The construction industry is one of the industries that are badly impacted by COVID-19. Structural insulated panels are used in building walls, roofs, and other constructions. Because of a lack of funds, labor shortage, and lockdown regulations, many projects were halted in 2020. Due to a ban on inter-state travel, an exodus of migrant workers, also known as informal sector workers, wreaked havoc on the supply chain. This caused less consumption of construction materials and decreased demand and supply. Owing to all these factors, the structural insulated panels market is hindered by the impact of COVID-19.

- Over the medium term, the major factors driving the market studied are the increasing demand from the construction sector and increasing cold storage applications.

- On the flip side, advancements in building technologies such as modular construction techniques are expected to hinder the growth of the market studied.

- North America dominated the market. This growth is primarily due to rising construction activities in Canada and Mexico.

Key Market Trends

Increasing Demand for Building Walls

- Structural insulated wall panels are generally available in thicknesses of 4-1/2 inches and 6-1/2 inches. Manufacturing of curved wall panels are possible and it is often more practical to use stud framing for non-orthogonal geometries.

- The whole wall R-value of a wall assembly is currently the best and the most followed method of quantifying the total thermal performance. The whole wall R-value takes the resistance of heat flown through an opaque cross-sectional area of the insulation and structure into the account while the total loss of energy at the interfaces of the wall with the roof and floor are accounted.

- The whole wall R-value of a 4-inch structural insulated wall panel is 14, whereas for a 2x4 wall is less than 10. The whole wall R-value of a 2x6 wall is between 11 and 13.7 depending on the quality of the installation of batt insulation.

- The elimination of thermal bridging and a more airtight envelope contributes to the higher whole wall R-value of structural insulated wall panels, compared to the conventional metal and wood stud walls.

- The total volume of the panels used as structural insulated wall panels is much higher, compared to the volume of the panels used as structural insulated roof panels.

- According to World Bank and Mordor Intelligence Analysis, the construction industry spending worldwide in the year 2019 is USD 12 trillion and is forecasted to reach an estimated value of USD 15.3 trillion in the year 2026 which will create the demand for building walls.

- Owing to above mentioned factors, demand for building walls dominated the market is expected to grow during the forecast period.

North America Region to Dominate the Market

- North America region dominated the global market share. The construction industry in the United States has witnessed an increase in private construction spending over the years.

- The US Census Bureau has been providing more permits for the construction of new residential buildings due to the current trend of a multi-family building, along with a rise in the migration to cities.

- According to US Census Bureau, construction spending in the United States in both private, as well as public construction in 2020, is around USD 1400 billion.

- In the non-residential construction sector, major growth was witnessed in the number of healthcare, commercial, and office buildings. The investments in transportation, communication, and power infrastructure have also witnessed growth.

- Construction is one of Canada’s largest and most important industries. Toronto and Montreal are the main centers of construction activity, accounting for approximately 25% of the total revenue.​
- The aforementioned factors are driving the consumption of the structural insulated panel that are used in the region.

Competitive Landscape

The global structural insulated panels market is a highly fragmented market with no major player accounting for a prominent share in the global market. Most of the market leaders are forward integrated, i.e., they produce structural insulated panels along with providing installations and maintenance services. Premier Building Systems, Inc. is the leading manufacturer of structural insulated panels in the North America region. Some of the other major players include Kingspan Group, Rautaruukki Corporation, PFB Corporation, and Owens Corning, among others.

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