ID: MRFR/CO/6202-HCR | February 2021 | Region: Bric | 100 pages
The rapid growth of the construction industry is gaining momentum due to 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 US, India, and China will account for around 57% of the total growth in the construction and engineering market by 2030. The growth of the global structural insulated panels market is directly dependent on the growth and innovation in the construction industry, as it will drive the demand for structural insulated panels in various application areas, offering performance and economic advantages.
These panels are a part of the fast-growing construction techniques that have beneficial properties and offer outstanding features to the construction enclosures. The adoption of structural panels is done to provide light-weighted supporting structures and cost-efficiency. Moreover, structural insulated panels are suitable for large projects providing advantage in terms of assembly time, which has influenced their adoption in the construction sector. Besides the rising infrastructure demand for residential and commercial building has led to the adoption of insulation components in the buildings. Adding insulation panels to the construction technology proves to be smarter solutions for saving money and providing ease of assembling and disassembling of the structures.
Global Structural Insulated Panels Market: Regional Analysis
Geographically, the global structural insulated panels market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW). In 2018, Europe accounted for the largest market share in 2018, followed by Asia-Pacific and North America; it is anticipated to retain its position till 2024. However, Asia-Pacific is expected to witness the maximum growth rate in the global structural insulated panels market, owing to the robust growth of the construction industry in emerging economies, such as South Korea, China, and India. This is further expected to increase the demand for structural insulated panels market in the next few years.
Global Structural Insulated Panels Market: Segmentation
The global structural insulated panels market has been segmented based on product, application, and region. On the basis of product, the market is divided into expanded polystyrene (EPS) panels, polyurethane insulated (PUR) panels, glass wool panels, and others. On the basis of application, the market is divided into residential and commercial.
On the basis of product, the expanded polystyrene (EPS) panels segment emerged as the largest segment, and is anticipated to retain its position till 2024. EPS is a type of polystyrene foam that is extensively used in structural insulated panels. It is light in weight and is extremely strong and highly durable. Thus, structural insulated panels made using EPS are lightweight with a high load bearing capacity. These panels are widely used in the construction industry. EPS is an inert material, which makes it a barrier against rats, pests, and termites. These are cost effective and provide good thermal insulation, long lifespan, air-tightness, and low maintenance cost. These advantages makes this segment the dominating segment in the global structural insulated panels market.
On the basis of application, the market is divided into residential and commercial segments. The residential application segment accounted for the largest market share in 2018, which will retain its position by 2024. This can be attributed to the increased implementation of new approaches for designing and constructing buildings using eco-friendly materials.
Some of the key players operating in the global structural insulated panels market are 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).
The global structural insulated panels market is highly competitive with many players, across the globe. These major players have adopted various strategies to expand their presence and strengthen their foothold in the global structural insulated panels market. Some of their key strategies include expansions, investments, acquisitions, and securing contracts.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|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) :
Growing construction industry is a key factor driving the structural insulated panels market.
Europe is predicted to have the largest share in the structural insulated panels market.
The residential segment will lead the structural insulated panels market.
Fluctuating raw materials cost may restrict the structural insulated panels market growth.
The EPS panels segment will dominate the structural insulated panels market.