Global Structural Insulation Panels (SIP)
Market size was valued at over USD 350 million in 2017 and is anticipated to
witness over 6.5% CAGR up to 2024.
Growing population, rapid urbanization,
and construction sector growth are among the key factors propelling industry
expansion over the forecast period. New building constructions with improved
energy-efficient solutions for residential and commercial sectors in several
countries are fueling the SIPs market demand.
For instance, government initiative's
implementation in the U.S. and Canada with respect to Zero Energy Buildings
(ZEB) by reducing energy consumption on an annual basis is expected to fuel SIP
Technological advancements enabling easy
installation methods, efficient insulation products, with excellent soundproof
materials are boosting the industry growth. Rising applications of the highest
R-value materials in small & large-scale buildings will augment SIPs market
size. R-value determine the covering material effectiveness, higher the R-value
greater is the effectiveness of insulating material. Cooling & heating
applications, accounts over 50% energy usage in an average building. Hence,
SIPs will provide significant reductions in the energy bills.