The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Structural Insulated Panel Market.
It was estimated prior to this unanticipated outbreak Structural Insulated Panel Market will reach CAGR of 6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Structural Insulated Panel Market Insights
Structural Insulated Panel market is likely to witness a healthy CAGR of 6% during the forecast period. The prime factor contributing towards the growth of the structural insulated panel market is the rising demand from the construction sector and cold storage applications.
Market Share Analysis
Structural Insulated Panel Market Share: By Application Type
Based on the application type, the market is segmented as building wall, building roof, and cold storage. The building wall segment held the largest share of the market in 2019, and is also expected to grow at the fastest pace during the forecast period, driven by the increasing demand from residential sector.
Structural Insulated Panel Market Share: By Region
In terms of regions, North America dominated the market in 2019, and is estimated to maintain its leading position during the forecast period as well. The region’s dominance is majorly due to the rising construction activities in Canada and Mexico. Over the years, The USA has witnessed a good increase in the growth of private construction spending. Also, the current trend of multi-family building has led the US Census Bureau to provide more permits for construction of new residential buildings.