Structural Insulated Panels Market Subjected to Expand to Showcase Rampant Growth by 2024

 

Market Research Future (MRFR), in its latest Structural Insulated Panel Market 2020 report, reveals different forces that can impact the market. In addition, the influence of COVID 19 on the structured insulated panel market is explained in the report. The rise in the structural insulated panel market across the globe can be attributed to the expansion of the construction sector. The constant demand for smart infrastructure and spacious buildings across developing economies can promote the expansion of the market through the assessment period. The growing installation of structural insulated panels in the construction industry owing to rise in demand for innovative infrastructure design can promote the growth of the market through the analysis period. The increase in adoption of structural insulated panels in different application areas as they offer great performance and potential economic advantages can also support the rise of the structural insulated panels market in the analysis period.

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Market Segmentation

The segment evaluation of the global structural insulated panels market is based on product and application. The product based segments of the global structural insulated panels market are polyurethane insulated (PUR) panels, expanded polystyrene (EPS) panels, and glass wool panels among others. The application based segments of the structural insulated panel global market are residential and commercial.

The increase in the application of polystyrene (EPS) panels can gain high traction for structural insulated panels, which, in turn, can add momentum to the expansion of the global market through the study period. Growing adoption of structural insulated panel for residential applications can also impel the market rise.

Light weight and high durability of polystyrene based structural insulated panels that offers high load bearing capacity, hence used widely in the construction industry can promote the expansion of the market in the assessment period. Good thermal insulation, air-tightness, long lifespan, and low maintenance cost are other advantages offered by polystyrene structural insulated panels that support the market rise through the analysis period. The rise in the implementation of new approaches for construction and designing of buildings with eco-friendly materials can also boost the expansion of the market through the analysis period.

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Regional Study

In APAC, the rapidly growing construction techniques proven to be beneficial for constructions as they offer outstanding features to the construction enclosures is expected to boost the regional structural insulated panels market in the study period. In addition, the rise in initiatives taken by governments to support smart city and construction mega projects can aid the structural insulated panel market to gain momentum in the review period. In North America, the rise in the adoption of structural panels due to increase in awareness about their advantages, such as cost-effectiveness and light-weighted supporting structures can promote the expansion of the regional market. The US is likely to head North America structural insulated panel market in the years ahead. In Europe, the surge in the adoption of structural insulated panels due to greater assembly time advantage can impel the expansion of the structural insulated panels market.  The increase in need for commercial building and residential space can promote the expansion of the structural insulated panel in the region. As construction technologies get smarter, their demand rises, which can boost the growth of EU structural insulated panel market.

Key Players

Metecno (Italy), ArcelorMittal (Luxembourg),  Italpannelli SRL (Italy), Kingspan Group (Ireland), Alubel SpA (Italy), BALEX-METAL (Poland), Isopan (Manni Group SpA), Marcegaglia SpA (Italy), and NCI Building Systems (US) are some noteworthy players in the structural insulated panels market as listed by MRFR.

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