The global insulated panels market size was valued at approximately USD 9,364.7 million in 2021 and is poised to grow at a CAGR of 4.7% during the forecast period 2022 and 2028. The insulated panels market is driven by increased demand for structural insulated panels for cold storage applications. In the forecast period, structural insulated panels in green projects are expected to provide attractive growth possibilities for the market. The construction business is being propelled by a growing population, urbanization, and the construction sector. Market growth is anticipated to be restricted by the budgetary recession in some regions.
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Expanded Polystyrene (EPS) Segment Dominates the Insulated Panels Market
In construction applications, EPS has been used as a cost-effective and energy-efficient insulation. The characteristics of the expanded polystyrene like reduced energy consumption, recycled content, localized distribution, and improved indoor air quality increase the demand for the expanded polystyrene, which drives the growth of this segment. In addition, the usage of expanded polystyrene in industrial & food packaging and some other applications like Infant car seats, chairs, and seating in sports cars creates demand for the expanded polystyrene.
1) By Product: EPS (Expanded Polystyrene.
2) Panel, Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel, Glass Wool Panel, and Other Products (Extruded Polystyrene Foam).
3) By Application: Walls & Floors, Roof, and Cold Storage.
North America Leads Insulated Panels Market
North America controlled the majority of the global market. The construction business in the United States has seen a rise in private construction investment throughout the years. In the region, the increased usage of insulated panels in green construction has created significant market demand. Furthermore, Asia Pacific is likely to be the fastest regional market due to the rapid growth of the residential and commercial construction sectors, as well as the implementation of various green building standards.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global insulated panels market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2021, the Riverside Company and PFB Corporation announced the completion of the acquisition of PFB by an affiliate of Riverside. PFB Corporation will run the business with the same network under Riverside. In Feb 2021, Nucor Corporation announced that it has successfully completed its acquisition of Cornerstone Building Brands' insulated metal panels (IMP) business for a cash purchase price of approximately $1 billion, subject to customary adjustments. The Nucor management team is in place and the CENTRIA and Metl-Span brands acquired from Cornerstone Building Brands are now a part of the newly created Insulated Panel Group, which also includes the Company's existing IMP business, TrueCore.
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Key players’ profiles in the insulated panels market report are Owens Corning, Kingspan Group, Rautaruukki Corporation, Premier Building Systems, P.F.B. Corporation, Isopan, American Insulated Panel, and All Weather Insulated Panels, Nucor Building Systems.
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