Vacuum Insulation Panels Market By Type (Flat Panel, Special Shape Panel), By Raw Material (Plastics, Metal), By Core Material (Silica, Fiberglass, Others), By End-Use (Construction, Cooling and Freezing Devices, Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
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.
Impact of COVID-19 on Global Vacuum Insulation Panels MarketThe 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 MarketThe 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 LandscapeThe 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 StakeholdersThis 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 SegmentsBy TypeFlat Panel
Special Shape Panel
By Raw MaterialPlastics
Metal
By Core MaterialSilica
Fiberglass
Others
By End-UseConstruction
Cooling and Freezing Devices
Logistics
Others
By RegionNorth 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
Please Note: It will take 7-10 business days to complete the report upon order confirmation.