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
Market Size Value in US$ 1,618.39 million in 2022 Market Size Value by US$ 2,736.31 million by 2030 Growth rate CAGR of 6.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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North America Insulated Metal Panels Market: Strategic Insights
| Market Size Value in | US$ 1,618.39 million in 2022 |
| Market Size Value by | US$ 2,736.31 million by 2030 |
| Growth rate | CAGR of 6.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, Core Type, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Based on application, the North America insulated metal panels market is segmented into foamed-in place and rigid core. The foamed-in-place core is a pivotal component within insulated metal panels, representing a cutting-edge approach to building envelope insulation. This innovative core construction involves injecting a liquid insulating material, typically polyurethane or polyisocyanurate foam, between two metal panels, where it expands and solidifies to form a seamless and structurally integral bond.
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. 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.
The major players operating in the North America insulated metal panels market are 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.
Based on material, the market is subsegmented into polyurethane, polyisocyanurate, mineral wool, polystyrene, and others. The polyisocyanurate segment accounts for the largest North America insulated metal panels market share. Polyisocyanurate foam stands as a reliable option within the realm of insulated metal panels, offering a robust solution to energy efficiency and structural integrity. Renowned for its exceptional thermal performance, polyisocyanurate foam is the core material in insulated metal panels, augmenting their insulating capabilities.
Insulated metal panels are versatile and are available in a variety of colors, finishes, accessories, sizes, and profiles. Insulated metal panels have high strength and durability, which allow them to support heavier load-bearing designs. They are resistant to wear and tear, weathering, and corrosion; hence, they require less maintenance over their lifespan. This results in lower cost of maintenance and less waste generated from repairs and replacements.
The List of Companies - North America Insulated Metal Panels Market
- 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
- Vulcan Steel Structures Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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