Structural Insulated Panels Market 2021 Sales, Revenue, Price and...

Structural Insulated Panels Market 2021 Sales, Revenue, Price and Gross Margin - 2028

Posted 2024-11-01 06:14:46

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Structural Insulated Panels Industry

The global structural insulated panels (SIPs) market was valued at USD 11.17 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028. The primary drivers of this growth include favorable green building standards and regulations that promote the use of building insulation materials to reduce overall energy consumption. Additionally, increasing investments in the development of cold chain infrastructure worldwide are expected to boost market expansion. Structural insulated panels are gaining widespread acceptance due to their lightweight nature, improved external appearance, and ability to enhance the thermal performance of buildings. For instance, in the U.S., the Federal Energy Policy Act of 2005 offers a tax credit of up to USD 2,000 to builders who construct new energy-efficient homes that meet Federal Manufactured Homes Construction and Safety Standards.

In 2020, the polystyrene product segment dominated the U.S. SIPs market, primarily due to the strong insulation properties and cost-effectiveness of polystyrene. The rising investments in the renovation of aging building structures are also expected to drive future demand for structural insulated panels in the U.S. market.

SIPs are particularly popular in the construction of warehouses due to their ability to significantly reduce construction time. The rapid growth of the e-commerce industry has created a high demand for warehouses and last-mile delivery hubs. Additionally, the expansion of local data centers by leading technology companies like Amazon, Alibaba, Google, and Microsoft is anticipated to further drive the growth of the structural insulated panels market, as these centers require insulated facilities for optimal energy efficiency and climate control.

Gather more insights about the market drivers, restrains and growth of the Structural Insulated Panels Market

Application Insights

Market Leadership of Walls & Floors:

In 2020, the walls and floors segment led the market, capturing more than 46.0% of the global revenue share.

Drivers of Segment Growth:

The growth of this segment is significantly driven by:
- Increasing awareness of the economic advantages associated with installing effective building insulation.

Importance of Insulation:

The insulation of walls is recognized as one of the essential elements for enhancing the energy efficiency of buildings.
- Insulated walls, in conjunction with insulated floors, create a protective envelope around the building.
  - This envelope effectively eliminates heat transfer from the external environment through:
    - Conduction
    - Convection
    - Radiation
- As a result, the energy expenditure required for heating or cooling the building structure is significantly reduced.

Application in Cold Storage:

Insulated panels (SIPs) are widely utilized in the cold storage industry due to their superior structural strength and insulation properties.
- They find applications in various components of buildings, including:
  - Walls
  - Ceilings
  - Roofs
- SIPs are commonly used in:
  - Cold storage facilities
  - Freezers
  - Food processing buildings
- Additionally, SIPs can be retrofitted into existing controlled environment structures, such as:
  - Dry warehouses
  - These retrofits are crucial for maintaining strict temperature and insulation values, which are essential for preserving product integrity.

Impact of the Global Pandemic:

The recent global pandemic has generated a substantial demand for these insulation products.
- This demand is largely attributed to the need for establishing cold chain infrastructure.
  - Such infrastructure is vital for ensuring the safe storage and transport of Covid-19 vaccines.
  - It also facilitates seamless last-mile delivery, which is critical for maintaining the efficacy of temperature-sensitive medical supplies.

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