significant market developments, including new product releases, contractual agreements, mergers & acquisitions, increased investments, and collaboration with other organizations, market participants engage in various strategic initiatives to expand their worldwide footprint. According to the market competitive landscape, players must provide products at fair prices if they want to grow and thrive in the market.

Local manufacturing to cut operational costs is one of the main business methods used by the structural insulated panels industry to serve customers and grow the market sector. Thie industry has recently provided some of the most important advantages to medicine. Market major players, such as Kingspan Group (Ireland), Metecno (Italy), Italpannelli SRL (Italy), Alubel SpA (Italy), and others, support R&D initiatives to increase market demand.

Kingspan Group is a  innovator of high-performance insulation and building envelope solutions. The company's five business segments are insulated panels, insulation boards, light & air, water & energy, and data & flooring. Its insulated panels business section manufactures various structural insulated panels. The company's primary focus is on its production capabilities, intending to improve and innovate its manufacturing methods and procedures to attract new clients for its insulation panel products. For instance, in April 2021, Kingspan Group announced a collaboration with H2 Green Steel to reduce carbon emissions from Kingspan's insulated panel products by 45%. Kingspan aims to be a single-digit minority shareholder in the long run, alongside a group of forward-thinking investors that want to catalyze the shift to low-carbon steel. Kingspan's investment also shows the company's aim to enter into a long-term supply deal with H2GS to provide a significant portion of the company's future steel needs.

Owens Corning is a corporation based in the United States that develops and manufactures insulation, roofing, fiberglass composites, and related materials and products. It is the largest producer of fiberglass composites in the world. It was founded in 1935 by two large American glassworks, Corning Glass Works and Owens-Illinois. For instance, in August 2020, Owens Corning introduced a new product range called FOAMULAR NGX (Next Generation Extruded). Foam products in the new FOAMULAR NGX range reduce  Warming Potential (GWP) by 90% without affecting product performance. The new product line's excellent performance and sustainability are expanding its favor as a material that allows for more aesthetic expression, durability, and performance among architects, engineers, and contractors.

List of the Key Companies in the structural insulated panels market include

  • Alubel SpA (Italy)

  • PFB Corporation (Canada)

  • Owens Corning (US)

  • ArcelorMittal (Luxembourg)

  • BALEX-METAL (Poland)

  • Isopan (Manni Group SpA)

  • Italpannelli SRL (Italy)

  • Kingspan Group (Ireland)

  • Marcegaglia SpA (Italy)

  • Metecno (Italy)

  • NCI Building Systems (US)

Structural Insulated Panels Industry Developments

December 2021: The Riverside Company ("Riverside") and PFB Corporation ("PFB") (TSX: PFB) are happy to report that the previously announced plan of arrangement for the purchase of PFB by an associate of Riverside has been completed (the "Arrangement"). The shareholders of PFB are entitled to a cash payment of $24.10 for each common share of PFB held at the time of the Arrangement's effective date.

July 2021: Owens Corning purchased Vliepa GmbH, a company that specializes in the printing, finishing, and coating of papers, films, and nonwovens for the construction sector. The acquisition broadens Owens Corning's considerable worldwide nonwoven portfolio, allowing the company to serve European clients better and accelerate growth in the region's building and construction sector applications.

Structural Insulated Panels Segmentation

Structural insulated panels Product Outlook

  • Expanded Polystyrene

  • Polyurethane Insulated

  • Glass Wool

Structural insulated panels Application Outlook

  • Residential

  • Commercial

Structural insulated panels Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Russia

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia & New Zealand

    • Rest of Asia-Pacific

  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Rest of Latin America

  • Middle East & Africa

    • Turkey

    • GCC Countries

    • South Africa

    • Rest of the Middle East & Africa

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 7,948.5 million
Market Size 2022 USD 8,433.3 million
Market Size 2030 USD 12,764.6 million
Compound Annual Growth Rate (CAGR) 6.10% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product and Application
Geographies Covered Europe, North America, Asia-Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Kingspan Group (Ireland), Metecno (Italy), Italpannelli SRL (Italy), and Alubel SpA (Italy)
Key Market Opportunities Supportive building regulations
Key Market Dynamics Increasing demand for structural insulated panels for cold storage Stringent regulations to reduce greenhouse gas emission

Frequently Asked Questions (FAQ) :

The size market for structural insulated panels market size was predicted at USD 7,948.5 million in 2021.

The market is projected to register a CAGR of 6.10% during the forecast period 2022-2030.

The key players in the market are Kingspan Group (Ireland), Metecno (Italy), Italpannelli SRL (Italy), and Alubel SpA (Italy).

The polystyrene category dominated the market in 2021.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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