Metal Structural Insulation Panels Market | Business Scope for the Forecast period 2024
Category: #business  By Rahul Varpe  Date: 2020-10-15
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Metal Structural Insulation Panels Market | Business Scope for the Forecast period 2024

Rapid industrialization coupled with cold storage industry expansion are driving the metal structural insulation panels market. Expanding frozen & processed foods demand owing to busy lifestyle, changing food preferences, and ease in cooking is escalating the demand for cold storage applications. According to Global Cold Chain Alliance (GGCA), the global cold storage capacity has increased to 616 million m3 in 2018.

Positive application outlook across the commercial & residential sector owing to high insulation advantages offered are further supporting the business growth. Heating & cooling accounting for around 50% of the energy use in residential applications. Thus, structural insulated panels reduce the electricity expenses by improving the thermal efficiency. Growing demand for advanced building materials offering more durable and energy efficient buildings will drive the product demand.

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Industry participants are expected to focus on product differentiation by enhancing the thermal insulation through technological advancements and significant R&D investment. For instance, Kingspan's R&D investment grew from USD 27.4 million in 2016 to USD 30.7 million in 2017. Manufacturers are expected to form long term collaboration with raw material suppliers to reduce the overall operating cost & improve profit margin.

Supporting government regulations and standards including EPA's Energy Star Home protocols are playing a significant role in augmenting the metal structural insulation panels market. For instance, the U.S. Department of Energy is planning to significantly reduce the amount of residential energy consumption by providing zero-energy home developments by 2020. These standards will enable industry participants to improve the quality and offer low-cost innovative solutions.

Walls segment dominated the metal structural insulation panels market, accounted for over USD 3.2 billion in 2017. Increasing usage for energy efficient and thermal control walls in buildings will enhance the segment dominance. For instance, in October 2014, MBCI developed MasterLine 16, metal insulation wall panel that provide a superior air and water infiltration resistance in both horizontal and vertical installation application.

Roofs segment is expected to register CAGR over 2% up to 2024. Increasing energy efficient roofs demand in a wide range of commercial and industrial applications is driving the segment growth. In North America, the government support metal structural insulation panels roofing in the construction of by providing several federal, state, and local tax incentives for going green with insulated metal roof panels and helping in saving the energy cost.

Asia Pacific metal structural insulation panels market will grow significantly owing to increased investments in R&D for construction of energy-efficient commercial & residential buildings. Industry participants are engaged in collaboration with contractors and builders to gain competitive edge. For instance, in August 2018, Kingspan announced to develop an energy-efficient warehouse for IKO Polymeric with Kingspan metal insulated panels. Kingspan collaborated with Roofdec Ltd to complete the project within the specified time and budget.

Europe metal structural insulation panels market is expected to exceed USD 23 billion by 2024. Favorable government policies such as Nearly Zero Energy Buildings Program to improve the performance of commercial infrastructure is supporting the regional growth. For instance, On 30th November 2016, the European Commission proposed an update to the Energy Efficiency Directive for new construction by including a new target to improve the energy efficiency of buildings up by 30% by 2030.

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Key players in the metal structural insulation panels industry include Tata Steel, Kingspan, Thermasteel, MIB Facades Limited, Flexospan Steel Buildings, PermaTherm, LEEP, Inc., and Direct Metals Co., LLC. Partnerships and joint ventures are among the prominent strategies adopted by the industry participants for improving their market share. For instance, in May 2018, Jindal Mectec announced a strategic collaboration with the Kingspan for the development of proprietary insulation core technologies to increase their market share.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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