Structural Insulated Panels Global Market Opportunities and Strategies to 2032

This report describes and explains the structural insulated panels market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global structural insulated panels market reached a value of nearly $403.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 1.5% since 2017. The market is expected to grow from $403.4 million in 2022 to $508.0 million in 2027 at a rate of 4.7%. The market is then expected to grow at a CAGR of 4.6% from 2027 and reach $637.5 million in 2032.

Growth in the historic period resulted from growth in construction activities, the increase in demand from cold storage facilities, the growth in the e-commerce industry and the rise in green buildings. Factors that negatively affected growth in the historic period were the coronavirus pandemic and the increase in cost of construction raw materials.

Going forward, the rising urbanization, the growing residential sector and the rising infrastructure investments will drive the growth. Factors that could hinder the growth of the structural insulated panels market in the future include the shortage of construction workforce, the rising interest rates and the Russia-Ukraine conflict impact.

The structural insulated panels market is segmented by insulation materials into expanded polystyrene (EPS) panel, rigid polyurethane (PUR) and rigid polyisocyanurate (PIR) panel, glass wool, stone wool, extruded polystyrene foam panel and other insulation materials. The expanded polystyrene (EPS) panel market was the largest segment of the structural insulated panels market segmented by insulation materials, accounting for 71.8% of the total in 2022. Going forward, the expanded polystyrene (EPS) panel segment is expected to be the fastest growing segment in the structural insulated panels market segmented by insulation materials, at a CAGR of 4.8% during 2022-2027.

The structural insulated panels market is segmented by facing material into oriented strand board (OSB) structural insulated panels, magnesium oxide (MgO) board structural insulated panels and other facing materials. The oriented strand board (OSB) structural insulated panels market was the largest segment of the structural insulated panels market segmented by facing material, accounting for 60.9% of the total in 2022. Going forward, the magnesium oxide (MgO) board structural insulated panels segment is expected to be the fastest growing segment in the structural insulated panels market segmented by facing material, at a CAGR of 4.8% during 2022-2027.

The structural insulated panels market is segmented by application into walls and floors, roofs and cold storage. The walls and floors market was the largest segment of the structural insulated panels market segmented by application, accounting for 46.3% of the total in 2022. Going forward, the cold storage segment is expected to be the fastest growing segment in the structural insulated panels market segmented by application, at a CAGR of 4.8% during 2022-2027.

The structural insulated panels market is segmented by end user into residential and non-residential. The residential market was the largest segment of the structural insulated panels market segmented by end user, accounting for 59.8% of the total in 2022. Going forward, the residential segment is expected to be the fastest growing segment in the structural insulated panels market segmented by end user, at a CAGR of 5.7% during 2022-2027.

North America was the largest region in the structural insulated panels market, accounting for 47.2% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the structural insulated panels market will be Asia Pacific and South America where growth will be at CAGRs of 5.3% and 5.1% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 4.8% and 4.4% respectively.

The global structural insulated panels market is highly concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 80.37% of the total market in 2021. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities. Owens Corning was the largest competitor with 33.31% of the market, followed by Kingspan Group PLC with 26.13%, SSAB AB with 7.23%, KPS Global with 2.93%, Premier SIPs with 2.12%, Enercept Inc with 2.07%, Extreme Panel Technologies, Inc. with 1.83%, Isopan with 1.75%, Structural Panels Inc with 1.73% and All Weather Insulated Panels with 1.29%.

The top opportunities in the structural insulated panels market segmented by insulation materials will arise in the expanded polystyrene (EPS) panel segment, which will gain $75.9 million of global annual sales by 2027. The top opportunities in the structural insulated panels market segmented by facing material will arise in the oriented strand board (OSB) structural insulated panels segment, which will gain $64.5 million of global annual sales by 2027. The top opportunities in the structural insulated panels market segmented by application will arise in the walls and floors segment, which will gain $48.5 million of global annual sales by 2027. The top opportunities in the structural insulated panels market segmented by end user will arise in the residential segment, which will gain $76.7 million of global annual sales by 2027. The structural insulated panels market size will gain the most in the USA at $38.3 million..

Market-trend-based strategies for the structural insulated panels market include technology advancements, increasing use of structural insulated panels in modular construction, focus on green buildings and sustainability, increasing investments, innovative product launches and increasing mergers and acquisitions.

Player-adopted strategies in the structural insulated panels market include strengthening business operations through strategic acquisitions.

To take advantage of the opportunities, the publisher recommends the structural insulated panels companies to focus on products for modular construction, focus on green buildings and sustainability, focus on innovative product launches, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, focus on online marketing, participate in trade shows and events, continue to use B2B promotions, focus on urban population, continue to target fast-growing end-users and focus on fast-growing applications.