Stratview Research has concluded that the structural insulated panel market was estimated at USD 11.75 billion in 2021 and is likely to grow at a CAGR of 5.6% during 2022-2028 to reach USD 17.27 billion in 2028.
The prime factor contributing to the growth of the structural insulated panel market is the rising demand from the construction sector and cold storage applications.
Structural Insulated Panels (SIPs) are a type of sandwich panel which is used in the construction industry. It is a sandwich-structured composite that consists of an insulating layer of a rigid core and two layers of structural board. The insulation layer is sandwiched between the two structural board layers. It is used as a building material.
Segment Analysis
Based on the application type, the market is segmented as building wall, building roof, and cold storage. The building wall segment held the largest share of the market in 2021 and is also expected to grow at the fastest pace during the forecast period, driven by the increasing demand from the residential sector.
In terms of regions, North America dominated the market in 2021 and is estimated to maintain its leading position during the forecast period as well. The region’s dominance is majorly due to the rising construction activities in Canada and Mexico. Over the years, The USA has witnessed a good increase in the growth of private construction spending. Also, the current trend of multi-family buildings has led the US Census Bureau to provide more permits for the construction of new residential buildings.
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About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries. With this report, Stratview research also offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com or connect with our experts at - +1-313-307-4176.
