New York, March 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Structural Insulated Panels Global Market Report 2022” – https://www.reportlinker.com/p06248260/?utm_source=GNW
, Future Building of America, Isopan, Korwall Industries, M-sips, Inc. and Porter Corp
The global structural insulated panels market is expected to grow from $0.38 billion in 2021 to $0.40 billion in 2022 at a compound annual growth rate (CAGR) of 5.46%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.50 billion in 2026 at a CAGR of 5.66%.
The structural insulated panels market consists of sales of structural insulated panels (SIPs) by entities (organizations, partnerships, and sole proprietors) that consist of a super-strong construction panel having an insulating foam between two structural facings.SIPs are high-performance insulating panels used to construct walls, ceilings, and floors for residential and light commercial construction.
They have superior strength against natural disasters, high energy-efficiency, and are cost-effective in construction purposes.
The main structural insulated panels products include EPS (Expanded Polystyrene) panel, rigid polyurethane (PUR) and rigid polyisocyanurate (PIR) panel, glass wool panel and other products.EPS (Expanded Polystyrene) panel refers to a white foam plastic material produced from solid beads of polystyrene.
It is used in insulated panel systems for use in floors, walls and roofs of domestic as well as commercial buildings.The structural insulated panels facing materials include oriented strand board (OSB) structural insulated panels and magnesium oxide (MgO) board structural insulated panels.
The different applications of structural insulated panels are for walls and floors, roofs and cold storage which are used by residential and nonresidential end-users.
North America was the largest region in the structural insulated panels market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing emphasis on green buildings is expected to propel the growth of the structural insulated panels market.The structural insulated panel system has superior thermal resistance and, insulation capabilities, which enables the building envelope to regulate the heating, cooling, and humidity using less energy to heat or cool.
For instance, according to the US Green Building Council, in August 2019, California had over 46,252,746 sq. ft. of sustainable residential structures in the form of 39,296 buildings followed by Texas, with 24,598, and New York, with 10,876 certified residential units. Also, according to the World Green Building Council, the global green building industry has the potential to cut energy consumption by 50% or more by 2050. Therefore, increasing emphasis on green buildings is driving the growth of the structural insulated panels market.
Growing collaborations and strategic partnerships among structural insulated panels companies is a key trend gaining popularity in the market.Structural insulated panel companies are focusing on manufacturing sustainable products and reducing emissions.
For instance, in April 2021, Kingspan Group, an Ireland-based building materials company that produces structural insulated panels partnered with Sweden based fossil-free steel manufacturer, H2 Green Steel. The partnership would help in reducing embodied carbon in Kingspan’s insulated panel products by over 45% and aid towards net zero carbon manufacturing by 2030 with the intent of minimizing emissions to the lowest possible level.
In August 2021, Owens Corning, a US-based producer of residential and commercial building materials acquired Vliepa GmbH for an undisclosed amount.The acquisition is expected to broaden Owens Corning’s global nonwovens portfolio to better serve European customers and accelerate the growth of building and construction market applications in the region.
Vliepa GmbH is a Germany-based building materials company that produces structural insulated panels.
The countries covered in the structural insulated panels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248260/?utm_source=GNW
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