The global vacuum insulation panels market size was valued at $8.1 billion in 2022, and vacuum insulation panels industry is projected to reach $12.7 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
The global vacuum insulation panels market is driven considerably owing to the growing construction and consumer durables industries. Vacuum insulated panel is a form of thermal insulation consisting of a gas-tight enclosure surrounding a rigid core, from which the air has been evacuated. It has a wide range of applications in building construction, refrigerating units, and insulated shipping containers to provide better insulation performance than conventional insulation materials. A vacuum-insulated panel consists of membrane walls, a panel of rigid, highly porous materials such as fumed silica, aerogel, perlite, or glass fiber to support the membrane wall against atmospheric pressure; and chemicals to collect gases leaked through the membrane or off-gassed form the membrane materials.
The global vacuum insulation panels market is mostly driven due to the Increase in demand for thermal insulated containers to transport various fresh goods from one country to another. The presence of highly developed marine transportation infrastructure across the globe among the developed and developing countries has a positive impact on the demand for the vacuum insulation panels market. The Increase in population among developing countries such as China, India, and other with the Increase in spending power of the individuals have led to the demand for residential and commercial building, which have created opportunities for the development of vacuum insulation panels market.
The main reasons that hinder the development of the market are the relatively 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. The presence of properties such as 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.
The global vacuum insulation panels market is segmented on the basis of raw material, core material, type, end use, and region. 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 global vacuum insulation panels market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA.
The construction sector accounted for the highest market share, owing to Increased installation of vacuum insulation panels products in commercial, infrastructure, and other projects.
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.
Changes in consumer behavior, such as remote work and reduced travel, may have influenced the demand for energy-efficient materials like vacuum insulation panels. However, government stimulus packages and policies focused on promoting sustainability and energy efficiency in construction could have positively influenced the market. It is important to note that the exact impact of COVID-19 on the vacuum insulation panels market may vary depending on regional factors, industry dynamics, and individual company circumstances.
Impact of Russia-Ukraine War on Global Vacuum Insulation Panels Market
The conflict between Russia and Ukraine potentially impacts the vacuum insulation panels market in several ways. Supply chain disruptions may arise due to trade restrictions and political instability, leading to a shortage of raw materials and delays in production. Market uncertainty may discourage investments and hinder market growth as businesses become cautious amid unpredictable situations. Geopolitical factors, such as economic sanctions, will affect the global trade of vacuum insulation panels, requiring companies to adapt their supply chains.
Additionally, a decline in construction activities and regional demand for vacuum insulation panels may occur if the conflict leads to economic downturns in Russia and Ukraine. However, the precise impact on the vacuum insulation panels market will depend on the duration and severity of the conflict and the responses of the various stakeholders involved.
The global vacuum insulation panels market is driven considerably owing to the growing construction and consumer durables industries. Vacuum insulated panel is a form of thermal insulation consisting of a gas-tight enclosure surrounding a rigid core, from which the air has been evacuated. It has a wide range of applications in building construction, refrigerating units, and insulated shipping containers to provide better insulation performance than conventional insulation materials. A vacuum-insulated panel consists of membrane walls, a panel of rigid, highly porous materials such as fumed silica, aerogel, perlite, or glass fiber to support the membrane wall against atmospheric pressure; and chemicals to collect gases leaked through the membrane or off-gassed form the membrane materials.
The global vacuum insulation panels market is mostly driven due to the Increase in demand for thermal insulated containers to transport various fresh goods from one country to another. The presence of highly developed marine transportation infrastructure across the globe among the developed and developing countries has a positive impact on the demand for the vacuum insulation panels market. The Increase in population among developing countries such as China, India, and other with the Increase in spending power of the individuals have led to the demand for residential and commercial building, which have created opportunities for the development of vacuum insulation panels market.
The main reasons that hinder the development of the market are the relatively 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. The presence of properties such as 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.
The global vacuum insulation panels market is segmented on the basis of raw material, core material, type, end use, and region. 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 global vacuum insulation panels market is segmented into four regions, namely North America, Europe, Asia-Pacific and LAMEA.
The construction sector accounted for the highest market share, owing to Increased installation of vacuum insulation panels products in commercial, infrastructure, and other projects.
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.
