Vacuum Insulation Panels Market is expected to grow at a robust CAGR.
Global
Vacuum Insulation Panels Market is expected to grow owing to booming
infrastructure industry throughout the forecast period.
According
to TechSci Research report, “Vacuum
Insulation Panels Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Vacuum Insulation Panels
Market is expected to register robust growth during the
forecast period.
The market growth is
primarily driven by the vacuum insulation panel, comprising an airtight
envelope enclosing a rigid core with evacuated air. It finds extensive
applications in building construction, refrigeration equipment, insulated
shipping containers, and more, offering superior insulation performance
compared to conventional methods. The global vacuum insulation panels market is
witnessing substantial expansion, attributed to the booming construction
industry and growing demand for refrigerated containers in the transportation
sector.
A
substantial portion of the global building stock is already constructed.
Retrofitting existing buildings with VIPs presents a remarkable potential for
energy savings. The retrofit market offers a significant growth opportunity for
VIP manufacturers and contractors specializing in energy-efficient renovations.
The
automotive industry is undergoing a notable transition towards electric
vehicles, necessitating the implementation of advanced thermal management
solutions. Vacuum insulation panels (VIPs) offer an excellent means of
enhancing insulation in EVs, thereby optimizing battery performance and
extending driving range. Collaborating with automakers to seamlessly integrate
VIPs into EV designs presents a substantial opportunity for growth and
innovation.
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Based
on core material, Silica
segment is expected to dominate the market during the forecast period. Silica-based
VIPs are known for their outstanding thermal insulation performance. They
achieve this through a highly porous core material made primarily of amorphous
silica aerogel, which has an extremely low thermal conductivity. This low
thermal conductivity allows silica VIPs to provide superior insulation compared
to traditional materials like foam or fiberglass. Silica VIPs typically offer
one of the highest R-values per unit thickness among insulation materials. This
means they can provide the same level of insulation as thicker traditional
materials, allowing for space-saving designs. Silica VIPs are thin and
lightweight, making them suitable for applications where space constraints are
a concern. Their thin profile doesn't compromise their insulation performance.
Silica VIPs contribute to maintaining temperature-controlled environments in
refrigerated trucks, shipping containers, and cold storage facilities. They
ensure the efficient preservation of perishable goods and pharmaceuticals.
Based
on end-use, Construction segment is projected to dominate the market throughout
the forecast period. Vacuum insulation panels (VIPs) are highly promising
insulation materials with exceptional thermal insulating capacity, garnering
widespread acceptance in the construction industry. They offer numerous
advantages in the construction sector, including reduced building component
thickness, increased indoor space utilization, optimized land use, and
recyclability of constituent materials after their service life. According to
the US Census Bureau, the value of commercial construction in the United States
reached USD 114.79 billion in 2022, reflecting a significant 17.63% increase
compared to the previous year. Moreover, regions such as Asia-Pacific, the Middle
East, and Africa are witnessing substantial domestic and foreign investments in
industrial units, hospitals, malls, theaters, hotels, and the IT sector, which
is expected to drive the demand for vacuum insulation panels. Saudi Arabia, in
particular, is experiencing a surge in real estate developments, growing demand
for residential properties, and government initiatives to enhance
socio-economic infrastructure, thereby boosting the vacuum insulation panel
market in the country. Notably, one of Saudi Arabia's key initiatives under
Vision 2030 is housing, which is anticipated to generate demand for vacuum
insulation panels in the country's construction industry in the coming years.
According to a study by the Institution of Civil Engineers (ICE), the global
construction industry is projected to reach USD 8 trillion by 2030, driven
primarily by China, India, and the United States. Furthermore, the increasing
number of building codes and policies mandating energy-efficient structures is
further accelerating the adoption of eco-friendly and energy-conserving
materials in the construction sector.
Key
market players in the Global Vacuum Insulation Panels Market are:-
- Avery Dennison Corporation
- Chuzhou Yinxing Electric Co. Ltd
- Etex Group
- Evonik Industries AG
- KCC Corporation
- Kingspan Group
- Knauf Insulation
- Morgan Advanced Materials
- TURNA d.o.o
- Vaku -Isotherm GmbH
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“The
Vacuum Insulation Panels Market in Asia Pacific is poised to be the dominant
force in the industry. Certain regions in the Asia-Pacific encounter severe
weather conditions, characterized by scorching summers and harsh winters. VIPs
offer exceptional thermal insulation, making them a preferred option for areas
that demand precise temperature control. As a result, their utilization in
construction projects has witnessed a rise in countries such as Japan, South
Korea, and China.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Vacuum
Insulation Panels Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented By Type (Flat Panel
and Special Shape Panel), By Raw Material (Plastics, Metal and Others), By Core
Material (Silica, Fiberglass and Others), By End-Use (Construction, Cooling
& Freezing Devices, Logistics and Others), By Region, By Competition
Forecast & Opportunities, 2018-2028,” has evaluated the future growth
potential of Global Vacuum Insulation Panels Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Vacuum Insulation Panels Market.
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