Structural Insulated Panel Market Size, Forecast, & Growth Analysis (2024)

Market Insights

The structural insulated panel marketwas estimated at USD 12.45 billion in 2022 and is likely to grow at aCAGR of 5.54%during 2023-2028 to reach USD 17.27 billion in 2028.

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What are Structural Insulated Panels (SIPs)?

Structural Insulated Panels (SIPs) are a type of sandwich panel which is used in the construction industry. It is a sandwich-structured composite that consists of an insulating layer of a rigid core and two layers of structural board. The insulation layer is sandwiched between the two structural board layers. It is used as a building material.

Market Dynamics

The prime factor contributing to the growth of the structural insulated panel market is the rising demand from the construction sector and cold storage applications.

COVID-19 IMPACT

Many construction activities were halted to curb the spread of the Covid-19 virus, this resulted in disruption of the value chain of the construction industry. This resulted in a decline in demand for the structural insulatedpanel market.

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Segment Analysis

By Application Type

Based on the application type, the market is segmented as building wall, building roof, and cold storage.The building wall segment held the largest share of the market in 2022 and is also expected to grow at the fastest paceduring the forecast period, driven by the increasing demand from the residential sector.

Regional Insights

In terms of regions,North America dominated the market in 2022 and is estimated to maintain its leading positionduring the forecast period as well. The region’s dominance is majorly due to the rising construction activities in Canada and Mexico. Over the years, The USA has witnessed a good increase in the growth of private construction spending. Also, the current trend of multi-family buildings has led the US Census Bureau to provide more permits for the construction of new residential buildings.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Product Type

• EPS (Expanded Polystyrene) Panel
• Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel
• Glass Wool Panel
• Others

By Application Type

• Building Wall
• Building Roof
• Cold Storage

By Region

• North America(Country Analysis: the USA, Canada, and Mexico)
• Europe(Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific(Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World(Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of themajor structural insulated panel manufacturersare-

• Alubel SpA
• Dana Group Plc
• Hemsec Manufacturing Ltd
• Kingspan Group
• Owens Corning Insulating Systems LLC
• PFB Corporation
• Premier Building Systems
• Rautaruukki Corporation
• Sips-Panels UK
• SuperSIPs Ltd.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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