Structural Insulated Panels (SIPs) are a type of sandwich panels which are generally used for residential and light commercial construction activities. SIP consists an insulating foam made from polystyrene or polyisocyanurate which is placed between two structural facings which are usually sheet metals, cement, oriented strand board, plywood, etc. SIPs can be manufactured in various shapes and sizes so as to fit any building designs and customized constructions. SIPs are used for various applications including exterior wall, foundation systems, roofs, etc.
Forecast Analysis:
The growth in construction activities across the world, especially residential and light commercial construction activities, has led to an increase in demand for structural insulated panels. This growth in demand for SIPs is expected to be the primary growth driver for the structural insulated panels market. Also, SIPs have gained a lot of popularity in the recent years, primarily due to the various advantages they offer to architects and engineers during designing of the constructions. These advantages are also expected to increase the popularity and the growth rate of the market in the coming years. Additionally, the role played by SIPs in supporting the rise of green constructions is expected to create huge growth opportunities to the market. However, poor moisture resistance offered by SIPs is expected to create hindrances in the growth of the structural insulated panels market.
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Regionally, the structural insulated panels market in the Europe region is predicted to have the fastest growth rate with a CAGR of 5.8% in the forecast period. Over the years, SIPs are becoming quite popular as they support the green construction, which are trending in the European regions. This is expected to be the leading reason behind the growth of the market in this region. Also, since the SIPs can be customized according to the customers’ needs, they have been in a great demand, especially in Europe. This is anticipated to boost the market in this region even further.
As per a report by Research Dive, the global structural insulated panels market is expected to reach a revenue of $638.4 million by 2028 and grow at 5.1% CAGR in the 2021–2028 timeframe. Some prominent market players include American Insulated Panel Company (AIP), Owens Corning, Extreme Panel Technologies, Inc., Alubel SpA, Premier Building Systems, Inc., Kingspan Group, T. Clear Corp., Ingreen Systems Corp, Enercept, Inc., ACME Panel Company, and many others.
Covid-19 Impact on the Structural Insulated Panels Market:
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The construction industry has been one of the worst hit sectors during the pandemic. This was due to the stoppage of all construction activities across the world because of the lockdowns and travel restrictions put in place to curb the spread of the virus. Construction of residential and commercial spaces, both have been hit due to these restrictions. This has had a spill-over effect on the structural insulated panels market as these panel were mainly used in the construction activities. There has been a massive decline in the demand for SIPs, thus leading to a decline in the growth of the structural insulated panels market.
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Significant Market Developments:
The key players of the market are adopting numerous growth strategies & business tactics such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the structural insulated panels market to flourish. For instance:
In June 2021, Nucor, a leading steel manufacturer in the US, announced that it has completed the acquisition of Cornerstone Building Brands’ IMP (insulated metal panels) business. The acquisition is expected to create huge growth opportunities for Nucor and its subsidiaries as the customer base has significantly expanded due to this business deal.
In December 2021, Riverside Company, a global private equity firm, announced the acquisition of PFB Corporation, a manufacturer of high-quality insulating building products. The acquisition will help Riverside to gain a considerable lead in the structural insulated panels market as PFB has been a key player in the manufacturing of expanded polystyrene (EPS) foam insulation products.
In February 2022, Trex, the world’s largest manufacturer of high-quality wood-alternative composite decking, has announced the launch of three premium products- Trex Privacy, Trex Shade, and Trex Pergola Retreat. These three products are mainly launched so as to cater to the customers’ demands related to privacy and protection to outdoor spaces. This product launch is expected to help Trex gain a substantial market share in the coming years.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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