According to the United Nations, countries across the globe are facing a housing crisis that can culminate to the requirement of 440 million affordable urban households by 2025. However, with the future of the planet under the threat of drastic climate change, not only volumetric construction but the demand for ecofriendly construction has gained significant traction. In line with the Paris Agreement, the construction industry is now focusing on building ‘zero energy homes’, the chief concept that is expected to propel Structural Insulation Panels Market share.
The relentless pursuit for green and energy saving solutions has led structural insulation panels market to gain substantial acclaim in the recent years, specifically from the construction sector. With the rise in global population and increasing demand for accommodation, volumetric construction is becoming a major necessity.
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Considering the environmental safety and cost effectiveness offered by structural insulation panels, it is rather justified that organizations such as the EPA are supporting their increased deployment. Backed by governmental initiatives such as tax incentives, structural insulation panels market trends are certain to undergo a positive transformation in the years ahead. The high R-value and low air leakage are making structural insulation panels preferable than traditional framed construction. Aided by stringent regulations regarding environmental conservation, structural insulation panels market size is anticipated to exceed USD 590 million by 2024.
The notion of zero energy homes is rooted in the fact that by building energy-efficient buildings, it is possible to considerably bring down the carbon emission levels in the atmosphere. In the U.S., buildings account for 39% of the total energy consumption. Considering that 45% of the energy consumed by homes is used in heating and cooling, a well-insulated building envelop is crucial to achieve a truly zero energy home, where no energy is wasted. Structural insulated panels offer less cracks and joints and make up very airtight homes with effective insulation between conditioned and unconditioned air spaces. Quite overtly, structural insulation panels industry is expected to witness a significant growth through the rise in demand for building green homes.
Structural insulation panels an increasingly popular choice among the advocates of green buildings is the ecofriendly characteristic of their components that mainly comprise oriented strand board (OSB) and expanded polystyrene (EPS). Since OSB is made of inexpensive wood species grown in managed forests and EPS is a lightweight insulation material made of air and only 2% plastic, these core materials have been massively used for SIP production. EPS in fact, uses pentane that is a non-CFC blowing agent and the energy it saves will offset the costs of the petroleum that was spent in manufacturing. Driven by lowered CO2 emissions and reduced energy consumption, EPS-based structural insulation panels market size is anticipated to register a CAGR of 7% over 2018-2024.
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The deployment of SIPs has apparently proved beneficial not only for saving energy and reducing waste but also for saving up extensively on construction costs, thereby stimulating structural insulation panels industry outlook. In a study conducted by BASF, it was demonstrated that residential builders can reduce their farming labor requirements by 55% with the use of structural insulated panels.
The prefabricated nature of structural insulation panels eliminates on-site construction and they only require to be hoisted into place with the help of a crane, making SIP house installation 25% faster than benchmark houses. Prefabrication also resulted in jobsite debris disposal reduction by 93%. The study categorically depicts that the ongoing requirement of optimizing construction costs would act as a major driving force for structural insulation panels market.
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