New York , Feb. 15, 2024 (GLOBE NEWSWIRE) -- The global vacuum insulation panels market size is slated to expand at 6.2% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 164.2 billion by the end of 2036, up from a revenue of USD 79.8 billion in the year 2023. The market growth is attributed to the escalating preference for sustainability and energy efficiency, to minimize energy consumption in buildings, appliances, and transportation. The construction of modern buildings reduces energy consumption by over 65% with sustainable construction methods.
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Furthermore, green building certifications and programs such as LEED (Leadership in Energy and Environmental Design), are promoting the application of sustainable construction materials. The flourishing refrigerator industry with spreading beverages and readymade food consumption is aggregating the market growth. Each year more than 13 million refrigerators are purchased as per the 2023 reports in the United States.
Vacuum Insulation Panels Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Silica segment to garner the highest growth
- Market in North America region to grow at the highest rate
Enhancing Construction Works is Propagating the Growth of the Vacuum Insulation Panels Industry
The multiplying number of construction sites with rapid urbanization and growing population rate is estimated to drive the market growth. The market size is expanding on account of proliferating infrastructure development in the construction sector. The use of HVAC systems, roofing, flooring, and insulated panels in the construction industry is strengthening the growth of the market. The expenditure on construction in the year 2023 reached USD 2 trillion rising by 7.5% from 2022.
Vacuum Insulation Panels Industry: Regional Overview
The global vacuum insulation panels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Government Investment in Infrastructure Projects is Expanding the Market Growth in the Asia Pacific Region
The Asia Pacific region market is expected to acquire a market share of 40% during the market growth. The market growth is attributed to the mounting percentage of government investments in infrastructure activities. The advancements in technology in terms of insulation to protect the buildings from climatic changes are reckoned to boost the market trends. The National Investment and Infrastructure Fund (NIIF) was established in 2022 as an associative investment platform among the Indian government, domestic financial institutions, and worldwide investors to allow investment in various sectors of India by the India Japan Fund.
Rising Household Income Rates and Research Activities Are Promoting Market Expansion in the North American region
The growing disposable income of people and purchasing capacity of people in the region is prophesied to fuel the market growth. The demand for refrigerators owing to the high consumption rate of beverages is fostering the market size. The need for less energy consumption and to cut electricity bills is surging the market growth. Nearly USD 2000 was spent on home energy bills by families in America every year as of 2021.
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Vacuum Insulation Panels Market Segmentation by Core Material
- Silica
- Fiberglass
The silica segment of the vacuum insulation panels industry is proposed to register a significant market share of 60% in the coming years. The market segment growth is credited to the stable insulating features of silica compared to other materials. The increasing usage of silica panels in the construction sectors amplifies the market segment growth. Also, the intensifying demand for houses with insulation panels as it prevents from cold climate of the region is envisaged to reinforce the market trends. It was reported that the property with an insulation system helped to increase the value by 4% to 5%.
Vacuum Insulation Panels Industry Segmentation by Application
- Construction
- Consumer Appliances
- Logistics
The construction segment of the market is outlined to secure a market share of 52% in the coming years with the extended demand for energy-saving infrastructures. As per the Department of Energy, about 43% of the energy utilization cost comes from the heating and cooling systems of the house. The spreading number of buildings and apartments for commercial use such as offices, schools, hospitals, and businesses is soaring the market segment size.
Vacuum Insulation Panels Market Segmentation by Product
- Flat
- Special Shape Panel
A few of the well-known market leaders in the global vacuum insulation panels market that are profiled by Research Nester are Microtherm Sentronic GmbH, Dow, Evonik Industries AG, va-Q-tec, OCI COMPANY Ltd., Thermacor Process Inc., Knauf Insulation, Kingspan Group, Morgan Advanced Materials plc, and others.
Recent Development in the Market
- Va-Q-tech supplies vacuum-insulated panels with energy-efficient insulation and are certified through ISO standard 14021. The panels are manufactured in a climate-neutral environment decreasing the ecological footprint of the end products by using renewable energy sources including photovoltaic systems.
- A new ramp-up of vacuum insulation panels was launched at a novel and automated line in the Nrsko (the Czech Republic) that occurred in February as a part of an expansion of NEVEON’s Specialities business unit.
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