The market value for structural insulated panels market size was USD 500 million in 2022 and is expected to reach a value of USD 844.74 million in 2032 growing at a CAGR of 6% during the forecast period. Factors such as increased demand for energy-efficient construction solutions, expanding awareness about the benefits of Green Building Materials, and the need for speedy construction methods to fulfil the growing need for affordable housing are driving market revenue growth. SIPs are composite panels composed of a foam insulation core sandwiched between two structural facings, most often Oriented Strand Board (OSB). Because of their outstanding insulation and air sealing characteristics, these panels are a popular choice for energy-efficient building construction.
The rising need for energy-efficient building solutions is rising market revenue growth. SIPs offer great insulating characteristics and can save up to 60% on energy consumption. These panels can help improve air quality and sound insulation, making your home more comfortable. Green construction materials are also supporting market revenue growth. SIPs are environmentally benign since they are composed of renewable materials such as OSB and can be recycled at the end of their life. SIPs can also assist builders satisfy energy norms and standards while contributing to LEED certification points.
Increasing initiatives to minimize greenhouse gas emissions and need for energy conservation in residential and commercial buildings are factors contributing to increasing utilization of structural insulated panels. For example, the Building Technology Program by the Department of Energy (DOE) made its goal to minimize residential consumption through the adoption of Zero-energy Home concept. Zero-energy Home concept is driving demand for structural insulated panels as these form an airtight building envelope that reduces energy needs for cooling and heating, and thus helping in energy conservation. Rapid urbanization and growth in the construction industry across developing countries is expected to continue to boost market growth. Increase in the number of residential, healthcare, and commercial buildings, driven by rapidly increasing population is also supporting market revenue growth. Increasing need for more energy efficient solution in buildings is fueling rising usage of construction materials with exceptional thermal performance and less impact on the environment.
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- In August 2020, Owens Corning announced the launch of a new product line named FOAMULAR NGX (Next Generation Extruded). Foam products included in the new product line FOAMULAR NGX deliver a 90% reduction in Global Warming Potential (GWP) without compromising product performance. Excellent performance and sustainability delivered by the new product line is resulting in its increasing preference as a material that enables more freedom of artistic expression and durability and performance among architects, engineers, and contractors. Environmental benefits of FOAMULAR NGX is expected to be reflected in a new Environmental Product Declaration (EPD), delivering independent and registered verification of the environmental impact of the material.
- Polystyrene segment is expected to account for largest revenue share in the global structural insulated panels market over the forecast period owing to the lower costs, lightweight, and superior thermal resistance. Increasing preference for polystyrene for manufacturing structural insulated panel is expected to drive revenue growth of this segment.
- OSB two side segment is expected to register robust revenue growth over the forecast period. Structural insulated panels made with two layers of the impact resistant and high strength OSB with a thick insulating layer of Expanded Polystyrene (EPS) are quick to erect, strong, and well suited to the residential construction industry.
- Wall and floor segment is expected to account for a considerably large revenue share in the global structural insulated panels market over the forecast period. Faster construction of walls as structural insulated panel walls and floorings are designed and precisely manufactured offsite, which allows faster structure completion and minimizes the requirement of excess labor for installation.
- The structural insulated panels market in North America is expected to account for largest revenue share over the forecast period. Supportive incentives provided by governments in various countries in the region such as the tax incentives in order to boost construction of energy efficient buildings and deploy energy efficiency upgrades in commercial buildings is expected to increase utilization of structural insulated panels in the construction industry going ahead.
- Some major players in the market include PREMIER SIPS, Alubel SpA, Kingspan Group plc, PFB Corporation, Owens Corning, Foard Panel, Inc., ENERCEPT, INC., Eagle Panel Systems, Inc., Extreme Panel Technologies, Inc., and Insulspan Inc.
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