Impact of COVID-19 on Global Vacuum Insulation Panels Market
The COVID-19 pandemic had a significant impact on the vacuum insulation panels market. Disruptions in the global supply chain due to lockdowns and factory closures have led to potential delays and shortages in the production and distribution of vacuum insulation panels. The construction industry, a major consumer of vacuum insulation panels, experienced a slowdown as projects were put on hold or delayed, thereby affecting the demand for building materials, Including vacuum insulation panels.Changes in consumer behavior, such as remote work and reduced travel, may have influenced the demand for energy-efficient materials like vacuum insulation panels. However, government stimulus packages and policies focused on promoting sustainability and energy efficiency in construction could have positively influenced the market. It is important to note that the exact impact of COVID-19 on the vacuum insulation panels market may vary depending on regional factors, industry dynamics, and individual company circumstances.
Impact of Russia-Ukraine War on Global Vacuum Insulation Panels Market
The conflict between Russia and Ukraine potentially impacts the vacuum insulation panels market in several ways. Supply chain disruptions may arise due to trade restrictions and political instability, leading to a shortage of raw materials and delays in production. Market uncertainty may discourage investments and hinder market growth as businesses become cautious amid unpredictable situations. Geopolitical factors, such as economic sanctions, will affect the global trade of vacuum insulation panels, requiring companies to adapt their supply chains.
Additionally, a decline in construction activities and regional demand for vacuum insulation panels may occur if the conflict leads to economic downturns in Russia and Ukraine. However, the precise impact on the vacuum insulation panels market will depend on the duration and severity of the conflict and the responses of the various stakeholders involved.
Competitive Landscape
The key players operating in the global vacuum insulation panels market are BASF SE, Kingspan Group plc, Panasonic Holdings Corporation, Microtherm, Evonik Industries AG, va-Q-tec AG, Avery Dennison Corporation, Morgan Advanced Materials, Kevothermal, LLC, and Knauf Insulation. The above-mentioned companies are competing for the share of the market through product launches, joint ventures, partnerships, and expanding their production capabilities to meet the future demand for the vacuum insulation panels market in the forecast period.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vacuum insulation panels market analysis from 2022 to 2032 to identify the prevailing vacuum insulation panels market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vacuum insulation panels market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global vacuum insulation panels market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Flat Panel
- Special Shape Panel
By Raw Material
- Plastics
- Metal
By Core Material
- Silica
- Fiberglass
- Others
- Construction
- Cooling and Freezing Devices
- Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Qatar
- Rest of LAMEA
Key Market Players
- Avery Dennison Corporation
- BASF SE
- Evonik Industries AG
- Kevothermal LLC
- Kingspan Group plc
- Knauf Insulation
- Microtherm
- Morgan Advanced Materials PLC
- Panasonic Corporation
- Va-Q-Tec AG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VACUUM INSULATION PANELS MARKET, BY TYPE
CHAPTER 5: VACUUM INSULATION PANELS MARKET, BY RAW MATERIAL
CHAPTER 6: VACUUM INSULATION PANELS MARKET, BY CORE MATERIAL
CHAPTER 7: VACUUM INSULATION PANELS MARKET, BY END-USE
CHAPTER 8: VACUUM INSULATION PANELS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Vacuum Insulation Panels Market,' The vacuum insulation panels market was valued at $8.1 billion in 2022, and is estimated to reach $12.7 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.Vacuum insulation panels (VIPs) are high-performance thermal insulation materials that minimize heat transfer and improve energy efficiency in various applications. They consist of a rigid core material enclosed in a gas-tight envelope, creating a vacuum that reduces heat transfer. VIPs offer excellent thermal resistance, enabling thinner insulation layers and superior insulation performance. The market is growing due to increasing demand for energy-efficient building materials and sustainable construction practices.
The expansion of the construction and consumer durables industries are significantly propelling the global vacuum insulation panels market. Manufacturers are looking for advanced techniques to make vacuum insulation panels more effective as new technologies emerge. Vacuum-insulated panels are specially designed panels that use a vacuum's insulation in a board shape. They are a highly insulating material that has been used in many appliances, including refrigerators and freezers, as well as in the transportation industry. It is also a viable option for high-temperature applications like domestic ovens, furnaces, hot water tanks, and concentrated solar plants, especially when combined with heat-resistant glass-fiber core panels. Thermal insulation of household appliances, such as pipe insulation, thermal storage tank insulation, underfloor heating insulation, and refrigerators can utilize vacuum insulation panels. The significant reduction in required thickness is a major driving factor for market growth.
