Vacuum Insulation Panels Market Report, published by Allied Market Research, forecasts that the global market was valued at $5,220 million in 2015, and is expected to reach $8,829 million by 2022, growing at a CAGR of 7.9% from 2016 to 2022.
The construction segment was the highest revenue contributor to the market in 2015. The Asia-Pacific region held the leading position, both in terms of value & volume, in 2015, and is expected to grow at the highest rate during the study period.
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A vacuum insulated panel (VIP) is a form of insulation that contains a gas-tight enclosure. The enclosure surrounds the rigid core, from which the gases has been emptied. The construction segment accounted for highest share of the market in 2015, owing to the highest consumption of vacuum insulation panels in residential & underground construction. China, Japan, Korea, and India are the major revenue contributors in the Asia-Pacific region. Some of the megaprojects that increased the vacuum insulation panels consumption in the region are New Guanjiao Tunnel, 32.6 km long in China; Delhi metro line from GTB Nagar-Qutub Minar in India; Yamate Tunnel of 18.2 km in Japan; Penang second highway bridge of 24 km in Malaysia, and Lanzhou-Xinjiang high-speed railway line of 19.3 km in China. The advancements in the mechanical divisions and development in the purchaser durables businesses drives the market for vacuum insulation panels. However, the high prices restrict the market growth.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “Increased usage of vacuum insulation panels in the construction industry is anticipated to drive the global vacuum insulation panels market.”
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Flat panels accounted for approximately 60% of the share in the global vacuum insulation panels market in 2015, as these are easily manufactured compared to special shaped panels. Special shaped panel is estimated to witness lower growth rate during the forecast, owing to the complexities in its design. Based on core material, the silica-based vacuum insulation panels are anticipated to witness the highest growth rate as they offer better thermal insulation features compared to other core materials. The metal segment dominated the market, accounting for more than 50% share in 2015, whereas the plastics segment is also estimated to register the highest growth rate.
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KEY FINDINGS OF THE VACUUM INSULATION PANELS MARKET STUDY:
- The construction segment occupied the highest share in 2015, and is expected to grow at a CAGR of 8.0%, in terms of value, during the forecast period.
- Asia-Pacific is the leading consumer of vacuum insulation panels, accounting for approximately more than one-third share of the global market, followed by North America.
- The plastics-based vacuum insulation panels segment is expected to register the highest CAGR of 8.3%.
- The silica-based vacuum insulation panels segment accounted for more than one-third of the global vacuum insulation panels market in 2015.
- U.S. is the leading market in the North American region, growing at a CAGR of 7.8%.
Asia-Pacific accounted for the highest market share in 2015, and is anticipated to grow at the highest CAGR, owing to the presence of major manufacturers. In addition, the demand from the construction, cooling & freezing devices, and logistics sector is expected to drive the market growth. North America was estimated to be the second highest consumer for vacuum insulation panels in 2015, due to the increased demand from the logistics and cooling & freezing devices.
The key players profiled in this report Evonik Industries AG, LG Hausys Ltd., Panasonic Corporation, BASF SE, Rockwool International, Kingspan group LLC., Bridgestone, DOW Corning Corporation, Thermocor, and Microtherm.
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