Americas Structural Insulated Panel Market Worth $4.27 Billion By 2028

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

The Americas Structural Insulated Panel Market size is expected to reach USD 4.27 billion by 2028 registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. Favorable regulations and rising adoption of various green building standards are some of the key factors driving the market growth. Rising spending in the construction sector in North America due to the increasing government initiatives for the modernization of the infrastructure and energy-efficient homes and the rising number of green buildings in the U.S. and Canada is projected to drive the product demand.

Many market players are engaged in manufacturing and supplying raw materials and creating strong competition, affecting the overall pricing of the structural insulated panels (SIPs). The presence of several raw material manufacturers in the market results in low prices of these materials. Some of the key companies are also engaged in installation through their network of certified contractors and installers. Investments, new product development, and regional expansion are the key strategies adopted by the market players to strengthen their industry position. However, fluctuations in raw material prices and the adverse impact of the Covid-19 pandemic are expected to emerge as key concerns for the industry participants.

Related Press Release @ Americas Structural Insulated Panel Market Report

Americas Structural Insulated Panel Market Report Highlights

• The Expanded Polystyrene (EPS) segment is expected to account for the highest revenue share by 2028 growing at a CAGR of 7.6% from 2021 to 2028
• This growth can be attributed to the properties and high penetration of EPS in residential and non-residential applications
• The walls & floors segment dominated the market in 2020 and is expected to account for the maximum market share by 2028 registering the fastest CAGR during the forecast period
• This growth is credited to the extensive product usage in the walls & floors segment due to its desired energy efficiency, high durability, and convenient installation
• North America is estimated to witness the maximum as well as the fastest growth, in terms of revenue, over the forecast period
• Factors, such as increased product demand from the residential sector, presence of extensively developed cold chain and logistics industry, and favorable government initiatives to develop social infrastructure drive the market growth in North America
• The U.S. dominated the North America regional market in 2020, in terms of volume, on account of rapid growth in the construction sector and increasing awareness regarding sustainable construction favored by government policies, such as the Federal Energy Policy Act 2005
• Major players are investing in research and development activities and continuously launching new products in the market for business expansion