Vacuum Insulation Panels Market Size was valued at USD 6.1 billion in 2023. The Vacuum Insulation Panels industry is projected to grow from USD 6.39 Billion in 2024 to USD 8.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.24% during the forecast period (2024 - 2032). The growing building industry and International Energy Agency standards to preserve energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increasing need for vacuum insulation is expected to fuel the growth of the construction industry, paving the path for market expansion. It is utilized in a number of applications such as building construction, refrigeration units, and insulated shipping containers to give superior insulation performance than standard insulation materials. The rapidly growing construction sector is driving the market CAGR for vacuum insulation panels.
Furthermore, refrigerated transport of pharmaceutical products and medicines around the world has contributed to the vacuum insulated panels market's recent rapid growth. Furthermore, with rapidly increasing quantities of frozen food being transported across vast distances, thermal insulation for extended periods of time is required, the cold storage and frozen transportation industry has seen an increase in demand for vacuum insulated panels.
In addition, the construction industry has seen increased demand as a result of rapid industrialization and urbanization. Furthermore, the large population, presence of highly developed marine transportation infrastructure, and the heavy weight of vacuum insulation panels have accelerated the market's growth.
According to Singapore's Building and Construction Authority (BCA), overall construction demand in 2022 is expected to range between S$27 billion and S$32 billion. As a result, the expansion of the construction industry contributes to the expansion of the vacuum insulation panel market revenue.August 2023: Evonik Industries launched its next-generation VIP core material, "Aerogel Pro," boasting superior thermal performance and fire resistance compared to previous offerings. This development aimed to address concerns regarding fire safety in building applications utilizing VIPs.
The Vacuum Insulation Panels Market segmentation, based on material includes silica, fiberglass and others. Silica category dominated the market in 2022 due to their superior thermal insulation capabilities when compared to other materials. Silica-based products are likely to maintain their lead and account for more than 40% of the market in the coming years. Silica-based panels are commonly utilized in the construction industry and are further classified as fumed and precipitated silica.
The Vacuum Insulation Panels Market is divided into two types: flat and special shape. The flat segment dominated the market in 2022 and is expected to do so for the remainder of the forecast period. Flat vacuum insulation panels are generally utilized in cooling and freezing equipment, the logistics industry, and the construction industry, and the segment's expansion is being driven mostly by their higher thermal insulation capabilities.
Figure1: Vacuum Insulation Panels Market, by Type, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Vacuum Insulation Panels Market segmentation, based on end-user, includes construction, home appliances, logistics and others. In 2022, the construction category will account for 47.98% of the worldwide vacuum insulation panels market. This is mostly due to the rising demand for vacuum insulation panels in residential and underground constructions. Other advantages of vacuum insulation panels in the construction industry include reduced thickness of building components, increased interior space and land use optimization, and the recyclability of constituent materials after their service life. Because of all of these appealing features, it has grown in popularity in the construction industry. Furthermore, the growing number of building standards and rules requiring energy-efficient constructions is encouraging a rise in the use of environmentally friendly and energy-saving materials in the construction sector.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific dominates the market in terms of market share and revenue, and this dominance is expected to continue during the projected period of 2022-2032. This region's market growth is attributable to the development of the infrastructure and construction industries, growing urbanization, and rising government expenditure in infrastructure projects within the region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: VACUUM INSULATION PANEL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Vacuum Insulation Panels Market accounts for the second-largest market share due to the increasing growth of construction industry within the region. Further, the German Vacuum Insulation Panels Market held the largest market share, and the UK Vacuum Insulation Panels Market was the fastest-growing market in the European region
The North America Vacuum Insulation Panels Market is expected to grow at the fastest CAGR from 2023 to 2032. This is Because of the increased use of cutting-edge technology in the building and construction industries, as well as an increase in the number of research and development activities. Moreover, China’s Vacuum Insulation Panels Market held the largest market share, and the Indian Vacuum Insulation Panels Market was the fastest-growing market in the North America region.
