Rapid industrialization coupled with cold storage industry expansion are driving the metal structural insulation panels market. Expanding frozen & processed foods demand owing to busy lifestyle, changing food preferences, and ease in cooking is escalating the demand for cold storage applications. According to Global Cold Chain Alliance (GGCA), the global cold storage capacity has increased to 616 million m3 in 2018.
Asia Pacific Metal structural insulation panels market will grow significantly owing to increased investments in R&D for construction of energy-efficient commercial & residential buildings. Industry participants are engaged in collaboration with contractors and builders to gain competitive edge. For instance, in August 2018, Kingspan announced to develop an energy-efficient warehouse for IKO Polymeric with Kingspan metal insulated panels. Kingspan collaborated with Roofdec Ltd to complete the project within the specified time and budget.
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Europe Metal structural insulation panels market is expected to exceed USD 23 billion by 2024. Favorable government policies such as Nearly Zero Energy Buildings Program to improve the performance of commercial infrastructure is supporting the regional growth. For instance, On 30th November 2016, the European Commission proposed an update to the Energy Efficiency Directive for new construction by including a new target to improve the energy efficiency of buildings up by 30% by 2030.
Supporting government regulations and standards including EPA’s Energy Star Home protocols are playing a significant role in augmenting the metal structural insulation panels market. For instance, the U.S. Department of Energy is planning to significantly reduce the amount of residential energy consumption by providing zero-energy home developments by 2020. These standards will enable industry participants to improve the quality and offer low-cost innovative solutions.
Key players in the metal structural insulation panels market include:
- Tata Steel
- MIB Facades Limited
- Flexospan Steel Buildings
- LEEP Inc.
- Direct Metals Co. LLC.
Partnerships and joint ventures are among the prominent strategies adopted by the industry participants for improving their market share. For instance, in May 2018, Jindal Mectec announced a strategic collaboration with the Kingspan for the development of proprietary insulation core technologies to increase their market share.
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Positive application outlook across the commercial & residential sector owing to high insulation advantages offered are further supporting the metal structural insulation panels market growth. Heating & cooling accounting for around 50% of the energy use in residential applications. Thus, structural insulated panels reduce the electricity expenses by improving the thermal efficiency. Growing demand for advanced building materials offering more durable and energy efficient buildings will drive the product demand.
Walls segment dominated the metal structural insulation panels market, accounted for over USD 3.2 billion in 2017. Increasing usage for energy efficient and thermal control walls in buildings will enhance the segment dominance. For instance, in October 2014, MBCI developed MasterLine 16, metal insulation wall panel that provide a superior air and water infiltration resistance in both horizontal and vertical installation application.
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