With rising inclination toward construction of green and energy efficient buildings, structural insulation panels market has been witnessing immense progress in the recent years. Energy conservation has become an important issue in modern-day building designs as a result of which architecture and construction sectors are looking for ways to minimize the total energy consumed. According to the reports published by the U.S. EIA (Energy Information Administration) the building sector accounts for nearly half of all the energy produced in the region. Structural insulation panels in this regard are gaining exceptional traction, given its light, efficient, and stronger design structure.
North America Structural Insulation Panels Market, By End-Use, 2016 & 2024, (USD Million)
Reportedly, 75% of all the electricity produced in the United States is used in operating buildings. Worldwide, these percentages are even greater which confirms the necessity for immediate and continued action on carbon footprints & climate change. Industry experts deem that one key way to reduce CO2 emissions produced by the building sector is by transforming the way buildings are designed and operated. In the backdrop of this scenario, the growing momentum to embrace the use of prefabricated & energy efficient technology is certain to upsurge structural insulation panels market growth in the years to come.
A report by Global Market Insights, Inc., claims the global structural insulation panels market to have pegged over USD 350 million in 2016 and further forecasts the market to attain remuneration of over USD 600 million by 2024. Analysts deem that the growth statistics of structural insulation panels industry is mainly thriving on the cusp of green building initiatives undertaken by the government & private bodies to suppress excessive carbon footprints. A recent instance bearing testimony to the same is of the European Union, that enacted Energy Performance of Buildings Directive in 2016, in order to encourage the usage of energy efficient and cost-effective materials in the region. LEED, Energy Star building certification, and ICC’s Model Energy Codes are other significant programs that are bound to influence the growth prospects of this market. In response to these shifting trends toward sustainable building solutions, structural insulation panels industry is certain to achieve a mainstream status in the years ahead.
With the growing popularity of this eco-friendly building material, the structural insulated panels are witnessing increasing deployment opportunities in walls, floors, and roofs of residential and commercial energy efficient buildings. The wall application, in fact accounted for over 60% of the overall structural insulated panels market share in 2016. Analysts deem that the high thermal resistance properties of these panels coupled with cost-effective installations is poised to attract greater demand from commercial spaces, hospitals, homes, and institutional buildings.
Subject to the fact that the construction space is escalating at a commendable rate in APAC, the regional structural insulation panels industry is projected to account for a prominent chunk in the coming years. Rising demand for cost-effective and high-performance building materials coupled with increasing initiatives toward deploying green building technologies are expected to enhance the regional growth. Reports indeed claim the Asia pacific structural insulation panels market to resister a y-o-y growth of 7.5% over 2017-2024. Speaking along similar lines, China being the largest construction market and exhibiting a serious commitment toward energy efficiency is likely to play a major role in augmenting APAC structural insulation panels market size. The pro-activeness shown by the emerging economics of APAC have indeed resulted into the growing interests of several companies around the globe to invest in these regions.
Nohara, a Japan based SIP industry player, for instance, has recently entered the India market with an innovative product called as the Samurai Panel. The company has touted its product to offer high quality and environmentally friendly alternative to the conventional bricks and AAC Blocks used to build walls. The competitive landscape of structural insulation panels industry is further likely to be driven by similar strategies taken by leading companies including J-Deck Inc., ArcelorMittal, Foard Panel, Romakowski GmbH & Co. KG, Lattonedil, and Isopan. In the face of severe environmental concerns that has led to use of energy efficient materials, structural insulation panels industry players are expected to make huge investments in R&D for product innovations and expansions. All in all, with sustainability credentials being the key advantage, the global structural insulation panels market is affirmed to chart out a lucrative growth in the forthcoming years.