The report "Structural Insulated Panels Market by Facing Material (OSB. MgO Board, and Others), Insulation Material (EPS, XPS, and Others), Application (Floor, Roof, and Wall), End Use (Residential, Non-Residential), and Region - Global Forecast to 2025" 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 CAGR of 5.0% from 2020 to 2025.
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In terms of value volume, OSB is estimated to lead the structural insulated panels market in 2019.
OSB, by facing material, accounted for the largest market share in the structural insulated panels market. It is widely used throughout the construction industry due to its excellent load-bearing capabilities. Additionally, since OSB can be manufactured from fast-growing, underutilized, and often less-expensive wood species, it represents an efficient use of raw materials. According to the Structural Insulated Panel Association (SIPA), “About 85-90% of a log can be used to make high-quality structural panels, and the remainder—bark, saw trim, and sawdust—can be converted into energy, pulp chips, or bark dust.”
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EPS is estimated to be the largest segment in the structural insulated panels market in 2019.
EPS, by insulation material, accounted for the greatest demand for structural insulated panels in 2019, in terms of value and volume. Furthermore, EPS is projected to be the fastest-growing insulation material for the structural insulated panels, by 2025, in terms of value as well as volume. The growth of this segment is due to the increase in the demand for EPS for insulation panels, owing to its cost-effective and energy-efficient insulation.
Residential dominated the structural insulated panels market in 2019, in terms of value and volume.
Residential, by end use, accounted for the largest demand for structural insulated panels in 2019, in terms of value and volume. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drive the sales of residential construction projects. The spending on residential construction is estimated to witness a surge, particularly in the emerging countries of APAC. There is a trend of urbanization in the region, resulting in a high growth rate for the residential construction sector. In addition, the demand for residential buildings is witnessing a boost in the US, Saudi Arabia, and the UK. All these factors are expected to drive the structural insulated panels market in the residential building segment globally.
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The North American region is projected to account for the largest share in the structural insulated panels market during the forecast period.
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.
Owens Corning (US), Kingspan Group (Ireland), PFB Corporation (Canada), Alubel SpA (Italy), Enercept, Inc. (US), and Extreme Panel Technologies, Inc. (US) are the key players operating in the structural insulated panels market. Acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the structural insulated panels market.
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