North America Insulated Metal Panels Market Growth and Recent Trends by 2030

The North America insulated metal panels market size was valued at US$ 1,618.39 million in 2022 and is expected to reach US$ 2,736.31 million by 2030; it is estimated to register a CAGR of 6.8% from 2022 to 2030.

MARKET ANALYSIS

Insulated Metal Panels (IMPs) are lightweight composite exterior wall and roof panels that have two layers of coated thin sheet metal (usually steel or aluminum) wrapped around a rigid foam core to form a stiff composite. IMPs provide strong thermal and moisture resistance. Insulated metal panels provide numerous advantages over conventional building materials. Contractors, designers, and owners of industrial, commercial, and refrigerated buildings have relied on insulated metal panels for ease of installation, excellent thermal efficiency, and overall structural integrity. Insulated metal panels are used in various applications due to their excellent performance and competitive in-place costs. Its applications include manufacturing facilities, healthcare facilities, cold storage & food-processing plants, aircraft hangars & service facilities, schools & universities, sports complexes, warehousing & distribution centers, and convention centers. The North America insulated metal panels market growth is further fueled by the growing adoption of insulated metal panels in modern construction.

GROWTH DRIVERS AND CHALLENGES

The North America insulated metal panels market size is likely to surge by 2030 owing to new product innovations. Moreover, in North America, the construction industry is one of the main contributors to the economy. Factors such as the increasing population, rapidly growing residential, commercial, and industrial construction sectors, and rising spending on construction activities are driving the growth of the construction sector in the region. The US has experienced a striking surge in construction spending for manufacturing facilities. Since the end of 2021, real manufacturing construction spending has almost doubled. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS Act each provided tax incentives and direct funding for public and private manufacturing construction. This has resulted in a boom in the construction of manufacturing facilities, positively influencing the demand for insulated metal panels.

The growing construction of cold storage facilities is also driving the demand for insulated metal panels. Temperature-controlled insulated metal panels that maintain a stable interior environment and protect perishable goods and other products, regardless of the exterior weather conditions, are highly used by cold storage facilities. Furthermore, players operating in the North America insulated metal panels market focus on developing new, innovative, and high-quality products in order to fulfill the growing customer demand. These market players are focusing on the design, construction, and advancement of insulated metal panels for walls, roofs, and other applications. They are developing high-quality insulated metal panels to overcome the growing energy, environmental, and economic challenges faced by the building industry in North America. For instance, in November 2023, All Weather Insulated Panels introduced two new mineral wool panels to its existing category of fire-rated insulated metal panels. The pair of new mineral wool panels—HE42-MW and PL42-MW—are noncombustible and provide hourly ratings. However, alternative products such as other structural insulated panels using different materials for the skins, phenolic panels, wood, concrete, bricks, and others for insulated metal panels are also available in the market. Products such as wood, concrete, and brick are highly used for walls. Concrete tile and asphalt tile find application in roofs. Concrete construction provides a more durable wall system than metal, and concrete walls do not rot when exposed to moisture. Also, concrete does not rust when exposed to moisture, unlike steel.

Various ecological and performance-driven advantages of wood make it an unparalleled choice for builders and architects. Tensile strength, electrical and heat resistance, and sound absorption are a few of the benefits of wood as a building material. Unlike concrete and metals, wood can be grown and regrown through natural processes.

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North America Insulated Metal Panels Market: Strategic Insights

North America Insulated Metal Panels Market

• Market Size 2022
  US$ 1,618.39 Million
• Market Size 2030
  US$ 2,736.31 Million

Market Dynamics

GROWTH DRIVERS

• Increasing demand for energy-efficient building solutions.
• Expanding construction activities in commercial sectors.
• Growing awareness of sustainable building materials.

FUTURE TRENDS

• Emphasizing energy efficiency in building materials for sustainability.
• Adopting advanced insulation technologies for better thermal performance.
• Increasing demand for lightweight materials in construction projects.

OPPORTUNITIES

• Expanding sustainable building materials for eco-friendly projects.
• Developing smart insulation solutions for energy-efficient homes.
• Innovating lightweight metal panels for faster construction processes.

Regional Overview

• North America

Market Segmentation

Material

• Polyurethane
• Polyisocyanurate
• Mineral Wool
• Polystyrene

Core Type

• Foamed-in-place and Rigid Core

Application

• Roof
• Wall

End Use

• Construction
• Cold Storage
• Food & Beverage
• Pharmaceutical
• Automotive

REPORT SEGMENTATION AND SCOPE

The "North America Insulated Metal Panels Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on North America market trends and growth opportunities. The report aims to provide an overview of the North America market with detailed market segmentation on the basis of application and geography. The report provides key statistics on the use of insulated metal panels across the world, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the insulated metal panels market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the insulated metal panels market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, insulated metal panels market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the North America insulated metal panels market, which helps understand the entire supply chain and various factors influencing the market growth.

