Vacuum Insulation Panel Market 2020 can progress at an approximate rate of 4% between 2018 and 2023 (review period), reveals Market Research Future (MRFR).
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Top Boosters and Main Restraints
The market growth of vacuum insulation panels has been quite notable owing to the thriving infrastructure industry. Over the years, construction projects have increased majorly across the world with most of the focus on the development of energy efficient buildings. Vacuum insulation panels are touted to emerge as an integral component within the construction industry given their high thermal resistance. Stringent rules and regulations pertaining to energy conservation can be another important growth booster in the global market.
With the surge in the transportation of frozen food across long distances, the need for higher thermal insulation for longer time period has mounted. As a result, the demand for vacuum insulated panels in the frozen transportation and cold storage industry has soared considerably in recent years. Other than this, the increasing refrigerated transport of medicines and pharmaceutical products around the world has also had a positive impact on the demand for vacuum insulated panels.
Due to long lifespan, the demand for silica-based vacuum insulation panels has escalated within the building construction industry, which results in strong market growth. Besides, the market for fiberglass based vacuum insulation panels has also grown significantly, thanks to the high demand generated in the refrigeration industry. Fast-paced urbanization on a global scale also benefits the vacuum insulation panels market, projects MRFR.
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The primary segments listed in the report, based on which the research on the vacuum insulation panels market has been conducted are material, type, and end use.
The materials available in the global market are silica as well as fiberglass. Silica materials are commonly deployed in panels, owing to which the segment owned roughly half of the share in the global market. The demand for this material is high owing to its properties including high thermal insulation compared to others. The fiberglass segment can also exhibit significant growth in the years to come, on account of its higher thermal efficiency as well as lower thermal conductivity.
The types of vacuum insulation panels are special and flat shape. Flat products note impressive demand in the market, compared to special shaped panels. Flat panels’ manufacturing process is considerably easy, whereas it is rather complex with it comes to the specially shaped ones. Flat shaped vacuum insulation panels boast of high thermal insulation and find numerous use cases in freezing and cooling devices, construction industry as well as logistics industry.
Depending on the end use-based segment, the market has been considered for home appliances, logistics and construction. In 2015, the lead was taken by the construction segment, owing to the high use of vacuum insulation panels in residential and underground construction sections. Out of all the non-traditional insulation materials present in the construction sector, vacuum insulation panels find the most widespread use in the industry given its maximum thermal insulating capacity.
The regional segmentation of the vacuum insulation panels market consists of North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
There are high chances of APAC claiming the top position in the global market over the evaluation period. Japan, India and China are some of the leading contributors in the market growth for vacuum insulation panels, on account of the quickly advancing construction sector. Construction mega-projects are underway in these nations, which can mean tremendous growth prospects for the vacuum insulation panels market. Rising urbanization, widespread need for energy efficient materials to build buildings, and the speedy developments in commercial and residential construction industry also helps the regional market generate massive revenues.
On a dim note, the North American market can take a hit due to the recent COVID-19 outbreak, which has led to a dearth in labor and bottlenecks in supply chain of equipment and materials. It is also expected to lead to project delays and lesser investments in the future projects. Uncertainty arising from the current lockdown scenario has made it tough to anticipate the recovery rate of the construction industry in the coming years. With that said, the increasing automation in various manufacturing processes across industries and the technological brilliance of the region can warrant quick growth of the vacuum insulation panels market in the years ahead, note the trade analysts.
Leading companies working on business expansion by adopting strategies like partnerships and mergers are Panasonic Corporation (Japan), Evonik Industries AG (Germany), ThermoCor (U.S.), Dow Corning Corporation (U.S.), OCI Company Ltd. (Korea), Hanita Coatings RCA Ltd. (Isreal), LG Hausys, Ltd. (Korea), Vacutherm Ltd. (U.K.), Kingspan Insulation LLC (U.S.), Porextherm Dämmstoffe GmbH (Germany), to mention a few. The product cost can be one of the most significant growth boosters in the market. Product innovation along with pricing policies implemented by the leading manufacturers can be instrumental in the growth of the vacuum insulation panels industry.
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