Global Structural Insulated Outlook Report 2019-2027

According to the report, the Global Structural Insulated Panels market accounted for $449.44 million in 2019 and is expected to reach $838.06 million by 2027 growing at a CAGR of 8.1% during the forecast period.

Some of the key factors propelling the growth of the market are increasing focus on energy efficiency, growing construction industry, and rising demand for cost-effective residential housing solutions. However, fluctuation in the prices of raw material is the restraining factor for the growth of the market.

A structural insulated panel is a form of sandwich which is majorly used in the construction industry. These panels are sandwiched between two stiff sheathing materials. Structural insulated panels ease and speed up the installation process without compromising the quality of construction.

By application, the walls and floors segment is expected to grow at a significant market share during the forecast period owing to the rising need for renovation of residential buildings on account of improving living standards and high spending capacity.

Based on geography, North America is anticipated to hold considerable market share during the forecast period which is attributed to the commercial availability of the products along with easy installation guidelines provided by the manufacturers.