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Vacuum Insulation Panels Market

Vacuum Insulation Panels Market

by Raw Material (Plastics and Metals), Core Material (Silica, Fiberglass, and Others), Type (Flat Panel and Special Shape Panel), and End User Industry (Construction, Cooling & Freezing Devices, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A01229
Pages: 382
Mar 2022 | 12713 Views
Author(s) : Marpu Vinod, Prakhar Jain , Eswara Prasad
Tables: 245
Charts: 48
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COVID-19

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Vacuum Insulation Panels Market Outlook - 2021–2030

The global vacuum insulation panels market size was valued at $7.4 billion in 2020, and is projected to reach $11.6 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Vacuum insulated panel is a form of thermal insulation consisting of a gas-tight enclosure surrounding a rigid core, from which the air has been evacuated. It has wide range of applications in the building construction, refrigerating units, and insulated shipping containers to provide better insulation performance than conventional insulation materials. The global vacuum insulation panels market is driven considerably owing to the growing construction and increase in the demand for cold storage container in the transportation sector.   

The rapid industrialization and urbanization have bolstered the demand for the construction sector, the ever increasing global warming have led to various climatic changes, hence creating an opportunity for the demand for vacuum insulation panels in the construction sector. The presence of highly developed marine transportation infrastructure across the globe among the developed and developing countries have positive impact on the demand for the vacuum insulation panels market. The presence of huge population, increase in middle-class income, and urbanization has created opportunities for the development of the vacuum insulation panels market.

The main reasons that hinder the development of the market are the relative high cost, compared to conventional insulation materials; their great sensibility to mechanical damage as puncturing the vacuum insulated panel envelope causes an increase in the thermal conductivity; and the unknowns about their durability and consequent performance along their whole lifespan. The global vacuum insulation panels market is segmented on the basis of raw material, core materials, type, end use, and region. 

Based on the raw materials used for manufacturing, the market is segmented into plastics and metals. The core material segment of the vacuum insulation panels market is broadly classified into silica, fiberglass, and others. The type segment of the vacuum insulation panels market is broadly classified into flat panel, special shape panel. The end use of the market is categorized into construction, cooling & freezing devices, logistics, and others. The construction sector accounted for the highest market share, owing to increased installation of Vacuum Insulation Panels products in commercial, infrastructure, and other projects. The global vacuum insulation panels market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is the leading region in terms of demand for Vacuum Insulation Panels, and is expected to maintain its dominance during the forecast period. The high adoption of Vacuum Insulation Panels products in the region would continue to bolster the vacuum insulation panels market size.

The key players operating in the global vacuum insulation panels market are Evonik Industries AG, LG Hausys Ltd., Panasonic Corporation, BASF SE, Rockwool International, Kingspan group LLC. Bridgestone, DOW Corning Corporation, Thermocor, and Microtherm.

The other players (not profiled in the report) operating in this market are OCI Company Ltd., PorexthermDämmstoffe GmbH, OCI Company Ltd., Va-Q-Tec AG, Kevothermal LLC., and PorexthermDämmstoffe GmbH are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the vacuum insulation panels market in the forecast period.

Vacuum Insulation Panelsmarket, By Region

Asia-Pacific occupies the largest part of the vacuum insulation panels market and consists of countries such as China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. The rapid growth in the development of the market is due to the robust demand for vacuum insulation panels (VIPs) from the construction, as well as logistics and warehouse industries. In India, the government’s target for investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country. In Indonesia, the government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to provide a boost to residential construction in the country. Hence, all such investments and planned projects in the Asia-Pacific countries are providing a boost to construction activities in the region, which are anticipated to drive the demand for VIPs in the region, during the forecast period. Moreover, recent policy reforms in India, such as the Real Estate Act, GST, REITs, etc., are expected to reduce approval delays and strengthen the construction sector over the next few years. The development of these construction activities has certain impact on the growth of the vacuum insulation panels market. 

Vacuum Insulation Panels Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020

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Vacuum Insulation Panels Market, By Raw Material

The metal segment dominates the global vacuum insulation panels market. The major factors driving the growth of the market are the augmenting demand for insulated panels in the construction industry and the growing need for refrigerated and processed foods. In modern-day construction, the use of insulation materials is essential for industrial construction applications. The specific demand for energy in industrial buildings can be significantly reduced with modern insulation. The scope of applications is extremely diverse and even includes the construction of industrial buildings using insulated roof and wall panels. In industrial applications, building insulation materials witness major demand from cold storage buildings and warehouses. This rapid increase in the number of cold storage facilities is due to the growing demand from consumers, which is a result of the changing lifestyles and advanced technologies. The expansion of retail food chains by multinational companies has led to an increase in the demand for cold storage. These factors, in turn, are expected to augment the demand for building insulation materials across the region. 

Vacuum Insulation Panels Market
By Raw Material

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Metal segment is projected to create abundant $ opportunity till 2030

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Vacuum Insulation Panels Market, By Type

The flat panel segment dominates the global vacuum insulation panels market. It is characterized by a compact size and high R values, which result in high thermal insulation. These panels can be used in building constructions, cooling & freezing devices, and also in the logistics industry. Growth of the segment is driven by the design flexibility and ease-to-manufacture attributes of flat panels. Increasing stringent regulations promoting the energy-efficient materials, and R&D initiatives to introduce automated panels, with an aim to reduce VIPs cost, and are likely to provide opportunities for the market studied, during the forecast period.

