Global Vacuum Insulation Panels Market - Segmented by Application, Core Material, and Structure Type - Growth, Trends and Forecast (2018 - 2023)
The global vacuum insulation panels market valued at USD 6.2 Billion, and is expected to witness a CAGR of 6.21% during the forecast period, 2018 to 2023. A vacuum insulated panel (VIP) is a thermal insulation system consisting of an evacuated, open, porous material placed inside a gas barrier. The main components of a VIP are inner core, barrier envelope, opacifiers, and getters or desiccants.
Increasing Demand from Construction Sector
The rise in building and construction activities are the prominent factors augmenting the demand for VIPs. Among the various nonconventional insulations being introduced to the construction industry as the next-generation thermal insulation, VIPs appear to be one of the most promising insulation materials with the highest thermal insulating capacity. VIPs also offer other advantages in construction sector, like reduced thickness of building components, providing increased indoor space & optimization of land use and also their constitutive materials can be recycled after the service life. Furthermore, increasing construction sector growth rates, as shown in the graph is expected to drive the vacuum insulation panel market during the forecast period.
Silica to be the Fastest Growing Core Material
The majorly used powdered materials employed in VIP cores are fumed or pyrogenic silica, silica aerogels, and expanded perlite individually or in a mixture form. Fumed silica is the most common core material in Europe. Some of the advantages of fused silica include Stable, long-term thermal performance when installed correctly and protected from damage and penetration, extremely low insulation thicknesses (10 mm to 25 mm), increasing the volume capacity of applications for which a lack of space for insulation thickness is an issue etc. Fumed silica is used in almost all applications, which involves a moderate temperature differences like construction, cooling & freezing devices, semiconductor industry, and in the production of photovoltaic cells.
Asia-Pacific to be the Dominating and Fastest Growing Region
In terms of consumption in 2017, Asia-Pacific accounts for almost 45% of the market followed by North America and Europe. This is primarily due to the rising demand from China, and India. Rise in construction sector is one of the key factor boosting the demand for vacuum insulation panels. China is one of the major revenue contributors in the Asia-Pacific region. Some of the megaprojects that increased the vacuum insulation panels consumption in the region are New Guanjiao Tunnel, Lanzhou-Xinjiang high-speed railway line, etc. Moreover, the commercial and office construction market remains positive in Beijing. The Government of India has a program to develop 100 smart cities countrywide, and it’s Make in India program, designed to encourage funds for development in the logistics and manufacturing sectors, is underway. These factors are boosting the market demand.
Key Developments in the Market
Dec 2017: Panasonic Corporation launched new high-performance vacuum insulated glass Feb 2017: Avery Dennison acquired Hanita Coatings. Avery Dennison is a global leader in pressure-sensitive and functional materials and labeling solutions for the retail apparel market
Major Players: Evonik Industries Corporation, OCI Company Ltd, Dow Chemical Company, Covestro, LG Hausys Ltd, Va-Q-Tec AG, Csafe, and Kingspanand; amongst others
Reasons to Purchase this Report
Current and future global vacuum panels market in the developed and emerging markets Analyzing various perspectives of the market with the help of Porter’s five forces analysis The segment that is expected to dominate the market Regions that are expected to witness fastest growth during the forecast period Identifying the latest developments, market shares, and strategies employed by the major market players 3-month analyst support, along with the Market Estimate sheet in excel
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