Structural Insulation Panels Market expansion. In addition, SIPs provide improved coverings protecting from overall wall cavities and thereby fueling industry size. Development modernistic infrastructures with enhanced attractive features coupled with high safety and durability properties is projected to boost SIP market penetration. Favorable government support, encouraging increasing industrialization and urbanization will stimulate market share during the forecast timespan.
A substantial number of manufacturers are increasingly undertaking several R&D initiatives intended to upgrade construction products with next generation technology advanced and safety approaches. For instance, U.S. based Murus PUR SIPs is developing its research & testing center to formulate products with improved R-value, structural properties and fire resistance. Legislative changes also have a significant impact on structural insulated panels market growth over the forecast period. Ongoing amendments regarding construction materials coupled with growing apprehensions on increasing energy efficiency in buildings will significantly contribute to product development. Some of the key enactments include BREEAM, LEED, Energy Star, WaterSense and FSC.
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Introduction of the zero-energy building (ZEB) concept offering zero net energy consumption by the building on an annual basis is projected to positively support SIPs market expansion. Several countries along with European Union have agreed on implementation of this cost-effective concept by 2020. EU is targeted to renovate 2% of the entire official building stock and 3% of central government buildings.
EPS is anticipated to register sales over 25 million square feet by 2024 owing to high product compatibility to offer improved energy conservation to lessen CO2 emission. High versatility, durability and lightweight material consisting small hollow spherical balls providing better thermal insulation are key advantages of EPS boarding. Moreover, its closed cell panel prevents dust and allergens from penetrating the building and thereby, stimulating structural insulation panels market share.
OSB one side accounted for 12% of the structural insulation panels market share in 2016, increasing requirement for roofing & siding products with high resistance towards moisture & heat are key influencing properties.
Walls application will generate more than USD 350 million by 2024. Superior features including high R-value with heavy-duty polyurethane foam, better air quality and noise reduction are key factors driving
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Commercial sector generated sales over USD 150 million in 2016 owing to increasing demand for no thermal interactions between external walls. High adjustability to support hanging of several external products including aluminum rainscreens, terracotta tile, granite and render will further enhance product penetration. SIPs are largely used in numerous commercial spaces comprising offices, schools and universities buildings.
Asia Pacific is expected to hold over 16% of the structural insulation panels regional market share by 2024. High demand for cost effective and high-performance building materials in several emerging economies will propel product demand. Regional construction industry expansion coupled with construction of new and innovative heat resistant buildings for offices, hotels, supermarkets and houses will stimulate product demand.
Global structural insulation panels market share is fragmented owning to large presence of both global and local participants. Some of the major structural insulation panels market players are Kingspan, Metecno, Isopan, ArcelorMittal, Romakowski and Lattonedil. Other prominent participants include J-Deck Inc., Nohara, T. Clear Corporation, Foard Panel, ICS Eco-SIPs, Murus Company, Future Building of America and Foam Laminates.