Structural Insulated Panels is anticipated to have CAGR of ~6.0% over 2019-2028. The boost in the demand for affordable and cost-effective residential housing solutions would stimulate demand for structural insulated panels in the coming years. Furthermore, the need for sustainable and efficient building systems with environmentally friendly properties is also likely to help to meet the demand for products. High insulation, optimal cost, and lightweight properties offered by insulated structural panels should boost their demand in commercial construction. The growth of cold storage systems for the food and beverage sector is anticipated to help the industry grow.
Top Driver: Advantages offered are anticipated to boost the industry
Structural Insulated Panels are projected to grow with the advantages offered by the structural insulated panels would boost the industry in the forecast period. The structures constructed with such insulated panels shows better insulation and profitability in the long run. Furthermore, the continuous insulation offered by these panels helps maintain a uniform wall temperature, resulting in great comfort for the occupant. It also helps in avoiding the collection of moisture on the wall, and hence increases the durability of the wall structures.
Polystyrene to Make Crucial Contribution to Growth of Global Structural Insulated Panels Market
Among product segments of the global Structural Insulated Panels market, polystyrene foam materials segment are anticipated to propel in the forecast period. The key characteristics which are helping the segment to gain maximum revenue shares include better density, superior quality of thermal resistance, lightweight as compared to other segments. Furthermore, Polyurethane-based insulated panels are showing better resistance to the temperatures. The light weight properties are also the major advantage and are anticipated to help the industry gain highest CAGR in the near future. Although, the product’s high cost and limited availability are expected to impede their demand in applications, such as in the residential parts.
Quick adoption of the product in the region to Benefit North America Market
North America is experiencing highest revenue growth than any other country and is anticipated to grow further due to the quicker acceptance, higher consumer awareness regarding the need of the product would help the industry to grow in the region. The ease in commercial availability of the products in combination with easy installation guidelines provided by the players is likely to support the market growth. Furthermore, government support for energy-efficient and green constructions has supported the product growth in the region. Asia Pacific region is anticipated to experience highest CAGR in the forecast period. This is attributed to the fact that the investments have been raised from the foreign multinationals.
The growth in the number of patients suffering from the COVID-19 has led the government to declare the lockout situation and hence various industries with the downfall in the revenue generated. Furthermore, the industries are coping up by employing the individuals for work ensuring social distancing as the best alternative in the current scenario.
Players to Focus on advanced Structural Insulated Panels
The global Structural Insulated Panels market leaders include Alubel SpA, Dana Group Plc, Kingspan Group, Eagle Panel Systems, Inc., Premier Building Systems, Nohara Holdings, Inc., Isopan, Insulspan Inc., ICS Eco-SIPs and Foard Panel Inc.
BIMobject: In October, 2017, BIMobject announced that it had signed an agreement with Nohara Holdings, Inc. in order to establish a Japanese subsidiary called BIMobject Japan, Inc. Furthermore, BIMobject announced that the formation of the Japanese subsidiary completed with BIMobject holding 51% of its shares and also Nohara holding 49% of its shares.
Isopan: In January 2017 Isopan, the producer of insulating metal panels for the building industry, presented the new Leaf technology. It helps improve the performance of the sandwich panel. This technology technology considerably advances the technical performance of polyurethane insulating panels. Furthermore, a lower thermal conductivity (Lambda) makes it possible to create thinner and lighter envelopes, permitting a more significant interior space to be appreciated.
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