Selbyville, Delaware, March 20, 2018 (GLOBE NEWSWIRE) --
Structural Insulation Panels Market will surpass USD 600 million by 2024; according to a new research report by Global Market Insights, Inc. Growing demand for modern, energy-efficient and fast track building techniques will drive structural insulation panels market growth. Shifting trends toward green building construction to reduce energy consumption and global CO2 emissions will propel the product adoption rate. Factors such as ease of installation, sound proofing and light weight product properties will boost SIPs market size.
Rising global warming level and increasing consumer concern pertaining to high electricity bills is anticipated to support structural insulation panels adoption. Continuous legislative amendments including LEED and Model Energy Codes regarding sustainable building measures for construction companies will improve SIPs market development.
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Globally, increasing labor cost is expected to shift manufacturers preference towards advanced construction materials. Benefits such as cost, and design flexibility is augmenting product demand. Increasing government support to promote green building technologies will significantly enhance industry expansion. For instance, in 2016, the EU enacted Energy Performance of Buildings Directive to encourage better renovation and cost-effective material usage in the region.
EPS was valued over USD 180 million in 2016. High compatibility with oriented strand board, low vapor permanence and minimum water absorption are the key properties influencing EPS demand in SIPs. Easy availability, rigidness, low maintenance cost and lightweight features are major aspects likely to influence segment growth.
OSB one side is expected to observe growth over 7% up to 2024. Improved code-compliant air barrier due to better permeability is the key factor propelling OSB one sided structural insulation panels market expansion. Strong application scope in sliding and roofing walls for improved heat transfer and moisture resistance will support segment growth.
Browse key industry insights spread across 300 pages with 350 market data tables & 12 figures & charts from the report, “Structural Insulation Panels (SIPs) Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Residential sector dominated the structural insulation panels market share in 2016 and will witness over 6% CAGR up to 2024. Expansion of zero energy homes industry and affordable housing schemes supported by government will provide lucrative opportunity for industry manufactures. For instance, U.S. Department of Energy’s (DoE’s) planned to reduce residential energy consumption by supporting zero-energy homes development by 2020.
Commercial sector is projected to witness fastest growth over the projected time frame. Increasing necessity for high thermal insulation to reduce energy consumption in commercial buildings will propel segment demand. In addition, surge in electricity bills is anticipated to trigger product penetration rate. Rapid expansion of hotel chains, malls and hospitals will also boost SIPs market expansion.
North America is expected to hold over 35% structural insulation panels market share by 2024. Escalating government regulations including EPA's Energy Star Home will drive regional industry size. Increasing preference for low maintenance building materials among manufactures likely to propel SIPs market. Rising energy security concern along with social awareness regarding efficient technologies will boost structural insulation panels industry size.
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Global structural insulated panels market share includes ArcelorMittal, Isopan, Lattonedil, k Metecno, Romakowski, J-Deck Inc. and Nohara. Rising competition among organizations is resulting into several mergers & acquisitions, joint ventures and strategic alliances to enhance market share foothold. Other prominent industry participants include Foard Panel, Foam Laminates Future Building of America, ICS Eco-SIPs, T. Clear Corporation, Murus Company, and Eagle Panel Systems, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.