Increasing Global Demand For Structural Insulated Panels Market With Rising CAGR Forecast Till 2025|Grand View Research, Inc.



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.
Major players competing in the market include Kingspan Group, Rautaruukki Corporation, Premier Building Systems, Alubel SpA, and Dana Group Plc.

Browse Research Report On structural insulated panels Market:
https://www.grandviewresearch.com/industry-analysis/structural-insulated-panels-market

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.
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.
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.

Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-structural-insulated-panels-sip-market

Structural insulated panels manufactured with polystyrene foam materials accounted for the largest market share in 2018. Polystyrene foam’s characteristics including superior thermal resistance, density, lightweight, and lower cost as compared to its counterparts are the factors for high popularity of this product segment.
Polyurethane-based insulated panels provide better resistance to temperatures along with lightweight properties. However, products’ high cost and limited availability are expected to restrain their demand in residential applications. Increasing demand for high-end commercial construction applications that require better insulation is projected to drive the demand for polyurethane-based insulated panels over the projected period.
Grand View Research has segmented the global structural insulated panels (SIP) market on the basis of product, application:
Structural Insulated Panels Product Outlook (Volume, Million Square Feet; Revenue, USD Million, 2014 - 2025)
·         Polystyrene
·         Polyurethane
·         Glass wool
·         Others
Structural Insulated Panels Application Outlook (Volume, Million Square Feet; Revenue, USD Million, 2014 - 2025)
·         Walls and Floors
·         Roofs
·         Cold Storage
Walls and floors application accounted for the highest market share in 2018 and is anticipated to progress at a CAGR of 6.1% over the forecast period in terms of revenue. Increasing construction projects with energy-efficient and green materials, majorly for residential applications are expected to drive the demand for structural insulated panels in wall and floor constructions. The rising need for renovation of residential structures on account of improving living standards and high spending capacity is further likely to favor the structural insulated panels market growth.

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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