Global metal structural insulation panel market is expected to register substantial growth by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Expansion of the cold storage industry is the major factor augmenting the metal structural insulation panels (MSIP) market. Growing demand for processed & frozen food pertaining to hectic lifestyle, ease of cooking, and food preference changes will foster the cold storage sector. This factor, along with rapid industrialization will aid the market growth, cites the study.
As per the study, the high insulation advantages of the panels find application across commercial and residential sectors. As 50% of the energy used in residences is for heating and cooling activities, hence use of metal structural insulation panels improves the thermal efficiency and reduces electricity expenses. Increasing demand for advanced building materials which enhance energy efficiency and ensure durability of the structure will propel the market outlook.
Moreover, favorable government directives & standards such as Energy Star Home protocol by EPA, are encouraging the market players to provide innovative solutions having high quality and low cost. The manufacturers are expected to undertake R&D activities and come up with technological advancements to offer product differentiations with enhanced thermal insulation properties.
Based on the application spectrum, MSIP market from walls application was the dominant segment with net worth of US $3.2 billion in 2017, owing to the surging use of thermally insulated and energy efficient walls in the buildings. On the other hand, roofs application segment is presumed to grow with a CAGR of more than 2% by the year 2024, owing to increasing demand for energy efficient roofs across various industrial and commercial spaces.
The report cites that the government in North America is encouraging the use of metal structural insulation panels for roofing construction and hence provides various state, federal, and local tax benefits to residents for saving energy and going green.
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Considering the regional contribution, Asia Pacific MSIP market is anticipated to witness significant growth over the forecast period. The regional growth can be attributed to the heavy investments in R&D activities for development of energy-efficient residential & commercial buildings. Furthermore, market contenders are collaborating with contractors to achieve competitive edge. For instance, Kingspan collaborated with Roofdec Ltd in 2017 to construct energy-efficient warehouse for IKO Polymeric using Kingspan’s metal insulated panels.
Additionally, Europe product market is predicted to surpass US $23 billion by the year 2024, pertaining to favorable government strategies such as Nearly Zero Energy Building Program and others, to improve commercial infrastructures. In line with this, European Union updated the Energy Efficiency Directive in 2016, wherein the new energy efficiency target for new constructions was defined to be 30% by 2030.
Prominent contenders operating in the metal structural insulation panels market include Kingspan, MIB Facades Limited, LEEP, Inc., Tata Steel, Flexospan Steel Buildings, Thermasteel, Direct Metals Co., LLC, Jindal Mectec, and PermaTherm among others.