Structural Insulated Panels Market Worth $640.4 Million By 2025: Grand View Research, Inc.
SAN FRANCISCO, Oct. 16, 2019 /PRNewswire/ -- 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.
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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.
Key suggestions from the report:
-- 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 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.
Read 120 page research report with ToC on "Structural Insulated Panels (SIP) Market Size, Share & Trends Analysis Report By Product (Polystyrene, Polyurethane, Glass Wool), By Application (Walls & Floors, Cold Storage), By Region, And Segment Forecasts, 2019 - 2025" at: 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.
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.
Grand View Research has segmented the global structural insulated panels market based on product, application, and region:
-- 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
-- Structural Insulated Panels Regional Outlook (Volume, Million Square
Feet; Revenue, USD Million, 2014 - 2025)
-- North America
-- U.S.
-- Canada
-- Mexico
-- Europe
-- Germany
-- U.K.
-- Italy
-- Asia Pacific
-- Japan
-- China
-- India
-- Central and South America
-- Brazil
-- Argentina
-- Middle East & Africa
-- UAE
Find more research reports on Green Building Materials, by Grand View Research:
-- Concrete Surface Retarders Market - The global concrete surface
retarders market is expected to witness substantial growth over the
projected period.
-- Polymer Concrete Market - The global polymer concrete market size is
expected to witness a significant growth on account of rising
penetration of polymer or resin concrete in the construction industry.
-- Soft Covering Flooring Market - The global soft covering flooring market
size was estimated at USD 81.87 billion in 2017 and expected to register
a CAGR of 3.2% from 2018 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
