U.S. and Mexico Insulated Panels Market to cross USD1.1 Billion by 2026
U.S. and Mexico Insulated Panels Market Report, published by Allied Market Research, forecasts that this market was valued at $633.7 million in 2018 and is estimated to reach $1,011.8 million by 2026, growing at a CAGR of 5.9% from 2019 to 2026.
Insulated panels are prefabricated high-performance structures used in the construction of walls, floors, ceilings, and roofs. The use of insulated panels in the construction industry replaces the conventional stick frame construction. These panels are preferred over conventional building material as they provide high performance and green building qualities, which help in saving the construction time, money, and labor. Insulated panels are manufactured by sandwiching an insulated foam between two skin layers. Polyurethane and polystyrene are some of the commonly used insulated foam materials in insulated panels.
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Cold storage is a major end use of insulated panels, as the demand for cold storage for frozen poultry & meat, ice-cream & dairy products, frozen fruits & vegetables, and chemical storage is increasing due to rapid industrialization in the Mexico region.
The factors driving the growth of the U.S. and Mexico insulated panels market include high-paced urbanization and globalization and increase in demand for refrigerated vehicles and cold storage containers. However, vulnerability to pests and susceptibility to moisture are expected to hamper the structure of insulated panels. As a result, this factor is expected to restrain the growth of the market. The eco-friendly nature of insulating panels is expected to provide a major opportunity for market expansion.
The U.S. and Mexico insulated panels market is segmented based on foam type, skin material, end-use industry and country. Based on foam type, the market is segmented into polyurethane foam, polystyrene, and others.
The polystyrene material-based insulated panels market is anticipated to witness swift growth owing to its excellent properties such as high-insulation, fire resistance, moisture and chemical inertness, lightweight nature, and high compressive strength compared to other foam types.
On the basis of skin material, the market is segmented into steel—steel, steel—cardboard, cardboard—cardboard, and others. The steel—steel insulated panels segment is projected to dominate the other segments, owing to its high strength, and corrosion resistance, which increases the life span of the overall insulating panel.
Based on the end-use industry, the market is divided into construction, warehouses, cold storage, and others. Cold storage is expected to register the highest CAGR during the analysis period, owing to the rapid growth in supermarket, convenience stores, butchery, and processing area in various food industries and restaurants. Increase in use of insulated panels in cold storage and other distribution channels is expected to offer growth to the market.
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Key Findings of U.S. and Mexico Insulated Panels market:
- The polyurethane segment accounted for a share of nearly 31% in the U.S. and Mexico Insulated Panels market in 2018.
- The cold storage segment is anticipated to grow with the highest CAGR throughout the forecast period.
- In U.S. and Mexico insulated panels market share, Mexico accounted for more than 35% of the U.S. and Mexico insulated panels market in 2017.
- The Mexico is anticipated to grow at the highest rate in the U.S. and Mexico insulated panels market during the forecast period, followed by U.S.
- In U.S. and Mexico insulated panels market size, the U.S. accounted for $414.5 million in 2018 and is anticipated to reach $650.3 million by 2026, growing with a CAGR of 5.7% during the forecast period.
The key players profiled in this report include Centria, All Weather Insulated Panels, Butler Manufacturing, Laminators Inc., Advanced Insulation Concepts Inc., Alply Inc., Green Span Profiles, Industrias Unypanel SA DE CV, Metecno SPA, and Ecostruct Panel Systems.
In order to stay competitive in the market, these market players are adopting strategies such as product launch and business expansion. In an instance, All Weather Insulated Panels launched OneDek insulated panel wall systems. On February 2018, Centria launched Formwall insulated panels with halogen free foams to enhance its product portfolio. On August 2016, Centria launched MetalWrap Integrated series and Long span series, further expanding its insulated composite backup panels.