Vacuum Insulation Panels Market Size

Vacuum Insulation Panels Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The world vacuum-insulating panels (VIP) market is expected to grow at a CAGR of 6.5% from 2024 to 2032, reaching a market size of USD 6.39 billion in 2024. Then, it is projected to grow at a CAGR of 4.37% from 2024 to 2032, reaching a market size of USD 10.72 billion. The rising demand for energy-efficient solutions from various industries, such as construction, transportation, and food and beverage, is the main driving force for the expansion of this market. Also, the increasing focus of industries on meeting stringent energy regulations and reducing their carbon footprints is leading to the increasing adoption of VIPs, which offer superior thermal performance compared to other traditional insulating materials. Further, the technological advancements in the manufacturing process of VIPs, such as the development of new core materials and improved barrier technology, are boosting the growth of this market. Also, major players in the industry, such as Kingspan Group, Panasonic, and Dow, are investing in research and development activities to enhance product performance and expand their market presence. Strategic initiatives, such as the integration of VIPs in the design of energy-efficient appliances and buildings, are also contributing to the growth of this market. As the focus on sustainability increases, the demand for VIPs is expected to rise significantly.

Regional Market Size

Regional Deep Dive

V.I.P. is a term applied to the panel which is insulated by vacuum. It is used in the construction, in the refrigerators and in the packaging industry. In North America, the market is characterized by a strong emphasis on energy conservation and by technological developments which increase the performance and the price of the panels. In Europe, the regulatory support for the energetic building materials is increasing, while the Asia-Pacific region is rapidly adopting the V.I.P. in the construction and household appliance industries. Middle East and Africa are also showing a growing interest in these panels, which are becoming more and more expensive, and in the sustainable building, while Latin America is slowly integrating these new technologies into its modernization plans for the building and the industry.

North America

• In the United States, the Department of Energy has undertaken a program to encourage the use of new energy-efficient building materials, including VIPs, in the construction of new homes and buildings. This will help to increase the penetration of the market.
• The companies such as Dow and Owens Corning are investing in research and development to find more cost-effective solutions to increase the use of viton in various applications.
• The growing demand for energy-efficient appliances in North America, which is a consequence of the growing trend towards conservation of energy, is driving the demand for VPIs, especially in the fields of ventilation and air-conditioning.

Europe

• The European Union's Green Deal aims to make Europe climate-neutral by 2050, and this is driving construction companies to use VIPs as part of their energy-saving strategies.
• In the case of BASF, bio-based VIPs are a development that is intended to meet the growing demand for sustainable building materials.
• Regulations in Germany and France are pushing for higher standards of soundproofing, which in turn are creating a favourable climate for the development of the VIP market.

Asia-Pacific

• China’s rapid urbanization and the development of its transportation network have increased the demand for the use of VIPs in construction. In recent years, major projects such as the Beijing Daxing International Airport have been using advanced methods of soundproofing.
• In Japan, energy-saving buildings are the focus of attention. Panasonic is one of the companies at the forefront of these developments, combining its building materials with vacuum insulating panels to enhance their energy-efficiency.
• A new field of development is opening up for the Indian entrepreneur in the field of cold-chain logistics. As cold-chain logistics expands, companies seek to minimize their energy consumption.

MEA

• The interest of the Emiratis in energy conservation, as reflected in the Dubai Clean Energy Strategy 2050, has also led to a demand for energy-efficient buildings.
• The Vision 2030 of the Kingdom of Saudi Arabia encourages the use of modern insulating materials in construction projects, which is expected to boost the use of VIPs in the region.
• The rising costs of energy in the Middle East and Africa have prompted many manufacturers and contractors to look for ways to reduce energy consumption in buildings.

Latin America

• Brazil’s National Policy on Climate Change is encouraging the use of energy-efficient building materials, including VIPs, to reduce greenhouse gas emissions.
• The new companies in Argentina are beginning to experiment with the production of the VIA, which will probably increase the local availability of the VIA and lower the price in the region.
• Latin American consumers’ growing awareness of energy efficiency is driving the demand for energy-efficient appliances and building materials.

Did You Know?

“Insulating panels can have a resistance to heat up to five times that of other materials. They are therefore very useful for energy conservation.” — International Journal of Refrigeration

Segmental Market Size

The Vacuum Insulated Panels (VIPs) segment plays a vital role in the energy efficiency of various industries, especially in construction and in the refrigerating industry. This segment is currently undergoing a growth phase, driven by the growing demand for sustainable building materials and energy-efficient appliances. In addition, the stricter regulations for energy efficiency are pushing this demand.

At present, the implementation of VIPs is at the stage of commercialization. Some of the companies that have already adapted this technology are Kingspan and Panasonic, which have integrated it into their insulating materials. In the first place, the main applications of VIPs are the thermal isolation of buildings and of the transport and packaging of goods. These applications are accelerating due to the increasing importance of energy saving and the trend towards the green economy, as well as the technological progress in the manufacturing industry. Also, new developments in materials science are improving the performance and cost-effectiveness of VIPs, making them more accessible to a wider range of industries.

Future Outlook

The Vacuum Insulation Panel (VIP) market is expected to grow steadily from 2024 to 2032, with a CAGR of 4.39%. The main reason for this growth is the increasing demand for energy-saving solutions in various industries, such as construction, cold storage and transportation. The use of VIP in new buildings is expected to increase from 10% in 2024 to 15% in 2032. It is driven by the increasing awareness of energy conservation and the stricter energy conservation policies.

Technological developments, such as the development of cost-effective manufacturing processes and improved material properties, will further drive the market. The use of advanced barrier materials and improved sealing techniques in the production of VPSs will further increase their performance and life expectancy, making them more attractive to the end-user. In addition, the growing focus on reducing carbon footprints and the implementation of government policies promoting energy-efficient technology will also have a significant impact on market growth. The integration of VPSs into smart building technology and the expansion of their application in the cold chain logistics sector will also contribute to the development of the market, establishing VPSs as an integral component of future insulation solutions.