ID: MRFR/CO/6202-HCR | February 2021 | Region: Bric | 100 pages
The Structural Insulated Panels Market was estimated to be valued at a market sum of USD 458.1 Million during the historic forecast period that had ended in 2019. The Structural Insulated Panels Market Share is projected to reach USD 786.6 Million by 2028 and is expected CAGR of 6.10% with a value of USD 12,368.20 Million by the ending of 2021-2030.
The growing emphasis on energy efficiency and economic feasibility in the construction industry has resulted in an increase in demand for Structural Insulated Panels and has increased the Structural Insulated Panels Market Value. The global Structural Insulated Panels Market is expected to expand dramatically as a result of factors such as rising demand for structural insulated panels from the developing construction industry and rising construction of commercial and economic buildings in emerging economies. Furthermore, the construction industry's awareness of energy efficiency is growing, which is expected to create more opportunities for the global Structural Insulated Panels Industry. However, market growth is being hampered by fluctuating raw material prices used in the production of structural insulated panels.
The COVID 19 outbreak has hampered the growth of the structural insulated panel industry due to country-wide lockdowns and delays in manufacturing and production of structural insulated panels used in residential and non-residential spaces impacting the Structural Insulated Panels Market Growth. The novel coronavirus has rapidly spread across various countries and regions, having a massive impact on people's lives and the overall community. It began as a global health crisis and has since become a significant threat to global trade, economy, and finance. The COVID-19 pandemic has halted the production of many items in the Structural Insulated Panels Industry due to the ongoing lockdown in key countries. Market participants can only afford a complete lockdown for a limited time before having to change their investment plans. Furthermore, the number of COVID-19 cases is expected to decrease in the near future, as a COVID-19 vaccine has been introduced to the market. This is also expected to result in the restarting of structural insulated panel companies at full capacity, assisting the Structural Insulated Panels Market Size to expand.
The global structural insulated panels market is highly competitive, with numerous players from all over the world. These major players have used a variety of strategies to increase their visibility and strengthen their position in the global structural insulated panels market. Expansions, investments, acquisitions, and contracts are some of their key strategies. The majority of market leaders are forward integrated, which means they manufacture structural insulated panels while also providing installation and maintenance services. The key markets players have been recognized under the head of the global market competition owing to the recent developments that have been undertaken by them are as follows:
The Structural Insulated Panels are a part of the rapidly expanding construction techniques that have advantageous properties and provide outstanding features to construction enclosures. The use of structural panels provides light-weighted supporting structures as well as cost-efficiency. Furthermore, structural insulated panels are suitable for large projects and offer advantages in terms of assembly time, which has influenced their use in the construction industry. Aside from that, rising infrastructure demand for residential and commercial buildings has resulted in the use of insulation components in buildings. Adding insulation panels to construction technology proves to be the smarter solution for saving money and making structure assembly and disassembly easier.
The market growth is being hampered by fluctuating raw material prices used in the production of structural insulated panels. Building technology advancements, such as modular construction techniques, are expected to repress market growth. Environmental dangers and rigorous government regulations, as well as a growing focus on renewable energy, may restraint the Structural Insulated Panels Market Size. The Structural Insulated Panels Market Share is projected to be restrained by strict government rules. High manufacturing costs, combined with variable raw material prices, are a major stumbling block to the global Structural Insulated Panels Market Growth.
The construction industry's rapid growth is gaining traction as a result of the high demand for infrastructure and buildings in developing countries such as India and China. According to the Global Construction Perspective and Oxford Economics, the United States, India, and China will account for approximately 57% of the total growth in the construction and engineering market by 2028. The global structural insulated panels market is directly dependent on the growth and innovation in the construction industry, as it will drive demand for structural insulated panels in various application areas, offering performance and economic benefits.
Furthermore, the construction industry's awareness of energy efficiency is growing, which is expected to create more opportunities for the global structural insulated panels market and thus, increasing the Structural Insulated Panels Market Value over the forecast period.
The global Structural Insulated Panels Market is further bifurcated into various segments depending on various factors in order to help the market grow as per the predicted CAGR growth by the end of the future forecast period in 2028. The market has been segmented based on the following:
Based on the product type, the market has been segmented as follows:
Based on the end user, the market has been segmented as follows:
Based on the application, the market has been segmented as follows:
Based on the region, the market has been segmented as follows:
The global structural insulated panels market has been divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. Europe had the largest market share during the historic forecast period in 2019 and is expected to maintain that position by 2024. The presence of major market players in this region, as well as the thriving construction market, is expected to drive demand for Structural Insulated Panels throughout the forecast period. Furthermore, the leading manufacturers of Structural Insulated Panels are based in this region.
However, Asia-Pacific is expected to have the highest CAGR of around 5.4 percent owing to rapid construction activities that adhere to energy efficiency standards and regulations. This can also be attributed to the increased demolition of old and obsolete infrastructure, which necessitates large investments in the renovation. During the forecast period, the global structural insulated panels market is expected to be driven by the large-scale expansion of urban developments.
This report provides an overview of the global structural insulated panels market, focusing on two market segments in four geographic regions. The report investigates key players and offers a ten-year annual trend analysis of market size, volume, and share for North America, Europe, Asia-Pacific, and LAMEA. The report also includes a forecast, which focuses on the market opportunities for each region over the next five years. The study's scope divides the global structural insulated panels market into product, application, and region.
|Market Size||USD 12,368.20 million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alubel SpA (Italy), ArcelorMittal (Luxembourg), BALEX-METAL (Poland), Isopan (Manni Group SpA), Italpannelli SRL (Italy), Kingspan Group (Ireland), Marcegaglia SpA (Italy), Metecno (Italy), and NCI Building Systems (US).|
|Key Market Opportunities||Fluctuating raw materials cost may restrict|
|Key Market Drivers||Growing construction industry|
Frequently Asked Questions (FAQ) :
The market is expected to grow at a CAGR of 6.10% by the end of the forecast period in 20230.
Growing of the construction industry is the major driver driving the Structural Insulated Panels Market during the forecast period in 2030.
The major restraint is the fluctuating costs of the raw material which restrains the Structural Insulated Panels Market to growth.