According to the research report titled ‘Global Structural Insulated Panels Market Size study, by Product (EPS Panel, PUR Panel, PIR Panel, Glass Wool Panel, Others), by Application (Building Wall, Building Roof, Cold Storage) and Regional Forecasts 2020-2027’, available with Market Study Report, global structural insulated panels market was worth USD 449.4 million in 2019 and is projected to register an appreciable growth rate of 6.1% through 2027.
 

As per the findings of the report, growing acceptance of eco-friendly and greenhouse systems in developed countries like the US, along with rising demand for energy efficient solutions and affordable housing are promulgating the growth of global structural insulated panels market. In addition, according to the UN Sustainable Development Goals in 2017, investment amounting to 3.8% of global GDP in infrastructure development to be recorded between 2016 and 2030 will further enhance the business landscape. Besides, increasing cognizance pertaining to reducing wood use in consideration of afforestation and safety of the ecosystem is positively impacting the industry expansion.
 

Moreover, rise in demand for cold storages due to growth of food & beverage industry especially in emerging nations serves as a major growth impetus for global structural insulated panels market. In fact, the data by Statista in 2020 cites food & beverage consumers are increasing by 14% each year globally and will continue to grow, indicating a higher demand for structural insulated panels for cold storage applications in the upcoming years.
 

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For the uninitiated, structural insulated panels are lightweight materials majorly used in construction industry with benefits such as easy installation and enhanced quality of construction. These panels also act as a viable alternative for traditional wood and steel components. With minimal electricity consumption, these panels can maintain optimal room temperature due to their exceptional resistance to low and high temperature. Owing to these properties together with their cost-effectiveness, structural insulated panels also find application in cold storages in food & beverage industry to store perishable food items at low temperature.
 

Despite the positive outlook of global structural insulated panels market, the high costs incurred for raw materials and additional cost of transportation are likely to restrain the industry growth over the evaluation period.
 

From a geographical standpoint, North America currently leads the global structural insulated panels market owing to increase in investments for construction of private and residential buildings. Meanwhile, Asia Pacific market is anticipated to expand at a robust pace during the estimated timeframe, attributable to flourishing construction sector coupled with escalating demand for cold storages and warehouses due to growth of food & beverage industry across the region.
 

Key players operating in global structural insulated panels market are Romakowski GmbH & Co. KG, Metecno India Private Limited, Lattonedil Spa Milano, Isopan (Manni Group S.p.A), Insulspan Inc., Future Building of America Co., Foard Panel Inc., Eagle Panel Systems Inc., ACME Panel Company, and Kingspan Group plc