Jul 01, 2023

Structural Insulated Panels Market Overview: Market Size, Growth Rate, Leading Regions, Key Trends And Top Segments

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 18, 2023 /PRNewswire/ -- As per The Business Research Company's Structural Insulated Panels Global Market Report 2023, the global structural insulated panels market size will grow from $403.4 million in 2022 to $426.4 million in 2023 at a compound annual growth rate (CAGR) of more than 6%. The structural insulated panels market size is then expected to grow to $508 million in 2027 at a CAGR of more than 6%. Going forward, the rising urbanization, the growing residential sector and the rising infrastructure investments will drive the structural insulated panels market growth.

North America was the largest region in the structural insulated panels market, accounting for 47.2% of the total structural insulated panels market share in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the structural insulated panels market will be Asia Pacific and South America.

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Major structural insulated panel manufacturers are focusing on green buildings and sustainability to serve customers better and increase their market share, without causing harm to the environment. Structural insulated panels (SIPs) provide a completely sustainable solution for builders and designers wishing to develop structures with higher energy efficiency. SIPs are an inherently green product, since they are one of the most airtight and well-insulated building solutions available. For example, in January 2023, Kingspan, a building materials company based in Ireland, introduced new insulation panels for buildings that have generated a 41% decrease in embodied carbon emissions across the production stage, as the firm works towards its net-zero promise. Kingspan's QuadCore insulated panels have been tested utilizing comparable Lifecycle Assessment Data (LCA) data to the EN15804-A2 standard. When compared to Kingspan's existing 100mm-thick panels, the new insulated panel technology appears to have a 41% reduction in embodied carbon across the production stage.

In addition, in March 2022, LP Building Solutions (LP), a US-based leading maker of high-performance building components, introduced LP NovaCoreTM Thermal Insulated Sheathing. These sheathing panels are dual-layered and engineered to reduce thermal bridging and energy loss, allowing structures to become more energy-efficient and cost-effective over time. LP NovaCore Thermal Insulated Sheathing is designed to offer a continuous extruded polystyrene (XPS) layer between inner dwelling spaces and the outside world.

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The global structural insulated panels market is segmented -

1) By Product: EPS (Expanded Polystyrene) Panel, Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel, Glass Wool Panel, Other Products

2) By Facing Material: Oriented Strand Board (OSB) Structural Insulated Panels, Magnesium Oxide (MgO) Board Structural Insulated Panels

3) By Application: Walls And Floors, Roofs, Cold Storage

4) By End User: Residential, Nonresidential

The structural insulated panels market report describes and explains the structural insulated panels market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

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