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Philippines Structural Insulated Panels Market Size (2024 - 2029)

The market size of structural insulated panels in the Philippines is projected to experience growth over the forecast period, driven by rising demand from the construction sector and increased government spending on infrastructure projects. Despite the negative impact of the COVID-19 pandemic, which caused disruptions in construction activities, the market has shown recovery. While advancements in building technologies like modular construction may pose challenges, the growing need for cold storage applications presents opportunities for further expansion. The building wall application remains the dominant area within the market.

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Market Size of Philippines Structural Insulated Panels Industry

Philippines Structural Insulated Panels Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 1.01 Million
Market Size (2029) USD 1.26 Million
CAGR (2024 - 2029) > 4.00 %
Market Concentration High

Major Players

Philippines Structural Insulated Panels Market Major Players

*Disclaimer: Major Players sorted in no particular order

Philippines Structural Insulated Panels Market Analysis

The Philippines Structural Insulated Panels Market size is estimated at USD 1.01 million in 2024, and is expected to reach USD 1.26 million by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19. The country went into lockdown due to the pandemic, which led to work stoppages, supply chain disruption, and labor shortages. All the construction activities were put on hold, which had a negative impact on the market. However, the condition recovered in 2021 and 2022, driving the market during the forecast period.

  • Over the medium term, the market is driven by the increasing demand from the construction sector. Increased government spending on infrastructure projects funded by foreign assistance and private capital will likely boost the market studied.
  • Conversely, advancements in building technologies, such as modular construction techniques, might hinder the market's growth.
  • Increasing cold storage applications are likely to act as an opportunity for market growth in the future.
  • The building wall application dominated the market among all other application areas for structural insulated panels.

Philippines Structural Insulated Panels Industry Segmentation

Structural insulated panels are engineered composite load-carrying panel products consisting of a rigid insulating foam core sandwiched between two structural facings. The materials used to produce these building components may vary greatly in the structural sheathing and the inner insulation core.

The Philippines Structural Insulated Panels Market is segmented by product and application. By product, the market is segmented into expanded polystyrene panels, rigid polyurethane and rigid polyisocyanurate panels, glass wool panels, and other products (Compressed straw-core insulated panels). By application, the market is segmented into building wall, building, roof, and cold storage. For all the segments, the market sizing and forecasts have been done on the basis of value (USD).

Product
Expanded Polystyrene (EPS) Panels
Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panels
Glass Wool Panels
Other Products
Application
Building Wall
Building Roof
Cold Storage
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Philippines Structural Insulated Panels Market Size Summary

The structural insulated panels market in the Philippines is poised for growth, driven by increasing demand from the construction sector. The market, which faced setbacks due to the COVID-19 pandemic, has shown signs of recovery and is expected to expand over the forecast period. Government initiatives, such as the 'Build, Build, Build' program, are significantly boosting infrastructure development, thereby enhancing the demand for structural insulated panels. These panels, particularly those made from expanded polystyrene (EPS), are favored for their cost-efficiency and environmental benefits, making them a popular choice for various construction applications, including wall and ceiling panels.

The market landscape is characterized by a mix of established players and emerging opportunities, with companies like Ultra Insulated Panel Systems Corporation and Union Galvasteel Corporation leading the charge. The demand for EPS panels is expected to rise due to their lightweight, rigid, and closed-cell properties, which offer excellent insulation and structural support. Additionally, the growing interest in cold storage applications presents further opportunities for market expansion. Despite potential challenges from advancements in building technologies, the overall outlook for the structural insulated panels market in the Philippines remains positive, supported by robust government infrastructure spending and a thriving construction industry.

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Philippines Structural Insulated Panels Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Construction Sector

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Advancements in Building Technologies, such as Modular Construction Techniques

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product

      1. 2.1.1 Expanded Polystyrene (EPS) Panels

      2. 2.1.2 Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panels

      3. 2.1.3 Glass Wool Panels

      4. 2.1.4 Other Products

    2. 2.2 Application

      1. 2.2.1 Building Wall

      2. 2.2.2 Building Roof

      3. 2.2.3 Cold Storage

Philippines Structural Insulated Panels Market Size FAQs

The Philippines Structural Insulated Panels Market size is expected to reach USD 1.01 million in 2024 and grow at a CAGR of greater than 4% to reach USD 1.26 million by 2029.

In 2024, the Philippines Structural Insulated Panels Market size is expected to reach USD 1.01 million.

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