Global Structural Insulated Panels Market

Structural Insulated Panels Market Size, Share, Growth Analysis, By Material(Expanded Polystyrene (EPS), Polyurethane (PUR), and Glass Wool), By Application(Walls & Floors, Roof, and Cold Storage), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20C2038 | Region: Global | Published Date: April, 2024
Pages: 202 |Tables: 63 |Figures: 75

Structural Insulated Panels Market Insights

Global Structural Insulated Panels Market size was valued at USD 15.02 Billion in 2023 and is poised to grow from USD 15.90 Billion in 2024 to USD 23.76 Billion by 2031, at a CAGR of 5.90% during the forecast period (2024-2031).

The global market is expected to witness significant growth due to favorable green building standards and regulations, aimed at reducing overall energy consumption and promoting the use of building insulation materials. Additionally, the increasing investments in cold chain infrastructure worldwide contribute to the market expansion. SIPs are anticipated to gain widespread acceptance globally, primarily because of their lightweight nature, improved external appearance, and ability to enhance the thermal performance of buildings. In the United States, the Federal Energy Policy Act of 2005 provides tax credits of up to USD 2,000 to builders who construct energy-efficient homes that comply with Federal Manufactured Homes Construction and Safety Standards. Consequently, there is a growing demand for SIPs as investments in renovating old building structures continue to rise in the U.S. market.

The construction of warehouses benefits greatly from the use of structural insulated panels as they reduce overall construction time. The exponential growth of the e-commerce industry has resulted in a substantial demand for warehouses and last-mile delivery hubs. Moreover, the establishment of local data centers by major technology companies such as Amazon, Alibaba, Google, and Microsoft also positively impact the market growth. Manufactured at specialized facilities, SIPs are delivered to construction sites in a ready-to-install state. Metal sheets are increasingly preferred as facing materials due to their durability, fireproof properties, and superior surface finish.

Additionally, insulated metal panels are available in various colors, making them suitable for direct application on building exteriors. The production of structural insulated panels involves the use of raw materials such as Polyisocyanurate (PIR), Polyurethane (PU), Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), and others. These materials are derived from crude oil, making the industry susceptible to fluctuations in crude oil prices on the international market, posing a significant challenge to its growth.

US Structural Insulated Panels Market is poised to grow at sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 13.40 Billion

Largest Segment

Residential

Fastest Growth

Residential

Growth Rate

5.90% CAGR

Global Structural Insulated Panels Market ($ Bn)
Country Share for North America Region (%)

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Structural Insulated Panels Market Segmental Analysis

Global Structural Insulated Panels Market is segmented by material, application, and region. Based on material, the market can be segmented into expanded polystyrene (eps), polyurethane (pur), and glass wool. Based on application, the market is segmented into residential, commercial, and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Structural Insulated Panels Market Analysis by Material

By material, the market can be segmented into expanded polystyrene (eps), polyurethane (pur), and glass wool. Expanded Polystyrene (EPS) dominated the structural insulated panels market. It is widely used due to its excellent thermal insulation properties, cost-effectiveness, and availability. EPS-based SIPs have gained significant market share, particularly in residential construction projects. The material's lightweight nature and ease of installation contribute to its dominance in the market.

Polyurethane (PUR) is expected to be the fastest-growing segment in the structural insulated panels market. The increasing emphasis on energy efficiency, sustainability, and stringent building regulations are driving the demand for high-performance insulation materials like PUR. Its superior thermal insulation properties and ability to contribute to energy savings make it a preferred choice for both residential and commercial construction projects.

Structural Insulated Panels Market Analysis by Application

By application, the market can be segmented into walls & floors, roof and cold storage. The walls & floors segment led the market, accounting for more than 46.0% share of the global revenue in 2023. Growing awareness about the economic advantages of installing effective building insulation is driving the segment's growth. Insulation of walls is one of the essential elements to enhance the energy efficiency of buildings. Insulated walls, along with insulated floors, create a protective envelope that eliminates heat transfer from the external environment through conduction and convection radiation, thereby reducing the energy expenditure on heating or cooling a building structure. 

The cold storage segment is also significant, owing to the product's superior structural strength and insulation properties. SIPs find application in walls, ceilings, and roofs for cold storage, freezers, and food processing buildings. They can also be retrofitted to existing controlled environment structures, such as dry warehouses, where maintaining temperature and insulation values is of immense importance. The recent global pandemic has generated significant product demand for the establishment of cold chain infrastructure to ensure the safety of Covid-19 vaccines and seamless last-mile delivery. 

