Structural Insulated Panels Market Foreseen to Grow Exponentially by 2025
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 to 2025
The report “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 to 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 CAGR of 5.0% from 2020 to 2025.
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 to 2025”
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The structural insulated panels market 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), Alubel SpA (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.
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.
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In terms of value & volume, OSB is estimated to lead the structural insulated panels market in 2019.
OSB, by facing material, accounted for the largest market share in the structural insulated panels market. 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.”
Residential dominated the structural insulated panels market in 2019, in terms of value and volume.
Residential, by end use, accounted for the largest demand for structural insulated panels in 2019, in terms of value and volume. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drive the sales of residential construction projects. The spending on residential construction is estimated to witness a surge, particularly in the emerging countries of APAC. There is a trend of urbanization in the region, resulting in a high growth rate for the residential construction sector. In addition, the demand for residential buildings is witnessing a boost in the US, Saudi Arabia, and the UK. All these factors are expected to drive the structural insulated panels market in the residential building segment globally.
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