The Americas structural insulated panel market size was valued at USD 2.35 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028. Increasing adoption of green building standards and growing investments in the renovation of various residential and industrial building structures are anticipated to drive the market. The American construction market, following its recovery, is expected to witness steady growth over the coming years. Favorable regulations for the adoption of building insulation materials for lowering the overall energy consumption coupled with heavy investments in the establishment of cold chain infrastructure are some of the key factors driving the market growth.
The rising consumer demand for innovative buildings with modern technologies improved aesthetic appeal, and better energy-efficiency is expected to drive the market growth. The U.S. governments’ initiatives, through the Weatherization Assistance Program (WAP), to promote thermal insulation through federal funding in households and the U.S. Department of Energy’s funding to develop highly insulating phenolic insulation foams are expected to influence the growth positively.
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Key Player Mentioned:
- Kingspan Group
- Metl-Span
- Owens Corning
- Metecno Group
- KPS Global
- Isopan
- PFB Corporation
- All Weather Insulated Panels
- Green Span Profiles
- American Insulated Panel Company
- American Buildings Company
Product Segment Analysis:
Structural Insulated Panels (SIPs) are expected to gain traction owing to their several benefits, such as low weight, improved appearance, and high thermal performance. Increasing demand for energy-efficient buildings owing to the stringent government regulations and rising awareness regarding environmental degradation is anticipated to fuel the demand for SIPs over the forecast period.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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However, fluctuating raw material prices result in price variations of thermal insulating materials, thus affecting the manufacturers’ profit margins across the value chain. Blowing agents employed in various insulation materials, such as Polyurethane (PU) foams, Expanded Polystyrene (EPS), and Extruded Polystyrene (XPS), contain Greenhouse Gasses (GHG), which causes environmental issues, and thus, are expected to restrain the market growth.
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