According to the latest report by IMARC Group, titled “Vacuum Insulation Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global vacuum insulation panel market size reached US$ 8.7 Billion in 2022. The vacuum insulated panel (VIP) is a form of thermal insulation containing a rigid core enclosed in a gastight enclosure. It contains a porous open core that is able to withstand atmospheric pressure and maintain the vacuum quality required. It is best used for transporting heat-sensitive goods under extreme conditions, such as prolonged temperatures and extended periods of time. Thermal insulation with a low thickness and high performance is provided by the usage of this product. In addition to vitality efficiency, VIPs offer home machine space advantages, temperature-controlled packaging, and refrigerated transportation methods. Therefore, VIPs find extensive applications in a wide range of industries worldwide.
Global Vacuum Insulation Panel Market Trends:
The global market is majorly driven by considerable growth in the construction sector. This can be attributed to rapid urbanization across the globe. In line with this, the expansion of numerous green construction projects with an enhanced focus on energy-efficient buildings is impacting the market positively. Also, the rising stringency on energy conservation regulations is also acting as a significant growth-inducing factor for the market. Additionally, continual technological advancements in the field of nanotechnology and material sciences are resulting in numerous product innovations, which, in turn, is propelling the market. The market is further fueled by the rapid product utilization in various heating, ventilation, and air conditioning (HVAC) appliances, such as air conditioning units, refrigerators, and wine coolers. Apart from this, the augmenting adoption of advanced VIP systems in marine transportation infrastructure is also providing an impetus to the market. Furthermore, the increasing adoption of VIPs for the transportation and storage of various medical products is leading to a higher product uptake across the pharmaceutical and medical industries. Some of the other factors contributing to the market include rapid industrialization, rising environmental concerns regarding global warming, inflating disposable income levels, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 11.8 Billion by 2028, exhibiting a CAGR of 4.9% during 2023-2028.
- Based on the type, the market has been segmented into flat panel and special shape panel.
- On the basis of the raw material, the market has been divided into plastics and metal.
- Based on the core material, the market has been classified into silica, fiberglass, and others.
- On the basis of the application, the market has been categorized into construction, cooling and freezing devices, logistics, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Avery Dennison Corporation, BASF SE, Etex Building Performance NV (Etex Group), Evonik Industries AG (RAG-Stiftung), Kevothermal Ltd, Kingspan Group plc, Knauf Insulation, Morgan Advanced Materials, OCI Company Ltd., Panasonic Corporation, TURNA d.o.o., and Va-Q-Tec AG.
|Base Year of the Analysis
||Type, Raw Material, Core Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Avery Dennison Corporation, BASF SE, Etex Building Performance NV (Etex Group), Evonik Industries AG (RAG-Stiftung), Kevothermal Ltd, Kingspan Group plc, Knauf Insulation, Morgan Advanced Materials, OCI Company Ltd., Panasonic Corporation, TURNA d.o.o. and Va-Q-Tec AG.
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