To fuel the demand for vacuum insulation panels, homeowners in the U.S. have focused on renovation activities such as ceiling, and underfloor heating systems, and interior remodeling. Rapid growth in the construction industry due to residential building renovations and rapid climatic changes in developed countries such as the United Kingdom, France, Germany, Rome, Italy, and Spain also boosts demand for vacuum insulation panels. The Asia-Pacific construction sector is the largest in the world and is growing at a healthy rate, owing to rising population, rising middle-class income, and urbanization. Vacuum-insulated panels are widely used in various industrial applications; however, their use in construction projects remains limited.
The main factors impeding market development are the relatively high cost when compared to conventional insulation materials; their high susceptibility to mechanical damage, as puncturing the VIPs envelope causes an increase in thermal conductivity; and decreases their durability and consequent performance over their entire lifespan. Despite all of the factors mentioned above that impede market development, VIPs represent a technological advancement in thermal insulation for building applications. They are very promising when high insulation with very low thickness is required; thermal conductivities up to ten times lower than traditional thermal insulation materials will be especially important when attempting to meet the standard and requirements of nearly zero-energy buildings. The presence of these promising VIP product attributes will provide lucrative opportunities.
The vacuum insulation panels market is segmented on the basis of raw material, core material, type, end use, and region. By raw material 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 and special shape panel. The end use of the market is categorized into construction, cooling & freezing devices, logistics, and others. The global vacuum insulation panels market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key findings of the study
- By raw material, the metal segment accounted for nearly three-fifths of the global market share in 2022.
- By core material, the silica segment accounted for nearly half of the global market share in 2022.
- By type, the flat panel segment accounted for nearly three-fifths of the global market share in 2022.
- By end use, the construction segment held nearly half of the global market share in 2022.
- By region, Asia-Pacific accounted for more than two-fifths of the market share in 2022.
Impact of COVID-19 on Global Vacuum Insulation Panels Market
The COVID-19 pandemic had a significant impact on the vacuum insulation panels market. Disruptions in the global supply chain due to lockdowns and factory closures have led to potential delays and shortages in the production and distribution of vacuum insulation panels. The construction industry, a major consumer of vacuum insulation panels, experienced a slowdown as projects were put on hold or delayed, thereby affecting the demand for building materials, including vacuum insulation panels.Changes in consumer behavior, such as remote work and reduced travel, may have influenced the demand for energy-efficient materials like vacuum insulation panels. However, government stimulus packages and policies focused on promoting sustainability and energy efficiency in construction could have positively influenced the market. It is important to note that the exact impact of COVID-19 on the vacuum insulation panels market may vary depending on regional factors, industry dynamics, and individual company circumstances.
Impact of Russia-Ukraine War on Global Vacuum Insulation Panels Market
The conflict between Russia and Ukraine potentially impacts the vacuum insulation panels market in several ways. Supply chain disruptions may arise due to trade restrictions and political instability, leading to a shortage of raw materials and delays in production. Market uncertainty may discourage investments and hinder market growth as businesses become cautious amid unpredictable situations. Geopolitical factors, such as economic sanctions, will affect the global trade of vacuum insulation panels, requiring companies to adapt their supply chains.
Additionally, a decline in construction activities and regional demand for vacuum insulation panels may occur if the conflict leads to economic downturns in Russia and Ukraine. However, the precise impact on the vacuum insulation panels market will depend on the duration and severity of the conflict and the responses of the various stakeholders involved.
Competitive Landscape
The key players operating in the global vacuum insulation panels market are BASF SE, Kingspan Group plc, Panasonic Holdings Corporation, Microtherm, Evonik Industries AG, va-Q-tec AG, Avery Dennison Corporation, Morgan Advanced Materials, Kevothermal, LLC, and Knauf Insulation. The above-mentioned companies are competing for the share of the market through product launches, joint ventures, partnerships, and expanding their production capabilities to meet the future demand for the vacuum insulation panels market in the forecast period.Companies Mentioned
- Avery Dennison Corporation
- BASF SE
- Evonik Industries AG
- Kevothermal LLC
- Kingspan Group plc
- Knauf Insulation
- Microtherm
- Morgan Advanced Materials PLC
- Panasonic Corporation
- Va-Q-Tec AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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