Global Vacuum Insulation Panels Market Research Report - Forecast to 2030

Vacuum Insulation Panel Market Information by Material (Silica, Fiberglass and others), by Type (Flat and Special Shape), by End-use (Construction, Home Appliances, Logistics, and others) and by Region - Forecast to 2030

ID: MRFR/CO/1805-HCR | February 2021 | Region: Global | 140 pages

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Market overview


The vacuum insulation panel market growth rate is projected to be 4% until next year. The Vacuum insulation panel market was worth USD 6.38 billion in 2016. It’s worth USD 8.4 billion this year.


Vacuum insulation panels are porous in nature. They’re also flat. These panels are strong and durable because they have to keep whatever they’re preserving in a vacuum. Vacuum insulated panels have to deflect both strong atmospheric pressures that are external and the internal balance of gas in their envelopes.


COVID-19 analysis


COVID-19 is a new virus that confounded the masses, public officials, and health researchers last year. Most people who got it recovered just fine. The issue is that this novel virus caused a few deaths and more than a few hospitalizations. What made matters worse was the fact that people who recovered could catch it again a few months later. Some people who recovered suffered from acute and lifelong health issues and problems because of COVID-19.


Governments realized that this virus was not to be taken lightly. They ordered quarantines and lockdowns last year. These were temporary since they did not really work. The long-term effect that it had on most businesses around the world was far from temporary though. Most businesses worldwide were forced to either stop operations altogether, at least temporarily, or dramatically slow production down. Some businesses had to shut down because they couldn’t remain profitable.


The companies in the vacuum insulation panel industry were no exception. The reason for this is that construction activities halted dramatically around the world because of national lockdowns and quarantines. Global construction activity is only now starting to pick up to pre-pandemic levels.


Competitive landscape


The global vacuum insulation panels market is highly competitive. It’s also fragmented. What makes it this way is the fact that the industry in general has a high CAGR. The market is also very lucrative. Therefore, there are more and more companies that want to enter the industry every year. It’s especially the case with larger companies that have larger treasuries and hence more financial resources to overcome the barriers to entry which are not significant.


Companies are resorting to a few measures to remain competitive. They are investing more intensively in research and development. Thus, many of the companies that are successful in this regard are able to develop and market the products that will allow them to develop a sustainable competitive advantage.


Mergers and acquisitions and entering into strategic partnerships also help companies develop the sustainable competitive advantage that they need to remain competitive and financially viable.


Kingspan Insulation LLC is a major American player in the global vacuum insulation panels market. It gained this superior position by investing heavily in research and development. Thus, it was able to develop and market those products that would allow it to charge the end consumer more and create a sustainable competitive advantage.


List of companies



  • 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)


Segmentation


 


 


Market Dynamics


Drivers


The construction industry is booming again now that businesses are starting to resume operations in the post-pandemic period. This is a major growth driver in the vacuum insulation panel market. Construction developers and contractors prefer to use vacuum-insulated panels for a variety of reasons. Some of these include the fact that these panels are durable, strong, and flexible.


The International Energy Agency has just issued strict regulations which limit the materials that developers and contractors can use when building new buildings. This is also a major factor that’s driving vacuum insulation panel market growth.


Opportunities


Companies in the vacuum insulation panel industry are seeing that there is huge growth potential. They’re marrying new technologies with new production processes to develop and market a new generation of vacuum insulated panels at higher price points.


Restraints


The raw materials needed to make vacuum insulation panels tend to fluctuate widely throughout the day. This is a major restraining factor for the vacuum insulation panel market growth.


Challenges


Perhaps the greatest challenge that companies in the vacuum insulation panel industry face lie in continuing to make more effective and superior vacuum insulation panels that can sell at price points that most developers and contractors around the world can afford.


Cumulative growth analysis


The vacuum insulation panel market growth rate is projected to be 4% until next year. The Vacuum insulation panel market was worth USD 6.38 billion in 2016. It’s worth USD 8.4 billion this year.