Global Structural Insulated Panels Market By Application, 2023 (%)

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Structural Insulated Panels Market Regional Insights

North America dominated the global SIPs market. Favorable green building standards and regulations in countries like the United States and Canada have encouraged the adoption of building insulation materials, including SIPs, to reduce energy consumption. Additionally, the presence of well-established cold chain infrastructure in North America further drives the demand for SIPs.

On the other hand, the Asia Pacific region is experiencing rapid growth in the SIPs market. Several countries in the region, including China, Japan, South Korea, and Australia, are witnessing a surge in construction activities and infrastructural development. The growth of the e-commerce industry and the establishment of local data centers by major technology companies are also contributing factors. 

Global Structural Insulated Panels Market By Region, 2024-2031
  • Largest
  • Fastest

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Structural Insulated Panels Market Dynamics

Structural Insulated Panels Market Drivers

Favorable green building standards and regulations implemented worldwide

  • One key driver for the global structural insulated panels (SIPs) market is the favorable green building standards and regulations implemented worldwide. These standards promote the adoption of building insulation materials, including SIPs, as a means to reduce overall energy consumption in the construction industry. With a focus on sustainability and energy efficiency, governments and regulatory bodies encourage the use of SIPs, driving the market's growth and creating opportunities for manufacturers and suppliers in the industry.

Structural Insulated Panels Market Restraints

Volatility in crude oil prices on the international market

  • One significant restraint faced by the global structural insulated panels (SIPs) market is the volatility in crude oil prices on the international market. SIPs are manufactured using raw materials that are downstream derivatives of crude oil, such as Polyisocyanurate (PIR), Polyurethane (PU), and Expanded Polystyrene (EPS). Fluctuations in crude oil prices can result in unstable pricing for these raw materials, thereby impacting the overall production costs and profitability of SIPs. The uncertainty surrounding crude oil prices poses a challenge to the growth and stability of the SIPs industry.

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Structural Insulated Panels Market Competitive Landscape

The global structural insulated panels (SIPs) market features a diverse range of manufacturers and suppliers striving to meet the growing demand. Companies in this market focus on product innovation, research and development, and strategic partnerships to gain a competitive edge. Additionally, investments in expanding production capacities and improving distribution networks are key strategies employed by market players. With a focus on enhancing thermal performance, durability, and aesthetic appeal, manufacturers are continuously working towards developing advanced SIPs to cater to the evolving needs of the construction industry.

Structural Insulated Panels Market Top Player’s Company Profiles

  • RAYCORE, Inc. (US)
  • T. Clear Corporation (US)
  • Premier SIPS (US)
  • Murus Company, Inc. (US)
  • Thermocore Systems (US)
  • Foam Laminates of Vermont (US)
  • FischerSIPS (US)
  • Insulspan (US)
  • PorterSIPs (US)
  • Extreme Panel Technologies, Inc. (US)
  • Enercept, Inc. (US)
  • Thermasteel Corporation (US)
  • Alubel SpA (Italy)
  • Isopan (Italy)
  • Nohara Holdings, Inc. (Japan)
  • Bondor (Australia)
  • Cool or Cosy Pty Ltd. (Australia)

Structural Insulated Panels Market Recent Developments

  • In April 2024, Hemsec, a UK manufacturer of structural insulated panels, opened a new factory on Merseyside. Hemsec’s new £4m structural insulated panel (SIP) manufacturing hub, in Knowsley, is equipped with a state-of-the-art press machine promising “unparalleled efficiency and precision” in the production of SIPs. 
  • In May 2023, A major home improvement retailer partnered with a SIP manufacturer to offer SIP-based building kits and solutions to DIY homeowners, promoting energy-efficient and cost-effective construction.
  • In March 2023, A renowned research institution received a grant to conduct a comprehensive study on the performance and durability of SIPs, aiming to further validate and improve their structural capabilities.
  • In January 2023, A large construction conglomerate announced the launch of a new division dedicated to SIP construction, aiming to meet the increasing demand for energy-efficient and sustainable building solutions

Structural Insulated Panels Key Market Trends

  • One key market trend in the global structural insulated panels (SIPs) market is the increasing adoption of SIPs in the construction of energy-efficient and sustainable buildings. As environmental consciousness grows, builders and developers are seeking construction solutions that reduce energy consumption and promote eco-friendly practices. SIPs offer excellent thermal performance, improved insulation, and reduced air leakage, making them an attractive choice for green building projects. The trend towards sustainable construction practices, driven by factors like government regulations and consumer demand for energy-efficient homes, is expected to propel the growth of the SIPs market.

