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Philippines Structural Insulated Panels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 70 Pages
  • March 2021
  • Region: Philippines
  • Mordor Intelligence
  • ID: 4758268
The Philippines Structural Insulated panels Market was estimated at over USD 920 thousands in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19. Owing to pandemic scenario, the country went into lockdown, which led to work stoppages, supply chain disruption, and labour shortages. All the construction activities were put on hold, which had a negative impact on the market. But, the condition is expected to recover in 2021, thereby driving the market during he forecast period.
  • Over the medium term, the market is driven by the increasing demand from the construction sector. Increased government spending and big-ticket infrastructure projects that are funded by foreign assistance and private capital, is likely to boost the market studied.
  • On the flip side, advancements in building technologies, such as modular construction techniques and negative impact of COVID-19 pandemic are hindering the market's growth.
  • Increasing cold storage applications are likely to act as a market opportunity for market growth in the future.
  • The building wall application dominated the market with a share of around 60%.

Key Market Trends

Increasing Demand for EPS Panels
  • Expanded polystyrene panels are the ones in which rigid cellular EPS insulated foam plastic is sandwiched between two outer skins of oriented strand board (OSB). This creates strong building panels that are used to construct exterior walls, roofs, ceilings, and floors.
  • Expanded Polystyrene insulation is a lightweight, rigid, and closed cell insulation. It is available in several compressive strengths and can withstand high loads and back-fill forces. This closed-cell structure provides minimal water absorption and very low vapor permeance.
  • Some of the advantages of selecting EPS panels are: Long-term R-Value (“R” is the resistance to heat flow), chemical inertness, energy efficiency, anti-bacterial, dimensional stability, high thermal resistance, and measurable energy savings.
  • EPS panels offer a high cost efficient and a high performing alternative to the extruded (XPS) polystyrene foam, thereby making it the perfect choice for many insulation and construction applications.
  • One of the chief advantage of using EPS Panels over others is that EPS is CFC- and HCFC-free and environmentally safe. Its another major advantage being EPS Structural Insulated Panel foam cores are recyclable. This relieves the strain on the petroleum reserves through efficient reuse of scrap material.
  • EPS panels are typically used as wall panels and ceiling panels in freezers, clean rooms, cool rooms, portable buildings, food production, and as cost-effective partitions and permanent or temporary interior walls.
  • All the above-mentioned properties of EPS panels are expected to increase their demand over the forecast period.

Increasing Demand for the Building Walls
  • Structural insulated wall panels are generally available in thicknesses of 4-1/2 inches and 6-1/2 inches. Manufacturing of curved wall panels are possible and it is often more practical to use stud framing for non-orthogonal geometries.
  • The whole wall R-value of a wall assembly is currently the best and the most followed method of quantifying the total thermal performance. The whole wall R-value takes the resistance of heat flown through an opaque cross sectional area of the insulation and structure into the accounts while the total loss of energy at the interfaces of the wall with the roof and floor are accounted.
  • The whole wall R-value of a 4-inch structural insulated wall panel is 14, whereas for a 2x4 wall it is less than 10. The whole wall R-value of a 2x6 wall is between 11 and 13.7, depending on the quality of the installation of batt insulation.
  • The elimination of thermal bridging and a more air tight envelope contributes to the higher whole wall R-value of structural insulated wall panels, compared to the conventional metal and wood stud walls.
  • The total volume of the panels used as structural insulated wall panels is much higher, compared to the volume of the panels used as structural insulated roof panels.
  • According to the Department of Trade and Industry (DTI), Philippine's construction industry stands to have a cumulative value of PHP 130 trillion, by 2030, with the implementation of the Philippine Construction Industry Roadmap, 2020 - 2030 which will be responsible for the high growth of the market studied over the forecast period.
  • All the aforementioned factors, in turn, increase the demand for the structural insulated panels.

Competitive Landscape

The Philippine structural insulated panels market is partly consolidated, with the top players accounting for major portion of the total market share. The major companies include Ultra Insulated Panel Systems Corporation, VBLLU Inc., iSTEEL, Metalink, and Union Galvasteel Corporation, among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Demand from the Construction Sector
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Advancements in Building Technologies, such as Modular Construction Techniques
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size by Value)
5.1 Product
5.1.1 Expanded Polystyrene (EPS) Panels
5.1.2 Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panels
5.1.3 Glass Wool Panels
5.1.4 Other Products
5.2 Application
5.2.1 Building Wall
5.2.2 Building Roof
5.2.3 Cold Storage
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ENERCON Specialty Building Systems Corporation
6.4.2 iSTEEL
6.4.3 Kingspan Group
6.4.4 Metalink
6.4.5 Shanghai Seventrust Industry Co. Ltd
6.4.7 Thermasip
6.4.8 Ultra Insulated Panel Systems Corporation (UIPSC)
6.4.9 Union Galvasteel Corporation
6.4.10 VBLLU Inc.
7.1 Increasing Cold Storage Applications

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ENERCON Specialty Building Systems Corporation
  • iSTEEL
  • Kingspan Group
  • Metalink
  • Shanghai Seventrust Industry Co. Ltd
  • Thermasip
  • Ultra Insulated Panel Systems Corporation (UIPSC)
  • Union Galvasteel Corporation
  • VBLLU Inc.