USD 65.35 million
Report ID:
SQMIR20C2095 |
Region:
Regional |
Published Date: February, 2024
Pages:
249
|Tables:
62
|Figures:
75
GCC Structural Insulated Panels Market size was valued at USD 65.35 million in 2019 and is poised to grow from USD 69.51 million in 2023 to USD 112.02 million by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).
Structural insulated panels (SIPs) are a rapidly evolving building method with important qualities and unique features for construction enclosures. The demand for sensible and affordable private housing alternatives is growing, and supportive government policies and programmes that encourage the development of green buildings are propelling the structural insulated panel market. The development of cold storage systems for the food and beverage industry as well as the requirement for superior, durable building systems with eco-friendly features are driving the market's growth in the years to come.
The market growth is being constrained by high raw material costs, tight raw material regulations, and advancements in building technologies including modular construction methods. The structural insulated panel market is predicted to grow favourably as a result of its increased cost, greater protection, and lightweight features. The key obstacles to the structural insulated panel market's growth in the near future are their high product and shipping expenses.
The market growth is being constrained by high raw material costs, tight raw material regulations, and advancements in building technologies including modular construction methods. The structural insulated panel market is predicted to grow favourably as a result of its increased cost, greater protection, and lightweight features. The key obstacles to the structural insulated panel market's growth in the near future are their high product and shipping expenses.
Global Market Size
USD 65.35 million
Largest Segment
Polystyrene
Fastest Growth
Polyurethane
Growth Rate
6.4% CAGR
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GCC Structural Insulated Panels Market is segmented based on the Product, Application and region. Based on Product, the market is segmented into Polystyrene, Polyurethane, Glass Wool and Others. Based on Application, the market is segmented into Walls & Floors, Roof and Cold Storage.
GCC Structural Insulated Panels Market Analysis by Product
Based on Product, polystyrene was the market leader and accounted for high revenue. It will continue to hold the top spot throughout the forecast period. Due to their affordability and resilience to dust and moisture, these products are in high demand. Additionally, polystyrene's robust and durable surface gives greater levels of puncture resistance and earthquake proof functionality.
It is predicted that from 2022 to 2028, the polyurethane segment would see the fastest CAGR. Comparatively more expensive than other product kinds like polystyrene and glass wool are polyurethane structural insulated panels. Due to their outstanding thermal insulation and vapour diffusion resistance qualities, these panels are frequently used to insulate cold chain storages. Thus, throughout the course of the projected period, product demand is anticipated to be driven by the increasing emphasis on the development of cold chain infrastructures. Due to its exceptional thermal insulation, fire resistance, and noise insulation qualities, glass wool is predicted to expand at high CAGR throughout the projection period.
GCC Structural Insulated Panels Market Analysis by Application
Based on Application, Walls and floors dominated the market and generated more money globally. The category is expanding as a result of rising public knowledge of the financial benefits of implementing effective building insulation. One of the key components to improving a building's energy efficiency is wall insulation. A protective envelope is created by insulated walls and floors, which prevents heat transmission from the outside environment through conduction and convection radiation and lowers the energy needed to heat or cool a building structure. The item's exceptional structural strength and insulating qualities account for its widespread use in the cold storage sector. SIPs can be adapted to existing controlled environment structures, such as dry warehouses, where maintaining temperature and insulation values is of utmost concern. These structures include cold storage, freezer, and food processing buildings. For the creation of cold chain infrastructure to ensure the safety of the Covid-19 vaccines and enable efficient last-mile delivery, the recent worldwide pandemic has generated a sizable product demand.
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UAE dominated the market and generated more revenue. Some of the key drivers behind the market expansion in UAE include rising residential demand, a highly developed cold chain and logistics sector, and government programmes to build social infrastructure. In the upcoming years, rising consumer awareness of the advantages of building structure insulation is anticipated to drive the market. Due to the rapid expansion of the residential and commercial construction industries and the adoption of various green building standards, the Saudi Arabia, is anticipated to have the quickest rate of regional market growth.
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GCC Structural Insulated Panels Market Driver
GCC Structural Insulated Panels Market Restraint
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GCC Structural Insulated Panels Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
GCC Structural Insulated Panels Market Top Player's Company Profiles
GCC Structural Insulated Panels Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our GCC Structural Insulated Panels Market analysis, in terms of product, the Polystyrene segment held larger market share owing to rising demand. And in terms of application, the Walls & floors segment dominates the market due to growing awareness about the economic advantages. Moreover, the increased need for structural insulated panels for uses in cold storage can drive market growth. Whereas, the volatility in raw materials prices can hamper the market growth.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 65.35 million |
Market size value in 2031 | USD 112.02 million |
Growth Rate | 6.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the GCC Structural Insulated Panels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the GCC Structural Insulated Panels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIR20C2095