The insulated panels market is valued at approximately USD 9,364.7 million in 2021 and is predicted to exceed at a significant CAGR of 4.7 percent between 2022 and 2028. Green building standards and regulations that encourage the use of building insulation materials to reduce overall energy consumption and increase expenditures in the construction of cold chain infrastructure around the world are anticipated to propel the industry forward. The market is expected to develop due to the increasing use of structural insulated panels in the construction industry. The market is attributed to the rise of the construction sector, driven by urbanization, simplified utility, and decreased costs of insulated wall panels. The environmentally friendly characteristics of insulated wall panels are projected to propel the insulated wall panel market to new heights. With increasingly rigorous legislation surrounding commercial properties, developers are encouraged to keep pace with the technology to create energy-efficient buildings. In 2021, EPS is expected to be the most popular insulation material in the insulated panels market. The most popular core material is expanded polystyrene (EPS), accounting for more than 85 percent of all structural insulated panels. EPS comprises millions of small air-filled pockets in a closed-cell, moisture-resistant structure. It does not typically emit ozone-depleting chlorofluorocarbons (CFCs).
Recent Market Developments:
In July 2021, Owens Corning has acquired vliepa GmbH, which specializes in the coating, printing, and finishing of nonwovens, paper, and film for the building materials industry. The acquisition broadens Owens Corning’s significant global nonwovens portfolio to better serve European customers and accelerate growth of building and construction market applications in the region.
In August 2021, Kingspan Insulation announces the acquisition of New Zealand’s Thermakraft Ltd, positioning itself to provide a broader range of solutions to its customers both in Australia and New Zealand.