Structural Insulated Panels Market: Introduction
A structural insulated panel (SIP) also known as Structural insulating panel, is a kind of sandwich panel used in the engineering and construction industry. This structural insulated panel has an insulating layer of the stiff core that is sandwiched between two layers of structural board. There are various types of board, such as cement, sheet and magnesium oxide board (MgO).
Global Structural insulated panels Market Forecast:
The Global Structural Insulated Panel Market size was at USD 425 Million in 2021, and it is predicted that it will reach a valuation of USD 659 Million by the end of 2030 with an annual development rate (CAGR) of 5.0% between 2022 and 2030.
Structural insulated panels Market Overview:
The progression of the structural insulated panel (SIP) market is anticipated to be fuelled by the execution of favourable green building standards and regulations for the using building insulation material to decrease the total energy consumption and surge in expenditure in the worldwide construction of cold chain infrastructure.
Structural insulated panels have gained huge demand and popularity across the globe owing to their attributes such as lightweight, aesthetic external look, and they help in enhancing the thermal performance of the building.
The structural insulated panels aid in reducing the construction time; therefore, they are used in the construction of the warehouses. Warehouses and last-mile delivery hubs have witnessed high penetration as the e-commerce sector has been expanding gradually. For instance, Dace Clark (Senior Vice President of Global Operation at Amazon) announced that the company would build 100 new warehouses and distribution centres by the end of 2020. The progressive development in the construction sector has been accelerating the structural insulated panel market growth.
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Global Structural insulated panels Market: Market Dynamics
Market Drivers: Rising Demand for structural insulated panels for cold Storage Applications:
Structural insulated panels (SIP) are cost-effective, sustainable and provide a durable building system; therefore, they are widely accepted and used in diverse industries to construct cold storage facilities.
Cold Storage is an integral element for several businesses such as food preparation, warehousing, storage systems and food processing, and it is also used in pharmaceutical and retail solutions. The rising demand for cold storage systems is anticipated to fuel the application, resulting in substantial growth for the structural insulated panel (SIP) market.
Market Opportunity: Supportive Building Rules & Regulations:
The government has implemented strict regulations for commercial properties; therefore, the developers are trying to keep pace with the advanced technology which can create an energy-efficient buildings.
Strict Building Regulations have presented challenges to builders to comply with energy effectiveness and CO2 emission targets. This Government legislation has forced builders to use the structural insulated panel (SIP) for the building, which can help in decreasing the HVAC/heating expenditure by up to 40%
The Key Market Segmentation of the Global Structural insulated panels Market:
The global Structural insulated panels Market can be divided into Product Types, Applications, End-Users and Geographical landscapes, etc.
Major Key Players in the Global Structural insulated panels Market Are:
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The Covid-19 pandemic has brutally damaged the construction industry. Major projects were halted due to lack of funds, lockdown regulations, and labour shortage in 2020. Because of all these factors, the structural insulated panel (SIP) market progression was severely hindered.
Nevertheless, the construction industry has been recovering fast and is anticipated to register substantial growth over the forecast period. The major factors which are accelerating the market growth are rising demand from the construction sector and surging cold storage applications
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