San Francisco, July 14, 2016 (GLOBE NEWSWIRE) -- The global Vacuum Insulation Panel Market is expected to reach USD 9.07 billion by 2024, according to a new report by Grand View Research, Inc. Growing construction spending is expected to assist the growth for vacuum insulation panel over the forecast period. These are preferred more, owing to their thermal resistance properties compared to conventional insulation materials.
Moreover, the International Energy Agency issued strict regulations to conserve energy which has further propelled the demand for such panels. These panels help in reducing greenhouse gas emissions such as carbon dioxide from the atmosphere, thus helping to prevent polluting the environment to a large extent. Such a trend is anticipated to benefit the overall market over the next eight years.
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However, vacuum insulation panels exhibit a heavier weight than conventional insulation materials which is expected to remain a key challenge for market participants. Factors such as, durability, shape and fragility are also anticipated to determine the demand for vacuum insulation panels in future.
Several R&D initiatives are being taken to introduce automated panels, which shall result in cost reduction of vacuum insulation panels over the forecast period. Recently, EVAL EVOH resins are added to provide an outer lamination coating for vacuum insulation panels to increase their shelf life.
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Further key findings from the report suggest:
- The global Vacuum Insulation Panel Market demand was 31.4 million square meters in 2015 and is expected to reach 45.7 million square meters by 2024, growing at a CAGR of 3.8% from 2016 to 2024
- Silica-based panels dominated the global market in 2015 and are expected to grow at a CAGR of 4.2% over the next eight years. Silica-based panels are widely used in the construction industry due to its thermal resistant properties.
- Flat glass emerged as the leading product segment and accounted for 55.4% of total market volume in 2015. Easy manufacturing method without any production hassles is an important factor that determines its growth over the forecast period.
- Construction was the most dominant application with demand share exceeding 55% in 2015. The shift towards energy conservation coupled with increasing construction spending in Asia Pacific is expected to drive this segment.
- Asia Pacific was the leading regional market and accounted for 42.6% of global demand in 2015. Growing urbanization coupled with increasing trend of infrastructural development due to rising population particularly in China and India is expected to steer the regional growth over the forecast period.
- Major industry participants include Evonik Industries, Hausys Ltd, Panasonic Corporation, ThermoCor, OCI company Ltd. and Porextherm Dämmstoffe GmbH.
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Grand View Research has segmented the global Vacuum Insulation Panel Market on the basis of core material, product, raw material, application, and region:
Global Vacuum Insulation Panels Core Material Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)
- Silica
- Fiberglass
- Others
Global Vacuum Insulation Panels Product Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)
- Flat
- Special Shape
Global Vacuum Insulation Panels Application Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)
- Construction
- Cooling & Freezing devices
- Logistics
- Others
Global Vacuum Insulation Panels Raw Material Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)
- Plastics
- Metals
Global Vacuum Insulation Panels Regional Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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