Exploring the Advantages and Growing Popularity of Structural Insulated Panels in the GCC Construction Industry
SkyQuest Technology Consulting Pvt. Ltd.
5 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest projects that the GCC structural insulated panels market will attain a value of USD 112.02 million by 2030, with a CAGR of 6.4% over the forecast period (2023-2030). The demand for EPS in the construction of cold storage facilities is expected to drive the growth of the market owing to its constant thermal resistance and dimensional stability. Moreover, the minimal water absorption and low vapour permeance of EPS make it an ideal choice for constructing cold storage spaces, further supporting the market's growth. Additionally, the increasing demand for cold storage systems in food processing and pharmaceutical industries is anticipated to positively impact the development of the market during the forecast period.
Westford, USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the market is expected to be driven by favourable green building standards and regulations for the adoption of building insulation materials to lower overall energy consumption, coupled with increasing investments in the development of cold chain infrastructure worldwide. These factors are expected to encourage the adoption of insulation materials and fuel GCC structural insulated panels market growth.
Browse in-depth TOC on "GCC Structural Insulated Panels Market"
Pages - 249
Tables - 9
Figures – 73
Structural insulated panels (SIPs) are advanced building systems used for construction. These panels find their applications in ceilings, walls and floors for both residential and light commercial properties. A SIP comprises a sandwich-like structure consisting of a rigid core insulating layer that is sandwiched between two layers of structural board. This design makes them much more energy-efficient than traditional building materials as they can regulate temperature more efficiently, providing better insulation and reducing energy consumption.
Polyurethane Segment is Expected to Grow the Market Due tothe Increasing Focus on the Development of Cold Chain Infrastructure
The polyurethane segment is expected to exhibit the fastest CAGR in the market. Although polyurethane structural insulated panels are relatively more expensive than other products such as polystyrene and glass wool, their exceptional thermal insulation and vapor diffusion resistance properties make them ideal for insulating cold chain storage. Therefore, the increasing focus on developing cold chain infrastructure is expected to drive product demand during the forecast period. Glass wool, on the other hand, is predicted to experience high growth during the projected period due to its exceptional thermal insulation, fire resistance and noise insulation properties.
North America is dominating the market, accounting for over 39% of global revenue. This growth can be attributed to increased demand from the residential sector, a well-established cold chain and logistics industry, and government initiatives to develop social infrastructure. Additionally, rising awareness regarding the benefits of insulation in building structures is expected to further drive regional market growth.
Walls and Floors Segment is Expected to Dominate the Market Due to Increasing Public Awareness of the Financial Advantages
The global market has been dominated by walls and floors, which have generated significant revenue. The growth of this category is attributed to the increasing public awareness of the financial advantages of implementing effective building insulation. Wall insulation is a key element in improving building's energy efficiency. Insulated walls and floors create a protective envelope that prevents heat transmission from the outside environment through conduction and convection radiation, thus reducing the energy required to heat or cool a building structure.
Asia Pacific is projected to be the fastest-growing regional market owing to the rapid growth of the residential and commercial construction sectors, and the increasing adoption of various green building standards in the region. This growth is being further driven by the rising demand for energy-efficient buildings, particularly in emerging economies such as India and China.
A comprehensive analysis of the major players in the GCC Structural Insulated Panels market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in GCC Structural Insulated Panels Market
Owens Corning, a leading global insulation, roofing, and fibreglass composites producer, announced its acquisition of Florida-based composite decking and structural lumber manufacturer, WearDeck in 2022. This strategic move is expected to strengthen Owens Corning's weather-resistant decking and structural lumber portfolio while expanding its expertise in commercial and residential applications.
Owens Corning introduced its FOAMGLAS Perinsul SIP, a new structural insulated panel designed as a thermal bridge solution for high-performance buildings in 2022. The FOAMGLAS Perinsul SIP comprises cellular glass, which helps eliminate thermal bridging, increase energy efficiency, and minimize performance loss in the event of moisture exposure.
Riverside Company and PFB Corporation announced that an affiliate of Riverside completed the acquisition of PFB in 2021. As a result, the business continued to operate with the same network under the ownership of Riverside.
Key Questions Answered in GCC Structural Insulated Panels Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence?
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
