Selbyville, Delaware, Jan. 07, 2019 (GLOBE NEWSWIRE) --
Metal SIP Market demand will surpass US$52 billion by 2024; according to a growth statistics by Global Market Insights, Inc. Increasing consumer awareness regarding the energy efficient products to attain superior thermal protection will boost metal structural insulation panel market share. The steel-based structures are widely installed in the factories and commercial buildings to enhance building’s energy efficiency and reduce energy cost.
High product usage in cold storage facilities, warehouses, and refrigerated buildings due to its durable and light weight properties are stimulating the industry demand. Increasing agricultural and other food products production will drive the need for storage facilities, thereby supplement the industry growth. Increasing inclination towards processed food and beverage which requires freezing and storage facility will fuel the metal SIP market share from 2018 to 2024.
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Factors such as better insulation owing to tighter seals and less prone to mold growth compared to other counterparts such as wood, gypsum, and cement will fuel the industry growth. As per Global Cold Chain Alliance, the global refrigerated warehouse capacity was estimated around 616 million cubic meters in 2018, with an increase of 2.67% from 2016. In addition, the wide availability of custom-made steel SIPs equipped with thermal efficiency and multiple exterior skins & internal core combinations will further proliferate the metal structural insulation panel market share from 2018 to 2024.
Increasing R&D investments for high-performing energy-efficient building components will provide a strong business outlook over the forecast period. Ongoing technological advancements and rising application of material with high R-value in large and small-scale buildings are anticipated to support industry expansion.
Browse key industry insights spread across 185 pages with 185 market data tables & 10 figures & charts from the report, “Metal Structural Insulation Panel Market Size By Application (Walls, Roof), By End Use (Residential, Commercial, Non Building), Industry Analysis Report, Regional Outlook (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Walls are anticipated to register significant gains at over 3% from 2018 to 2024. This can be credited to its excellent strength to weight ratio as compared to its conventional counterparts. Manufacturing facilities consist of various departments, storages, and dispatch centers. Thus, the industrial segment has a high requirement for separate partition to subdivide the facility which will fuel the industry growth.
The commercial sector is projected to witness over 3.5% CAGR from 2018 to 2024. The increasing popularity of prefabricated metal structural insulation panels to fasten the on-site construction process while reducing skilled labor requirements will drive the product demand. The product reduces the need for space heating and ventilating equipment, thus lowering the construction & operating costs.
Europe metal structural insulation panel market is expected to observe 2.5% CAGR from 2018 to 2024. The logistic sector registered around 14% growth in 2017 and projected to continue its growth during the forecast period. Increasing distribution centers demand owing to the booming e-commerce sector instigating the metal SIP market growth.
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The global industry share is fragmented owing to presence of multiple industry participants. Key industry players include Arcelor Mittal, Kingspan, Kirby Building Systems, Centria, and Tata Steel. Technological advancements of sustainable components and new product launches are among the key strategies adopted by the industry players.
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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.