According to a new report published by Allied Market Research, titled, “Vacuum Insulation Panels Market by Raw Material, Core Materials, Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030,”
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.
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The global vacuum insulation panels market is driven considerably owing to the growth in construction and consumer durables industries. With the emergence of new technologies, manufacturers are looking for advanced techniques to make vacuum insulation panels more effective. Vacuum insulated panels are specially designed panels that use the insulation of a vacuum in a board shape. It is a highly insulating material that has been implemented into many appliances such as refrigerators and freezers, and the transportation industry. It is also viable for high-temperature applications such as domestic ovens, furnaces, hot-water tanks, and concentrated solar plants, especially with heat-resistant glass-fiber core panels. Thermal insulation of household appliances, such as pipe insulation, insulation of thermal storage tank, insulation for underfloor heating, but also refrigerators form a last area of application. The strong reduction in required thickness is a major driving factor for the growth of the market.
The homeowners in the U.S. have focused on renovation activities such as ceiling, underfloor heating system and interior remodelling to fuel the demand for Vacuum Insulation Panels. Rapid growth in the construction industry due to renovation of residential buildings, rapid climatic changes in developed countries such as UK, France, Germany, Rome, Italy, and Spain also augment the demand for Vacuum Insulation Panels.The construction sector in the Asia-Pacific region is the largest globally and is growing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.Vacuum insulated panels are widely used in different industrial applications; however, their use in building projects remains still limited. 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. Despite all the above mentioned factors that hinder the development of the market, vacuum insulated panels represent a large leap forwards in thermal insulation for building applications. They are very promising when high insulation with very low thickness is required; thermal conductivities up to 10 times lower than traditional thermal insulation materials will especially be important when trying to achieve the standard and requirements of nearly zero-energy buildings. The presence of these promising attributes of vacuum insulation panel products will provide lucrative opportunities for the development of the market.
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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 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 GmbHare 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.
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Impact Of Covid-19 On The Global Vacuum Insulation Panels Market
- mergence of COVID-19 had a less impact on the growth of the global vacuum insulation panels market during this period.E
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for Vacuum Insulation Panels during this period.
- 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.
- Thus, the abovementioned factors are expected to have negative impact the global vacuum insulation panels market growth during the pandemic period.
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