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The global vacuum insulation panel market reached a value of US$ 8.21 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.29 Billion by 2027, exhibiting a growth rate (CAGR) of 5.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A vacuum insulation panel (VIP) is a flat element comprising an open porous core material, which withstands the external load caused by atmospheric pressure and a gas-tight envelope to maintain the required quality of the vacuum. It is ideal for the transportation of heat-sensitive products in extreme conditions, such as prolonged periods and intense temperatures. It offers low insulation thickness and high-performance thermal insulation. As a result, VIP finds extensive applications in the construction and logistics industries across the globe.
In recent years, significant progress in nanotechnology and material sciences, allowing the adaptation of known theoretical principles of thermal physics in practice, has resulted in the development of high-performance thermal insulators. This, in confluence with increasing construction activities on account of rapid industrialization and urbanization across the globe, represents one of the key factors bolstering the growth of the market. Moreover, VIPs are used as external or internal insulation in detached houses, apartment buildings, nurseries, and office buildings in new construction and renovations. They are also utilized for insulating floors, facades, flat roofs, terraces, walls, attic hatches, and stairs. Apart from this, they are used in refrigerated trucks and transportation systems, vending machines, cold storage units like fridges, freezers, and wine coolers, and packaging for medical and pharmaceutical products. In addition, VIPs are 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. Besides this, VIPs exhibit superior insulation performance than conventional insulating panels, which is impelling the growth of the market. Furthermore, the rapid expansion of cold storage facilities worldwide is positively influencing the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global vacuum insulation panel market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, raw material, core material and application.
Breakup by Type:
Breakup by Raw Material:
Breakup by Core Material:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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||2021|
|Segment Coverage||Type, Raw Material, Core Material, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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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The global vacuum insulation panel market was valued at US$ 8.21 Billion in 2021.
We expect the global vacuum insulation panel market to exhibit a CAGR of 5.10% during 2022-2027.
The widespread utilization of vacuum insulation panels in detached houses, apartment buildings, nurseries, office buildings, etc., is primarily driving the global vacuum insulation panel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end use industries, thereby negatively impacting the demand for vacuum insulation panel.
Based on the type, the global vacuum insulation panel market can be categorized into flat panel and special shape panel, where flat panel exhibits the clear dominance in the market.
Based on the core material, the global vacuum insulation panel market has been segmented into silica, fiberglass, and others. Currently, silica represents the largest market share.
Based on the application, the global vacuum insulation panel market can be bifurcated into construction, cooling and freezing devices, logistics, and others. Among these, the construction sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global vacuum insulation panel market 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.
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