Technology analysis


Dow Corning Corporation is a major American company in the global vacuum insulation panel market. It became an industry leader by investing heavily in research and development. This allowed it to develop products that were superior in nature and had more interesting and innovative uses and applications. Incidentally, the company was able to develop a sustainable competitive advantage.


Segment overview


By material


The vacuum insulation panel market can be grouped into the following sub-segments based on material:



  • Silica

  • Fiberglass

  • Other


The silica panels sub-segment had the greatest market share during the time period that this report covers. The main reason why developers and contractors prefer to use this material is because of its durability which makes it last for over six decades.


By type


The vacuum insulation panel market can be grouped into the following sub-segments based on type:



  • Flat

  • Special shape


Flat panels had the greatest vacuum insulation panel market share. The reason for this was that they are compact and do a good job of keeping whatever materials they contain warm. These panels have many applications and they’re primarily used in refrigerators, air conditioners, all types of heaters, and in constructing new buildings.


By end-user


The vacuum insulation panel market can be grouped into the following sub-segments based on end-user:



  • Construction

  • Home Appliances

  • Logistics

  • Other


The construction sub-segment is projected to have the largest vacuum insulation panel market share for the time period that this report covers. The reason is that many governments are spending heavily on new and existing infrastructure projects. It’s especially true in some developing nations like India and China.


By region


The vacuum insulation panel market can be grouped into the following sub-segments based on region:



  • North America

  • The European Union

  • Asia-Pacific

  • The Rest of the World


Regional analysis


The Asia-Pacific region currently has the largest vacuum insulation panel market share. It’s expected to continue for the time period that this report covers. The European Union and The United States come in second and third place respectively in this regard.


There’s a reason why the Asia-Pacific region is experiencing a breakneck growth in the vacuum insulation panel market. Most nations in the Asia-Pacific region are industrializing and developing rapidly. Thus, the need for the construction of new infrastructure and construction projects is rising dramatically.


The Asia-Pacific region has recently become a magnet for foreign and domestic investment in new and existing commercial and residential domestic construction projects. This is attributed to the strong growth in the vacuum insulation panel market in this region.


The same is true for the Middle East. The industries that have been attracting the most investment (foreign and domestic) in recent years in these regions include:



  • Industrial units

  • Hospitals

  • Malls

  • Multiplexes

  • Hotels

  • And various buildings in the IT sector


The key nations that are experiencing the greatest growth in the vacuum insulation panel market are India, China, the Philippines, Vietnam, and Indonesia.


The Chinese government, especially, is investing billions in new infrastructure and construction projects. Some of these include



  • Beijing Capital International Airport

  • Chengdu Shangilu International Airport


Its infrastructure expansion plans are ambitious. The Chinese government currently plans to give new means of transportation to more than 250 million of its citizens.


The Indian government is planning on investing USD 120.5 billion to develop 27 new cities whose main emphasis will be on the industry. The national commercial construction industry is expected to grow dramatically because of this.


Recent developments



  • Dow markets solvent-free silicon resilient coating

  • Dow unveils a low-carbon energy fuel at the China International Import Expo


Report overview


The vacuum insulation panel market growth rate is projected to be 4% until next year. The Vacuum insulation panel market was worth USD 6.38 billion in 2016. It’s worth USD 8.4 billion this year.


The Asia-Pacific region leads in terms of market share. Increased construction activity and investment in this sector account for this.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4% CAGR (2022-2030)
  Base Year   2021
  Forecast Period    2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material, Type, End-use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Growing construction industry
  • Strict regulations issued by International Energy Agency to conserve energy


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    Frequently Asked Questions (FAQ) :

    A vacuum insulation panel is a flat element consisting of an open porous core material which has to withstand the external load caused by atmospheric pressure, as well as a sufficiently gas-tight envelope to maintain the required quality of the vacuum.

    Global vacuum insulation panels market is expected to exhibit a strong 4% CAGR over the forecast period till 2030.

    The growing construction industry is the major driver for the vacuum insulation panels market.

    Asia Pacific dominates the global vacuum insulation panel market.

    Leading players in the global vacuum insulation panels market include Evonik, LG Hausys Ltd., and Dow Corning Corporation, among others.