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The composite insulated panels market size is forecast to increase by USD 158.2 million at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth due to the rising demand for energy-efficient buildings and the increasing adoption of these panels in cold storage applications within the processed food sectors. These panels, which include sandwich panels made from materials such as polyurethane and polyisocyanurate, as well as expanded polystyrene panels and those insulated with rock wool, offer superior insulation properties and contribute to reducing energy consumption. However, the high costs associated with these panels may hinder their large-scale acceptance. Despite this challenge, the market is expected to continue expanding as the benefits of using composite insulated panels in terms of energy savings and improved building performance become more widely recognized.
The market is witnessing significant growth due to their adoption in various sectors, including construction, cold storage, and building technologies. These panels, which combine materials like expanded polystyrene, rigid polyurethane, and rigid polyisocyanurate, offer superior insulation properties, making them ideal for energy-efficient structures. In the construction sector, composite panels are used extensively for modular construction techniques and smart city constructions. They provide excellent durability and sustainability, contributing to reduced CO2 emissions and meeting energy-efficiency targets. Cold storage facilities, food processing, food preparation, and warehousing are other major sectors benefiting from composite panels.
Furthermore, their use in these industries results in energy savings, improved temperature control, and enhanced storage systems. Structural insulated panels (SIPs), a type of composite panel, have gained popularity due to their high thermal performance and cost-effectiveness. Balex-Metal and Owens Corning are notable manufacturers known for their innovative composite panel solutions. In summary, composite panels play a crucial role in creating energy-efficient structures across various industries. Their adoption contributes to the reduction of energy consumption, improved temperature control, and enhanced durability, making them a preferred choice for sustainable and eco-friendly construction projects.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The expanded polystyrene (EPS) panel segment is estimated to witness significant growth during the forecast period. Composite insulated panels, specifically those made with Expanded Polystyrene (EPS) cores, represent a modern and efficient construction solution for both residential and commercial applications. Manufactured by bonding two steel faces to an insulating EPS core, these panels offer numerous advantages over traditional building methods. EPS panels are suitable for both free-standing and load-bearing structures, making them versatile for various construction projects. In the realm of prefabricated structures, EPS panels have gained popularity for their use in walls, roofs, and foundations. These insulated panels provide enhanced structural and maintenance benefits compared to conventional construction techniques. Moreover, EPS panels are renowned for their strength, durability, ease of maintenance, and transportability.
Furthermore, these attributes contribute significantly to cost savings in terms of construction materials, labor, and time. Owens Corning, a leading building materials manufacturer, is one of the key players in the EPS panels market. Their innovative insulation solutions cater to various industries, including cold storage facilities, where energy efficiency and insulation are crucial. The use of EPS panels in construction also aligns with the growing focus on sustainability, as they are fully recyclable and contribute to reducing carbon emissions during the building process.
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The expanded polystyrene (EPS) panel segment accounted for USD 159.00 million in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market for composite insulated panels held the largest share in the global industry in 2023, a trend that is anticipated to persist throughout the forecast period. This region's significant growth can be attributed to the surge in construction activities. The United States, Canada, and Mexico are primary contributors to the market's revenue in North America. Among these, the US is poised for dominance in the region's market during the forecast period. The increasing population in the US is expected to fuel the demand for housing, thereby driving market growth. Notable players in this sector include Owens Corning, offering a range of insulation solutions, including Structural Insulated Panels (SIPs), for both residential and commercial applications. These panels provide superior insulation, sustainability, and durability, making them an ideal choice for cold storage facilities and other temperature-controlled structures.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand for energy-efficient buildings is the key driver of the market. Composite insulated panels are poised to gain significant attention in the construction sector due to their advantageous features, including lightweight design, enhanced aesthetic appeal, and superior thermal insulation. The global push towards energy-efficient buildings is escalating, driven by increasingly stringent regulations and heightened environmental concerns. Buildings account for approximately 40% of global energy consumption and 33% of greenhouse gas emissions. With the significant increase in work-from-home arrangements during the pandemic, home energy usage has surged, leading to intricate shifts in energy demand. As of 2020, home occupancy rose by nearly 30% during lockdowns and remained 5% to 10% higher between June and October.