Structural Insulated Panels Market SkyQuest Analysis

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 by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global structural insulated panels (SIPs) analysis, the market is witnessing significant growth due to favorable green building standards and regulations, along with increasing investments in cold chain infrastructure. SIPs are lightweight, visually appealing, and contribute to improved thermal performance in buildings. The market is driven by factors such as tax credits for energy-efficient homes, renovation of old building structures, and the rising demand for warehouses and data centers. However, volatile crude oil prices pose a challenge to the industry's growth. North America dominated the market, while the Asia-Pacific region is the fastest-growing market, driven by construction activities, urbanization, and energy efficiency initiatives. Key players in the market focus on innovation, capacity expansion, and strategic partnerships.

Report Metric Details
Market size value in 2023 USD 15.02 Billion
Market size value in 2031 USD 23.76 Billion
Growth Rate 5.90%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Material
    • Expanded Polystyrene (EPS), Polyurethane (PUR), and Glass Wool
  • Application
    • Walls & Floors, Roof, and Cold Storage
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
  • RAYCORE, Inc. (US)
  • T. Clear Corporation (US)
  • Premier SIPS (US)
  • Murus Company, Inc. (US)
  • Thermocore Systems (US)
  • Foam Laminates of Vermont (US)
  • FischerSIPS (US)
  • Insulspan (US)
  • PorterSIPs (US)
  • Extreme Panel Technologies, Inc. (US)
  • Enercept, Inc. (US)
  • Thermasteel Corporation (US)
  • Alubel SpA (Italy)
  • Isopan (Italy)
  • Nohara Holdings, Inc. (Japan)
  • Bondor (Australia)
  • Cool or Cosy Pty Ltd. (Australia)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Structural Insulated Panels Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Structural Insulated Panels Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Structural Insulated Panels Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Structural Insulated Panels Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

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FAQs

Global Structural Insulated Panels Market size was valued at USD 15.02 Billion in 2023 and is poised to grow from USD 15.90 Billion in 2024 to USD 23.76 Billion by 2031, at a CAGR of 5.90% during the forecast period (2024-2031).

The global structural insulated panels (SIPs) market features a diverse range of manufacturers and suppliers striving to meet the growing demand. Companies in this market focus on product innovation, research and development, and strategic partnerships to gain a competitive edge. Additionally, investments in expanding production capacities and improving distribution networks are key strategies employed by market players. With a focus on enhancing thermal performance, durability, and aesthetic appeal, manufacturers are continuously working towards developing advanced SIPs to cater to the evolving needs of the construction industry. 'Kingspan Group plc (Ireland)', 'Metecno Group (Italy)', 'PFB Corporation (Canada)', 'RAYCORE, Inc. (US)', 'T. Clear Corporation (US)', 'Premier SIPS (US)', 'Murus Company, Inc. (US)', 'Thermocore Systems (US)', 'Foam Laminates of Vermont (US)', 'FischerSIPS (US)', 'Insulspan (US)', 'PorterSIPs (US)', 'Extreme Panel Technologies, Inc. (US)', 'Enercept, Inc. (US)', 'Thermasteel Corporation (US)', 'Alubel SpA (Italy)', 'Isopan (Italy)', 'Nohara Holdings, Inc. (Japan)', 'Bondor (Australia)', 'Cool or Cosy Pty Ltd. (Australia)'

One key driver for the global structural insulated panels (SIPs) market is the favorable green building standards and regulations implemented worldwide. These standards promote the adoption of building insulation materials, including SIPs, as a means to reduce overall energy consumption in the construction industry. With a focus on sustainability and energy efficiency, governments and regulatory bodies encourage the use of SIPs, driving the market's growth and creating opportunities for manufacturers and suppliers in the industry.

One key market trend in the global structural insulated panels (SIPs) market is the increasing adoption of SIPs in the construction of energy-efficient and sustainable buildings. As environmental consciousness grows, builders and developers are seeking construction solutions that reduce energy consumption and promote eco-friendly practices. SIPs offer excellent thermal performance, improved insulation, and reduced air leakage, making them an attractive choice for green building projects. The trend towards sustainable construction practices, driven by factors like government regulations and consumer demand for energy-efficient homes, is expected to propel the growth of the SIPs market.

North America dominated the global SIPs market. Favorable green building standards and regulations in countries like the United States and Canada have encouraged the adoption of building insulation materials, including SIPs, to reduce energy consumption. Additionally, the presence of well-established cold chain infrastructure in North America further drives the demand for SIPs.

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Global Structural Insulated Panels Market

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