Vacuum Insulation Panels Market
Vacuum insulation panels (VIPs) are specially designed panels with a vacuum for radiation. The thin shape of the panel can lead to its integration in various appliances without compromising on shape. In this manner, roof windows, balconies, and difficult spaces can be insulated with ease. It delays any internal fluctuations to temperature by a considerable time. The global vacuum insulation panels market report by Market Research Future (MRFR) covers trends, opportunities, and challenges to be faced by industry leaders for the period of 2016 to 2022 (forecast period). The COVID-19 outbreak and its implications on the industry are explored in the market.
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The global vacuum insulation panels market is expected to grow at CAGR of approximately 4% by 2022, as per MRFR. Fragility, durability, and shape of VIPs can induce its demand over the forecast period. Regulations by the International Energy Agency for conservation of energy can bode well for the market. The resurgence of the construction industry and need for energy conservation measures can be favorable for the market. Thermal resistance of VIPs is pivotal to its rising demand.
The safe transportation of perishable goods across large distances can mount the demand for vacuum insulation panels from the cold logistics and transportation industry. Vaccines, medicines, and other pharmaceuticals are transported in a similar manner.
But fluctuations in raw materials can impede market growth.
By material, it is segmented into fiberglass, silica, and others. The silica segment can capture a large market share owing to its utilization in the construction sector. On the other hand, the fiberglass segment can exhibit a stellar growth rate owing to its use in the refrigeration sector. High thermal efficiency and low thermal conductivity are characteristics of fiberglass VIPs attracting clients. Rapid urbanization can spur the segment growth over the forecast period.
By type, it is divided into flat and special shape. The flat segment is touted to dominate the global vacuum insulation panels industry owing to its manufacturing process and higher thermal insulation ratings compared to its counterpart.
By end-use, it is segmented into logistics, construction, home appliances, and others. The construction sector is predicted to be the biggest end-user of the market owing to rise of infrastructural projects. The need for energy-efficient infrastructure amid the depleting reserves of fossil fuels can bolster the segment growth over the forecast period. However, the COVID-19 pandemic has halted the brakes on novel projects owing to restrictions on movement and curtailment of infection rates. This can lead to a dip in sales in the global VIP market.
Asia Pacific dominates the global vacuum insulation panel market, followed by North America and Europe. Rapid growth of the construction industry in the region is driving the demand of vacuum insulation panels. This region is expected to grow at the fastest pace during the forecast period. Lowering greenhouse gas emissions can be fruitful for the market in the region as countries looking towards increasing their sustainability ratio. Consumption of processed foods and expendable income levels of customers can drive the need for vacuum insulation panels.
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Key market players are Porextherm Dämmstoffe GmbH, Dow Corning Corporation, Panasonic Corporation, Vacutherm Ltd., Evonik Industries AG, OCI Company Ltd., Kingspan Insulation LLC, LG Hausys, Ltd., Hanita Coatings RCA Ltd., and ThermoCor.
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