Leading market players are investing heavily in R&D in order to expand their product lines, which will help the Vacuum Insulation Panels Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Vacuum Insulation Panels industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Vacuum Insulation Panels industry to benefit clients and increase the market sector. In recent years, the Vacuum Insulation Panels industry has offered some of the most significant advantages to medicine. Major players in the Vacuum Insulation Panels Market, including ThermoCor (U.S.), Porextherm Dämmstoffe GmbH (Germany), Vacutherm Ltd. (U.K.), Hanita Coatings RCA Ltd. (Isreal), Cargill Incorporated, and others, are attempting to increase market demand by investing in R&D operations.
Kingspan Group plc is an Irish building materials firm that trades in over 80 countries and employs over 22,000 people over 210 plants. Insulated Panels, Insulation, Light & Air, Water & Energy, and Data & Flooring, Roof & Waterproofing are the company's six divisions.Eugene Murtagh founded the company in the 1960s, and it debuted on the Irish Stock Exchange in 1989 with a market capitalization of IR£20 million. It expanded into insulated panels and rigid insulation boards through a series of greenfield operations and acquisitions, including the European insulation business of CRH plc in 2010 and ThyssenKrupp Steel's construction sector in 2012. Sales increased for the first time in three years in 2010. In January 2022, Kingspan Group, acquired Thermal Visions for an undisclosed amount.This acquisition will benefit Kingspan’s fast-developing vacuum insulation panel business in North America, focused on the re-roofing industry.
Dow Corning firm was an American multinational firm located in Midland, Michigan. Originally formed as a joint venture between The Dow Chemical Company and Corning Incorporated, Dow bought out Corning and Dow Corning became a 100% Dow subsidiary. After a brief existence as a DowDuPont-owned company, when Dow spun off from DowDuPont on April 1, 2019, it is now a new company, Dow Silicones Corporation, which is completely owned by Dow and specializes in silicone and silicon-based technology, and is the world's largest silicone product maker. In December 2021, Dow also announced on the same day that it had reached an agreement to acquire Corning's holding in Dow Corning in exchange for $4.8 billion in cash, with Corning receiving an approximately 40% ownership in Hemlock Semiconductor Corporation.
January 2020, LG Magna e-Powertrain is a joint venture between LG and Canadian car supplier Magna International. The new joint venture will produce electric automobile components such as motors, inverters, and onboard chargers.
February 2023, Morgan Advanced Materials announced that it had been affected by a cyber-security incident that had taken some of its systems offline and could cost it up to £12 million.
January 2023, BASF announced intentions to close one of its two ammonia units at its Ludwigshafen facility as part of the company's cost-cutting efforts as the organization has struggled with rising energy expenses. The organization's initiatives will result in greater manufacturing in China while causing the loss of 2,600 employment.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6.1 billion |
| Market Size 2024 | USD 6.39 billion |
| Market Size 2032 | USD 8.9 billion |
| Compound Annual Growth Rate (CAGR) | 4.24% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Materials, Type, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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.), Hanita Coatings RCA Ltd. (Isreal) and others. |
| Key Market Opportunities | Stringent Regulations and Adoption of Automated Insulation. |
| Key Market Dynamics | Increased Utilization in Cooling and Freezing Applications. |
Frequently Asked Questions (FAQ) :
The Vacuum Insulation Panels Market size was valued at USD 6.1 Billion in 2023.
The Vacuum Insulation Panels Market is projected to grow at a CAGR of 4.24% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the Vacuum Insulation Panels Market
The key players in the market are ThermoCor (U.S.), Porextherm Dämmstoffe GmbH (Germany), Vacutherm Ltd. (U.K.), Hanita Coatings RCA Ltd. (Isreal)., Cargill Incorporated.
The flat Vacuum Insulation Panels category dominated the market in 2023.
The construction had the largest share in the Vacuum Insulation Panels Market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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