The global structural insulated panels market size is projected to grow from USD 405 million in 2020 to USD 517 million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.0% during the forecast year. According to the Structural Insulated Panel Association (SIPA), “Structural Insulated Panels (SIPs) are a high-performance building system (for residential and light commercial construction), and consist of an insulating foam core sandwiched between two structural facings, typically Oriented Strand Board (OSB). Structural insulated panels are manufactured under factory controlled conditions and can be fabricated to fit nearly any building design. The result is a building system that is extremely strong, energy efficient, and cost, labor & time effective.”
The North American region is projected to lead the structural insulated panels market, in terms of both value and volume from 2020 to 2025. The growth of the structural insulated panels market in North America is driven by technological advancements in the building & construction industries. In the US, single-family homes are growing, especially in Florida, Georgia, North Carolina, Washington, Utah, Tennessee, Ohio, California, Idaho, and South Carolina. The usage of insulation materials in residential applications has been a key factor driving the structural insulated panels’ market growth.
The structural insulated panels market has thousands of companies which thrive in their domestic market. A few of the major players are, Owens Corning (US), Kingspan Group (Ireland), PFB Corporation (Canada), Alubel SpA (Italy), Enercept, Inc. (US), Extreme Panel Technologies, Inc. (US), T. Clear Corporation (US), and Premier SIPs (US). These players have adopted various growth strategies, such as acquisitions, and new product developments, to increase their market shares and enhance their product portfolios.
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Acquisitions accounted for the largest share of all the strategic developments that took place in the structural insulated panels market between 2017 and 2020. Key players such as Owens Corning (US) and PFB Corporation (Canada) adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the structural insulated panels market.
Kingspan Group Plc is a global player in high-performance insulation and building envelope solutions. The company operates through its five business segments, namely, insulated panels, insulation boards, light & air, water & energy. and data & flooring. It offers a range of structural insulated panels through its insulated panels business segment. The company primarily focuses on its manufacturing capabilities and aims to strengthen and innovate its production processes & techniques, in order to attract new customers for its insulation panel products.
PFB Corporation manufactures insulating building products and technologies that, when used as components of a building envelope, enable residential and commercial structures to be highly energy efficient. Their insulating products enable building envelope technologies that support net Near Zero Energy (NZE), Leadership in Energy and Environmental Design (LEED) certification and Built Green programs. Majority of the company’s current efforts are focused on expanding its presence in the US market. They are also looking to cut additional expenses in order to increase cost efficiency.
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