Wilmington, Delaware , Nov. 09, 2023 (GLOBE NEWSWIRE) --
Allied Market Research published a report, titled, "Structural Insulated Panels Market by Product Type (Polystyrene, Polyurethane Panels & Polyisocyanurate Panels, Glass Wool, and Others), Application (Walls & floors, Roofs, and Cold Storage) and End User (Residential and Nonresidential): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global structural insulated panels industry hit $458.1 million in 2020, and is anticipated to garner $786.6 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
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Prime determinants of growth
The growth of the global structural insulated panels market is driven by rise in the commercial and residential real estate industry and surge in spending on home remodeling. In addition, the rise in construction activities of green buildings provides new opportunities in the coming years. However, fluctuations in raw material prices hamper the market growth.
The polystyrene panels segment to lead in terms of revenue during the forecast period
On the basis of product type, the polystyrene panels segment held the largest share in 2020, accounting for nearly half of the global structural insulated panels market, and is expected to maintain its lead trail in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the fastest CAGR of 5.9% from 2021 to 2030. This is attributed to its characteristics such as superior shock-absorbing nature, inexpensive nature, a relatively low melting point, enhanced thermal & noise insulation, and high strength to weight ratio.
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The residential segment to dominate during the forecast period
On the basis of end user, the residential segment dominated the market with the highest share in 2020, contributing to more than two-thirds of the global structural insulated panels market, and is estimated to continue its lead during the forecast period. Moreover, the same segment is projected to grow at the fastest CAGR of 5.7% from 2021 to 2030. This is attributed to rise in investments in the real estate sector, new product developments such as gypsum wallboard, fiber cement, and light gauge metal panels, increase in popularity of eco-friendly roofing technologies, and trend of building renovations & remodeling. The research also analyzes the non-residential segment.
North America to dominate in terms of revenue by 2030
On the basis of region, the Asia-Pacific region is anticipated to witness the largest CAGR of 6.2% during the forecast period, owing to a surge in installation in the commercial and residential sectors in the region. On the other hand, the region across North America held the highest market share in 2020, accounting for more than two-fifths of the global structural insulated panels market, and is expected to dominate in terms of revenue by 2030. This is attributed to adoption of exterior structural insulated panels for their scratch-resistant and waterproof properties that offer prolonged durability with lightweight.
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Leading market players
- Rautaruukki Corporation
- American Insulated Panel
- Extreme Panel Technologies, Inc.
- ACME Panels
- InGreen Systems
- Kingspan Group PLC.
- Owens Corning
- PFB Corporation
- Premier Building System
- T. Clear Corporation
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