SEGMENTAL ANALYSIS

The North America insulated metal panels market is segmented on the basis of material, core type, application, and end use. Based on material, the North America insulated metal panels market is segmented into polyurethane, polyisocyanurate, mineral wool, polystyrene, and others. The polyurethane segment accounts for the significant North America insulated metal panels market share. The polyurethane core within insulated metal panels represents a pinnacle of innovation in modern construction, seamlessly combining insulation efficiency with structural integrity. At its core, polyurethane foam stands as a testament to engineering ingenuity, boasting a closed-cell structure that not only acts as a barrier against thermal conductivity but also prevents moisture ingress, safeguarding the building envelope from potential damage and mold growth. This closed-cell configuration bestows upon the panels an exceptionally high R-value, indicating its unparalleled ability to impede heat flow, thereby reducing energy consumption and enhancing indoor comfort levels. Based on core type, the North America insulated metal panels market is segmented into foamed-in-place and rigid core. The rigid core segment accounts for the significant north America insulated metal panels market share.

The rigid core represents a robust and efficient solution within the domain of insulated metal panels, offering a blend of structural integrity and thermal insulation performance. This core construction involves the insertion of pre-formed rigid foam blocks, typically made of polystyrene or polyurethane, between two metal panels. These rigid cores are strategically positioned within the panel's frame to provide optimal thermal resistance and support. Polystyrene rigid foam blocks are valued for their affordability, lightweight nature, and good thermal insulation properties. Despite being lightweight, polystyrene foam offers excellent compressive strength and dimensional stability, ensuring long-term structural integrity within the insulated metal panels. Additionally, its closed-cell structure effectively minimizes heat transfer, contributing to energy efficiency and interior comfort. Based on application, the North America insulated metal panels market is segmented into roofs, walls, and others. The wall segment accounts for the largest market share.

Insulated metal panels have become a cornerstone in modern wall construction, offering a multifaceted solution to the evolving needs of modern construction. The integration of high-quality insulation materials within the panels mitigates thermal bridging, effectively reducing heat transfer and ensuring optimal energy efficiency in buildings. This translates into tangible benefits such as reduced heating and cooling costs, environmental impact, and enhanced occupant comfort. Based on end use, the North America insulated metal panels market is segmented into construction, cold storage, food and beverage, pharmaceutical, automotive, and others. The cold storage segment accounts for the largest market share.

Insulated metal panels have become a popular choice for cold storage facilities due to their exceptional thermal insulation properties and durability. Cold storage facilities require a controlled environment to maintain the freshness and quality of perishable goods such as food, pharmaceuticals, and chemicals. Insulated metal panels provide excellent insulation, preventing heat transfer and maintaining a stable temperature inside the facility. The high R-value of insulated metal panels helps to minimize energy loss, reducing heating and cooling costs. This is particularly important in cold storage facilities where maintaining a consistent temperature is crucial.

North America Insulated Metal Panels Market – by Core Type, 2022 and 2030

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REGIONAL ANALYSIS

The report provides a detailed overview of the North America insulated metal panels market with respect to three major countries—The US, Canada, and Mexico. The US accounted for the largest North America market share and was valued at over US$ 1,400 million in 2022. The US marks a large number of modern construction activities in the region. The market in Canada is expected to reach over US$ 140 million by 2030. The market in Mexico is expected to record a CAGR of ~4% from 2022 to 2030. The North America insulated metal panels market growth is driven by factors such as the growing use of insulated metal panels from various application sectors, strong growth of the construction industry, and various advantages of insulated metal panels. The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Coolstructures Inc., Metalcor Building Systems Inc., Cornerstone Building Brands Inc., Metal Sales Manufacturing Corp, Panexus Inc., Kingspan Group Plc, Nucor Corp, All Weather Insulated Panels, Brucha Gesellschaft mbH, and Vulcan Steel Structures Inc are among the prominent players profiled in the North America insulated metal panels market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The North America insulated metal panels market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Some initiatives taken by the key players operating in the North America insulated metal panels market are listed below:

• In April 2023, Kingspan launched its lowest-ever embodied carbon access floor panel for commercial offices.

North America Insulated Metal Panels Report Scope