Structural Insulated Panels Market worth $517 Million By 2025 - At a CAGR of 5.0%

The global structural insulated panels market size is projected to grow from USD 405 million in 2020 to USD 517 million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast year. According to the Structural Insulated Panel Association (SIPA), “Structural Insulated Panels (SIPs) are a high-performance building system (for residential and light commercial construction), and consist of an insulating foam core sandwiched between two structural facings, typically Oriented Strand Board (OSB). Structural insulated panels are manufactured under factory controlled conditions and can be fabricated to fit nearly any building design. The result is a building system that is extremely strong, energy efficient, and cost, labor & time effective.”

Browse 133 market data Tables and 47 Figures spread through 169 Pages and in-depth TOC on "Structural Insulated Panels Market by Facing Material (OSB. MgO Board, and Others), Insulation Material (EPS, XPS, and Others), Application (Floor, Roof, and Wall), End Use (Residential, Non-Residential), and Region - Global Forecast"

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The structural insulated panelsmarket has thousands of companies which thrive in their domestic market. A few of the major players are, Owens Corning (US), Kingspan Group (Ireland), PFB Corporation (Canada), AlubelSpA (Italy), Enercept, Inc. (US), Extreme Panel Technologies, Inc. (US), T. Clear Corporation (US), and Premier SIPs (US). These players have adopted various growth strategies,such as acquisitions, and new product developments, to increase their market shares and enhance their product portfolios.

Acquisitions accounted for the largest share of all the strategic developments that took place in the structural insulated panelsmarketbetween 2017 and 2020. Key players such as Owens Corning (US) and PFB Corporation (Canada) adopted these strategiesto enhance their market presence and strengthen their manufacturing and distribution capabilities in the structural insulated panels market.

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Kingspan Group Plc is a global player in high-performance insulation and building envelope solutions. The company operates through its five business segments, namely, insulated panels, insulation boards, light & air, water & energy. and data & flooring. It offers a range of structural insulated panels through its insulated panels business segment.The company primarily focuses on its manufacturing capabilities and aims to strengthen and innovate its production processes & techniques, in order to attract new customers for its insulation panel products.

PFB Corporation manufactures insulating building products and technologies that, when used as components of a building envelope, enable residential and commercial structures to be highly energy efficient.Their insulating products enable building envelope technologies that support net Near Zero Energy (NZE), Leadership in Energy and Environmental Design (LEED) certification and Built Green programs.Majority of the company’s current efforts are focused on expanding its presence in the US market. They are also looking to cut additional expenses in order to increase cost efficiency.

Recent Developments in Structural Insulated Panels Market

• In August 2020, Owens Corning introduced a new product line called Foamular NGX. It is a new line of Extruded Polystyrene (XPS) foam products that delivers 90% reduction in Global Warming Potential (GWP) without sacrificing product performance.
• In April 2018, Owens Corning announced that it had completed the acquisition of Guangde SKD Rock Wool Manufacture Co., Ltd., a mineral wool manufacturer in China. SKD produces mineral wool insulation for the building and technical insulation market. Mineral wool is the primary insulation material in China due to its lifesaving and fire protection properties.
• In February 2018, Owens Corning acquired Paroc Group (Finland), a producer of mineral wool insulation for building and technical applications in Europe. The acquisition has helped the company broaden its product portfolio and diversify its geographic scope.
• In February 2017, PFB Corporation announced that it has acquired 27 acres of land and three manufacturing facilities in Crossfield, Alberta that it occupied under a leasing agreement.

Structural insulated panels are a simple composite sandwich panel, and the American Society for Testing and Materials has defined these sandwich panels as “A three-layered construction formed by bonding a thin layer (facing) to each side of a thick layer (core).” The growth of the structural insulated panels market is attributed to the growth of the residential as well as non-residential construction industries, globally. However, factors such as volatility in the raw material prices may inhibit the growth of the market.

MarketsandMarkets expects the global structural insulated panels market size to to grow from USD 405 million in 2020 to USD 517 million by 2025, at a CAGR of 5.0% from 2020 to 2025. The market for structural insulated panels is segmented, on the basis offacing material, into OSB, MgO Board, and others (include fiber cement, metal, plywood, gypsum, and fiber reinforced polymers). OSB is projected to dominate the market for structural insulated panels by 2025. OSB has been extensively tested as a load bearing material, and is commonly available in large sizes. It is widely used throughout the construction industry due to its excellent load-bearing capabilities. Additionally, since OSB can be manufactured from fast growing, underutilized, and often less expensive wood species, it represents an efficient use of raw materials. According to the Structural Insulated Panel Association (SIPA) “About 85-90% of a log can be used to make high-quality structural panels, and the remainder — bark, saw trim, and sawdust — can be converted into energy, pulp chips, or bark dust.”

On the basis of insulation material, EPS is projected to be the largest segment in the structural insulated panels market during the forecast period.Expanded Polystyrene (EPS) is the most common core material, used in more than 85% of the total structural insulated panels. EPS has a closed-cell, moisture-resistant structure composed of millions of tiny air-filled pockets. It generally does not release ozone-depleting Chlorofluorocarbons (CFCs). The material is molded into large blocks and cut into required shapes for use in structural insulated panels. EPS has been utilized as a cost-effective and energy-efficient insulation in construction applications.

Based on end use, Residential is projected to be the larger segment in the structural insulated panels market. However, the non-residential segment is forecasted to grow at the highest CAGR by 2025, in terms of value. Increase in awareness regarding the energy-efficient building concept, renovation & remodeling activities, along with considerable growth in the industrial and commercial sectors, are some of the key factors boosting the growth of the non-residential segment.

The structural insulated panels market is studied for five regions, namely, North America, APAC, Europe, Middle East &Africa and South America. The North American region accounted for the largest market share in 2019, in terms of both value and volume. However, the market for structural insulated panels in the APAC region is projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.

In 2020, the COVID-19 pandemic and the measures taken to contain it have had minimal impact on the structural insulated panels market and the market is expected to witness a nominal decline in its CAGR in 2020. The growth of the industrial packaging market is further attributed to the growth in demand for cold storage, stringent regulations for green & energy-efficient buildings, and acceleration in construction activities.