Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Vacuum Insulation Panel Market.
Vacuum Insulation Panel Market Overview
Vacuum Insulation Panels are specially designed to use the insulation of vacuum in a panel form. A vacuum insulation panel (VIP) is used in refrigeration units, building constructions, and insulated shipping containers. Vacuum insulation panels allow outstanding thermal conductivity for the thinnest possible solutions. Such panels provide better insulation than conventional insulation materials such as loose-fill, spray foam, batts, and blankets. The latest report published by Market Research Future (MRFR) has projected the vacuum insulation panels market to garner a 4% CAGR during the forecast period.
Vacuum insulation panels enable temperature-controlled bundling, vitality proficiency, refrigerated transportation frameworks, and space benefits for home machines. These advantages are the driving factors for the vacuum insulation panels market. Vacuum insulation panels are ultra-thin and provide higher performance than traditional insulation materials, speeding momentum of growth in the vacuum insulation panels market.
The vacuum insulation panels market has been segmented on the basis of material, type, and end use. Based on material, the market has been segmented into silica and fiberglass. Silica-based panels held approximately half of the global market share in 2015 due to the provision of a higher thermal insulation as compared to other materials. The fiberglass segment is anticipated to showcase lucrative growth during the forecast period, owing to its lower thermal conductivity and higher thermal efficiency.
Based on type, the market has been segmented into flat and special shape. On the basis of end use, the market has been segmented into construction, home appliances, and logistics. The construction segment held the highest market revenue in 2015, due to maximum consumption of vacuum insulation panels for residential as well as underground constructions. Among various other non-conventional insulation materials introduced in the construction industry, vacuum insulation panels are most preferred in the industry owing to its highest thermal insulating capacity.
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Detailed Regional Analysis
The vacuum insulation panels market has been segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW) for regional analysis. Asia Pacific is anticipated to dominate the vacuum insulation panels market during the forecast period. China, Japan, and India are major contributors to the vacuum insulation panels market from Asia Pacific because of rapid growth in the construction sector in these countries. Many upcoming construction mega-projects in these countries are driving the demand for vacuum insulation panels in the market. The Government of India has initiated the development of 100 smart-cities throughout the country, along with its Make in India initiative, encouraging growth and development of the logistics and manufacturing sectors in the country. Such development is expected to result in a positive impact on the market growth for vacuum insulation panels.
Rapid urbanization, demand for energy efficient material for building purposes, and speedy growth in both- residential and commercial construction industry have spurred the growth rate in Asia Pacific. Such factors have propelled the demand for vacuum insulation panels in major economies of Asia Pacific such as China, India, New Zealand, Australia, and Thailand.
The global vacuum insulation panels market is expected to gain momentum in growth during the assessment period due to various factors such as growth in the construction sector, rising demand for energy efficient materials, government policies for energy conservation, and higher scope of urbanization. However, fluctuations in the raw material prices are deemed to hinder growth in the global vacuum insulation panels market.
Some of the prominent players profiled in the report by MRFR include Evonik Industries AG (Germany), LG Hausys, Ltd. (Korea), Panasonic Corporation (Japan), Dow Corning Corporation (U.S.), OCI Company Ltd. (Korea), Kingspan Insulation LLC (U.S.), ThermoCor (U.S.), Porextherm Dämmstoffe GmbH (Germany), Vacutherm Ltd. (U.K.), and Hanita Coatings RCA Ltd. (Isreal).
November 9, 2018: The Vacuum Insulation Panel Association (VIPA) published a case study on a prestigious residential building in Frankfurt, The Grand Tower, to showcase contributions by vacuum insulation panels in insulating its façade.