Furthermore, these energy-intensive home activities necessitate the adoption of advanced building technologies, such as composite insulated panels, to promote energy savings and contribute to the development of smart city constructions.
Rising demand for composite insulated panels in cold storage applications is the upcoming trend in the market. Composite insulated panels have gained significant traction in the US construction sector, particularly in applications related to energy saving technology. These panels are ideal for cold storage facilities, providing superior thermal insulation compared to traditional facade materials. The use of composite insulated panels in cold storage solutions offers numerous advantages, including simplified construction processes and reduced energy consumption. In regions with extreme temperatures, such as East Africa, these panels play a crucial role in preserving food and related materials by offering protection from high temperatures. The composite insulated panels for cold storage feature a 2mm profile, which enhances their resistance to impacts, movements, and various forces, ensuring the insulation remains effective.
Furthermore, as smart city constructions continue to evolve, the adoption of advanced building technologies like composite insulated panels is expected to increase, offering energy-efficient solutions for various applications.
High costs restraining large-scale acceptance of composite insulated panels is a key challenge affecting the market growth. Composite insulated panels, a premium insulation solution, offer superior energy savings compared to traditional insulators in the construction sector. Despite their higher cost, these panels deliver approximately tenfold better performance and return on investment than conventional expanded polystyrene insulation.
Furthermore, the increased cost of raw materials, such as polyurethane, PIR, polystyrene, phenolic foam, and rockwool, contributes to the higher production costs of composite insulation panels. This labor-intensive manufacturing process, using materials like polyurethane as the core, limits their widespread adoption in large-scale applications such as cold storage and smart city constructions. Consequently, the global market for composite insulated panels may experience slower growth during the forecast period due to their high cost relative to conventional building technologies.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ArcelorMittal SA - The company offers composite insulated panels such as Promistyl panels and Ondastyl panels.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth in the construction sector due to the increasing adoption of energy-saving technology. These panels, which include sandwich panels made of polyurethane, polyisocyanurate, and mineral wool insulation, are becoming increasingly popular for their energy efficiency and sustainability. The market is particularly strong in the cold storage sector, where insulated panels help maintain low temperatures for food processing, preparation, and warehousing. Modern building technologies, such as smart city constructions and modular construction techniques, are also driving demand for composite insulated panels. These panels offer durability and are ideal for green buildings, helping to reduce CO2 emissions and heating costs.
Furthermore, the use of natural fibers and lightweight materials in insulated panels is also gaining traction, as they contribute to the reduction of overall building weight and improved thermal performance. Energy-efficient structures, such as those with insulated building walls and roofs made of expanded polystyrene panels, rigid polyurethane, or glass wool panels, are becoming increasingly important in various sectors, including residential and commercial. The processed food sectors, in particular, are adopting insulated panels to maintain optimal temperatures and ensure product quality. Overall, the market is expected to continue growing due to the increasing focus on sustainability and energy efficiency in the construction sector. The use of insulated panels in various applications, from building walls and roofs to cold storage facilities, is helping to reduce energy consumption and promote a more sustainable future.
Market Scope |
|
Report Coverage |
Details |
Page number |
141 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 158.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, Germany, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Al Shahin Metal Industries, Alubel Spa, ArcelorMittal SA, Balex Metal Sp zoo, Composite Panel Building Systems, Cornerstone Building Brands Inc., DANA Group of Companies, Isopan Spa, Italpannelli Srl, Jiangsu Jingxue Insulation Technology Co. Ltd., Kingspan Group Plc, Lattonedil Spa Milan, Metecno Group, PFB Corp., PortaFab Corp., Rautaruukki Corp., Romakowski GmbH and Co. KG, Tata Steel, Yusuf A. Alghanim and Sons WLL, and Zamil Industrial Investment Co |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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