The use of structural insulated panels in green constructions is projected to bring in lucrative growth opportunities for the market in the forecast period.
Luton, Bedfordshire, United Kingdom, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on theStructural Insulated Panels Market. Sandwich Panel Construction
The global structural insulation panels market accrued earnings worth USD 8.52 billion in 2021, and is predicted to hit USD 13.34 billion by 2029, registering a CAGR of 5.5% from 2022 to 2029.
Structural insulated panels (SIPs) are high performance building systems used in residential and light commercial constructions. Structural insulated panels are a structured composite consisting of insulating layer of structured boards. It takes the form of sandwich panel. Structural insulated panels are widely used in the construction industry. These are engineered panels used to construct ceilings, walls, and floors. Structural insulated panels are an ideal substitute for conventional construction methods such as framing lumber and insulation.
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In July 2021, Owens Corning acquired Vliepa GmbH, which specializes in printing, finishing and coating of papers, films, and nonwovens for building material industry. With this acquisition, Owens will be able to expand its global operations and better serve the European market.
In April 2021, Kingspan Group announced a partnership with H2 Green Steel, under which, the focus will be to reduce Kingspan's insulated panel products’ carbon emissions by 45%.
In June 2021, Kingspan group partnered with Technological University Dublin (TU Dublin) to support the construction of the university’s innovative design and construct centre.
North America is the market leader, accounting for more than 38.0 percent of global sales.
Increased demand from the residential sector, a well-developed cold chain and logistics industry, and government attempts to improve social infrastructure are all contributing to market expansion in North America. In the future years, the market is likely to be driven by rising awareness of the benefits of building structure insulation.
SIPs are highly flexible, allowing them to accept longer wall spans than traditional construction.
SIPs provide a wide range of benefits to builders, architects, designers, and even inhabitants at various levels of building design. For architects, SIPs, for example, provide the ability to construct distinctive and imaginative designs without the constraints of traditional building materials. Additionally, while designing SIPs, architects can easily develop full CAD assembly drawings. The usage of SIPs can cut building time by two to three times for builders. In addition, because no specialist instruments are required and less supervision is necessary, cost estimate becomes a straightforward process for builders. Residents benefit from SIPs because they are less expensive to construct than traditional frame methods, and the buildings are airtight and draft-free. Due to soundproofing, newly constructed homes and buildings are also quieter.
The role of structural insulated panels (SIPS) in green construction to create massive growth opportunities.
SIPs are well-known for their durability and are widely used in offsite construction methods. For example, because SIPs are fully constructed in a controlled environment, the materials sent to the construction site are minimised, as is the amount of waste. Material usage is optimised because SIPs combine a high precision manufacturing process with an intelligent inventory system.
Structural Insulated Panels Market Report Scope
Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2029
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America; Europe; China; Asia; Pacific; Central & South America; MEA
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Owens Corning, Kingspan Group, Enercept, Inc., Alubel SpA, American Insulated Panel Company (AIP), Premier Building Systems, Inc., Extreme Panel Technologies, Inc., T. Clear Corporation, ACME Panel Company, and Ingreen Systems Corp.
Rapid penetration of advanced building technology and growth in infrastructure activities in developing economies are driving the structural insulated panels market
High demand for eco-friendly construction materials is anticipated to boost the compressed straw-core segment during the forecast period.
The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel.
Structural Insulated Panels (SIPs) Market: Key Players
The structural insulated panels market key players include Owens Corning, Kingspan Group, Enercept, Inc., Alubel SpA, American Insulated Panel Company (AIP), Premier Building Systems, Inc., Extreme Panel Technologies, Inc., T. Clear Corporation, ACME Panel Company, and Ingreen Systems Corp.
The report evaluates these major participants in the global structural insulation panels industry. These participants have executed a spectrum of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth.
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Key Market Segments: Structural Insulated Panels Market
Structural Insulated Panels Market by Product, 2022-2029, (USD Billion)
Structural Insulated Panels Market by Application, 2022-2029, (USD Billion)
The Structural Insulated Panels are a part of the rapidly expanding construction techniques that have advantageous properties and provide outstanding features to construction enclosures. The use of structural panels provides light-weighted supporting structures as well as cost-efficiency. Furthermore, structural insulated panels are suitable for large projects and offer advantages in terms of assembly time, which has influenced their use in the construction industry. Aside from that, rising infrastructure demand for residential and commercial buildings has resulted in the use of insulation components in buildings. Adding insulation panels to construction technology proves to be the smarter solution for saving money and making structure assembly and disassembly easier.
The market growth is being hampered by fluctuating raw material prices used in the production of structural insulated panels. Building technology advancements, such as modular construction techniques, are expected to repress market growth. Environmental dangers and rigorous government regulations, as well as a growing focus on renewable energy, may restraint the Structural Insulated Panels Market Size. The Structural Insulated Panels Market Share is projected to be restrained by strict government rules. High manufacturing costs, combined with variable raw material prices, are a major stumbling block to the global Structural Insulated Panels Market Growth.
The construction industry's rapid growth is gaining traction as a result of the high demand for infrastructure and buildings in developing countries such as India and China. According to the Global Construction Perspective and Oxford Economics, the United States, India, and China will account for approximately 57% of the total growth in the construction and engineering market by 2030. The global structural insulated panels market is directly dependent on the growth and innovation in the construction industry, as it will drive demand for structural insulated panels in various application areas, offering performance and economic benefits.
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