Vacuum Insulation Panels Market
By Type

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Flat Panel segment is projected to create abundant $ opportunity till 2030

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Vacuum Insulation Panels Market, By core Materials

The silica segment dominates the global vacuum insulation panels market. It accounted for approximately 47.78% of the share of the global market in 2020, as they offer high thermal insulation properties compared to other materials. In addition their long life, spanning over 60 years, is the reason they are used in building constructions. The presence of the excellent properties compared to other conventional thermal insulation products will provide lucrative opportunities for the development of the market, during the forecast period.

Vacuum Insulation Panels Market
By Core Material

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Silica segment is projected to create abundant $ opportunity till 2030

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Vacuum Insulation Panels Market, By End User

The construction segment dominates the global vacuum insulation panels market by generating 47.98% of the market value in 2020. This is mostly due to the maximum consumption of vacuum insulation panels in residential & underground constructions. Vacuum insulation panels also offer other advantages in the construction sector, like the reduced thickness of building components, providing increased indoor space and optimization of land use, and recyclability of constitutive materials after their service life. Hence, all such attractive properties have made it popular for application in the construction sector. Moreover, the rising number of building codes and policies mandating energy-efficient structures is further facilitating an increase in the usage of eco-friendly and energy conserving materials in the construction sector. This is likely to increase the application of vacuum insulation panels in the construction industry, during the forecast period. 

Vacuum Insulation Panels Market
By End-user

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Construction segment is projected to create abundant $ opportunity till 2030

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COVID-19 analysis:

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The spread of COVID-19 has substantially dropped construction activities around the globe impacting the overall vacuum insulation panels market volume in 2020. The building material sector has seen a huge drop in terms of trade had to face lockdown restrictions in different countries and this hindered manufacturing operations during the pandemic. Procurement of raw materials was challenging owing to the disruption in logistics. The COVID-19 spread in China had great impact on this market, as it is the major manufacturer of vacuum insulation panels. 

Key benefits for stakeholders

This report provides a detailed quantitative analysis of the current vacuum insulation panels market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities. 
An in-depth analysis of vacuum insulation panels market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global Vacuum insulation panels market.

Vacuum Insulation Panels Market Report Highlights

Aspects Details
By Raw Material
  • Plastics
  • Metal
By Core Material
  • Silica
  • Fiberglass
  • Others
By Type
  • Flat Panel
  • Special Shape Panel
By End Use Industry
  • Construction
  • Cooling & Freezing Devices
  • Logistics
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Turkey, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, Australia, India, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Argentina, UAE, Qatar, Rest of LAMEA)
 

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A vacuum insulation panel comprises a rigid, profoundly permeable center material encased in a thin, gas-tight external envelope, which is emptied and fixed to prevent outside gasses from entering the board. The mix of permeable material and the vacuum brings a high heat resistance, which are considered more for slender protection in applications where space is at a premium.

The use of vacuum insulation panels in construction industry has witnessed the highest growth rate globally owing to rise in infrastructure activities. The vacuum insulation panels segment are applied for their excellent thermal insulation properties, thus lowering the thermal conductivity in the construction industry.

The market for vacuum insulation panel in Asia-Pacific is anticipated to attract leading manufacturers for investment, owing to the development in infrastructure industry in China, India, Korea, and Japan that drives the market in the region. Construction is the most lucrative end-user industry for the market, owing to its increased demand in the construction industry. China, Japan, Korea, UAE, Qatar, and India are the major revenue contributors in Asia-Pacific and LAMEA. Currently, there are several airport construction projects, either in development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years. The above mentioned investments and plans will provide lucrative opportunities for the development of the market during the forecast period.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. Upsurge in construction industry and Developing packaging industry are the key factors boosting the vacuum insulation panels market growth

A. The market value of vacuum insulation panels in 2030 is expected to be US$ 11.6 Billion

A. Evonik Industries AG, LG Hausys Ltd., Panasonic Corporation, BASF SE, Rockwool International, Kingspan group LLC., Bridgestone, DOW Corning Corporation, Thermocor, and Microtherm

A. Construction industry is projected to increase the demand for vacuum insulation panels

A. The global Vacuum Insulation Panels market is segmented on the basis of raw material, core materials, type, end use, and geography. Based on the raw materials used for manufacturing, the market is segmented into plastics and metals. The core material segment of the Vacuum Insulation Panels market is broadly classified into silica, fiberglass, and others. The type segment of the Vacuum Insulation Panels market is broadly classified into flat panel, special shape panel. The end-use industry of the market is categorized into construction, cooling & freezing devices, logistics, and others. The global Vacuum Insulation Panels market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA.

A. Energy codes & regulations for new buildings is the main driver of vacuum insulation panels market

A. Construction, Cooling And Freezing Devices and Logistics are expected to drive the adoption of vacuum insulation panels market

A. The decrease in demand for many non-essential products and shut down of construction has created a negative impact on the development of global Vacuum Insulation Panels market.

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