(MENAFN – GetNews) According to report published by Grand View Research, The global structural insulated panels market size was USD 423.6 million in 2018 and is expected to progress at a CAGR of 6.1% over the forecast period.
The global Structural Insulated Panels Market size is expected to reach USD 640.4 million by 2025, progressing at a CAGR of 6.1% over the forecast period, as per a new report by Grand View Research, Inc. Structural insulated panels are manufactured by sandwiching foaming materials with siding panels offering them superior insulation properties. Furthermore, high resistance value, strength, and durability offered by these products are expected to drive industry growth over the projected period.
Structural insulated panels help maintain room temperature, resulting in reduced electricity and fuel costs for residential and commercial buildings. Rising demand for modern construction techniques to build energy-efficient construction units is expected to drive the product demand. Moreover, increasing consumer awareness about the benefits of structural insulated panels coupled with positive government outlook to support green construction activities is likely to propel the product demand.
SIP walls and roofs can withstand external weather conditions such as rains and winds. Furthermore, the use of structural insulated panels in construction is found to be economical as time, money, and labor required for constructing these buildings are significantly low. As a result, the demand for structural insulated panel-based houses, especially from the middle-class population, is expected to increase over the forecast period.
Prominent players in the market are focusing on improvements in insulation properties of panels to resist the impact of adverse external temperatures and rains. Moreover, players are investing in R & D to enhance the strength and durability of external sidings and insulation foams. Product pricing and quality are the major factors on which the players are focusing to sustain in the competitive environment.
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Further key findings from the report suggest:
- The product demand in walls & floors application is expected to register a growth of CAGR 4.9% over the forecast period owing to increasing single-family and multi-family residential constructions across the globe
- Polystyrene foam-based structural insulated panels segment was valued at USD 307 million in 2018 on account of its characteristics such as high insulation value, lightweight, durability, and low cost
- The Asia Pacific structural insulated panels market for structural insulated panels in Asia Pacific is expected to progress at a CAGR of 7.1% over the forecast period on account of rapid growth of construction and cold storage industries in the economies including Vietnam, India, and China
- North America was the largest market for structural insulated panels in 2018, accounting for 39% of the market revenue share, owing to early product penetration and easy accessibility of the product in the region
- The market players are likely to shift their focus to European and Asian markets to tap the rising consumer demand for eco-friendly housing systems.
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Grand View Research has segmented the global structural insulated panels (SIP) market on the basis of product, application, and region:
Structural Insulated Panels Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2014 – 2025)
- Glass wool
Structural Insulated Panels Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2014 – 2025)
- Walls and Floors
- Cold Storage
Structural Insulated Panels Regional Outlook (Volume, Million Square Feet; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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