The global VacuumInsulation Panel Market size is expected to value at USD 9.07 billion by 2024. The vacuum insulation panel industry is subject to witness a substantial growth due to the rising construction spending in the both developed & developing economies across the globe. Increasing demand for vacuum insulation panels is currently attributed to its superior properties such as thermal resistance, particularly as compared to the traditional insulation materials.
Globally,
the vacuum insulation panel market is predicted to grow at higher CAGR in the
forecast period, providing numerous opportunities for market players to invest
for research and development in the market. Vacuum insulation panels are
considered as vital elements for various construction applications due to their
superior thermal resistance properties, thus largely positively affecting
market growth over the forecast period. Stringent laws & regulations in
regards to energy conservation by government authorities are predicted to favor
the growth of vacuum insulation panels over the forecast period. In addition,
use of vacuum insulation panels helps to limit carbon dioxide emission rate,
thus aggravating market value exponentially in the process.
However,
higher initial cost associated with vacuum insulation panel is expected to
limit the growth of vacuum insulation panel industry to a certain extent. In
addition, vacuum insulation panel are considered as heavier than other
conventional insulation material, thus significantly affecting market
performance. Shorter shelf life is one of the major contributing factor for
slower market growth of vacuum insulation panels as well. Shorter shelf life of
the vacuum insulation panel is directly related to factors such as aging and
durability.
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Vacuum
insulation panels are also fragile in nature, thus substantially negatively
affecting overall industry performance. Yet, personalized customization of
vacuum insulation panels with broad range of sizes is projected to boost market
demand in the near future. The recent technological advancements in building
& construction sector coupled with development of novel products are
expected to drive market growth over the next seven years.
Incorporation
of digitalization and automation in various manufacturing processes is forecast
to reduce the cost of vacuum insulation panels, thus driving market demand over
the coming years. However, volatility in the cost of raw material and
availability are come of key challenges for sustained industry growth as well.
Raw materials used during the production processes need open structure in order
to channelize the heat wave. Silica and fiberglass are highly preferred core
materials used in vacuum insulation panels.
The
vacuum insulation panels market is broadly categorized into three major
segments based on the application type such as building & construction
industry, cooling & freezing devices, and logistics sector. The building
& construction industry is considered as one of the fastest growing segment
in the vacuum insulation panel industry with substantial revenue generation in
the last few years.
Growing
popularity of vacuum insulation panel in the building & construction
segment is attributed to the stringent laws ®ulation regarding energy
conservation and increasing demand for energy efficient infrastructure. The
logistics segment has also witnessed substantial growth owing to the wide range
of application in cold chain solution like that of pharmaceutical temperature
controlled shipping.
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The
vacuum insulation panel market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
building & construction sector, increase in the number of research &
development activities, and existence of well-established manufacturing
infrastructure in the region.
Asia-Pacific
region is predicted to hold major market share in the vacuum insulation panel
with massive growth in forecast period. Countries such as India, China and
Singapore are leading the Asia-Pacific market with increasing infrastructural
spending, strong economic growth in the region, and significant investment by
leading industry players considering potential growth opportunities.
The
key players in the vacuum insulation panels industry are Evonik Industries,
Inc., Panasonic Co., OCI Company Ltd., LG Hausys Ltd., PorexthermDämmstoffe
GmbH, ThermoCor, Inc.,and Microtherm International Co.
Market
Segment:
Global
Vacuum Insulation Panels Core Material Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
• Silica
• Fiberglass
• Others
Global
Vacuum Insulation Panels Product Outlook (Volume, Million Meter Squares; Revenue,
USD Million, 2014 - 2024)
• Flat
• Special Shape
Global
Vacuum Insulation Panels Application Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
• Construction
• Cooling & Freezing devices
• Logistics
• Others
Global
Vacuum Insulation Panels Raw Material Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
• Plastics
• Metals
Global
Vacuum Insulation Panels Regional Outlook (Volume, Million Meter Squares;
Revenue, USD Million, 2014 - 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Russia
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Middle East & Africa
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