Portland, OR, July 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Vacuum Insulation Panels Market by Raw Material (Plastics and Metals), Core Material (Silica, Fiberglass, and Others), Type (Flat Panel and Special Shape Panel), and End User Industry (Construction, Cooling & Freezing Devices, Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. Vacuum insulation panels market valued for $8.1 billion in 2022 and is estimated to reach $12.7 billion by 2032, exhibiting a CAGR of 4.7% from 2023 to 2032.
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Prime determinants of growth
The upsurge in the construction industry and the developing package industry are some prime determinants that drive the growth of the global vacuum insulation panels market. However, the high cost of vacuum insulation panels and limited manufacturing capacity restrict the market growth. Moreover, the increase in retrofitting & renovation projects and development of emerging countries present new opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $8.1 billion |
| Market Size in 2032 | $12.7 billion |
| CAGR | 4.7% |
| No. of Pages in Report | 282 |
| Segments covered | Type, Raw material, Core material, End-Use, and Region. |
| Drivers | Upsurge in the construction industry Developing package industry |
| Restraints | High cost of vacuum insulation panels Limited manufacturing capacity |
| Opportunities | Energy codes & regulations for new buildings Retrofitting and renovation projects |
Impact Scenario
- The initial disruptions to industries and economic activities led to a temporary slowdown in construction projects and manufacturing operations, affecting the demand for vacuum insulation panels during the pandemic. Financial constraints faced by businesses and individuals also contributed to the market's fluctuation.
- However, the pandemic also presented new opportunities for the vacuum insulation panels market. With an increased emphasis on energy efficiency and sustainable practices, VIPs gained traction as a solution for superior insulation performance. As individuals and organizations sought to optimize energy consumption and reduce environmental impact, the demand for vacuum insulation panels in various industries, including construction and refrigeration, experienced growth.
- The pandemic-induced changes in lifestyle and consumer behavior further impacted the market. As people spent more time at home, there was a heightened focus on creating comfortable living spaces with efficient insulation. The demand for vacuum insulation panels surged as homeowners and building developers sought ways to enhance thermal insulation, reduce energy costs, and improve overall environmental sustainability.
- The growing environmental consciousness also played a significant role in shaping the market. With an increasing number of individuals and organizations prioritizing sustainability, vacuum insulation panels emerged as a favored choice. Their exceptional thermal performance, combined with reduced material usage and minimal environmental footprint, made VIPs a compelling option for those seeking energy-efficient insulation solutions.
- As the world transitions towards a greener and more sustainable future, the vacuum insulation panels market is expected to witness steady growth. The demand for energy-efficient and environmentally friendly insulation solutions will continue to drive the adoption of vacuum insulation panels across various industries, offering promising opportunities for manufacturers and suppliers in the market.
The flat panel type of vacuum insulation panels to maintain its leadership status throughout the forecast period
Based on type, the flat panel segment held the highest market share in 2022, accounting for around three-fifths of the global vacuum insulation panels market revenue and is estimated to maintain its leadership status throughout the forecast period. Owing to the expansion of the construction sector, particularly in commercial and residential projects, the demand for flat vacuum insulation panel panels is increasing. As builders and developers strive for energy-efficient and green buildings, the adoption of vacuum insulation panels in flat panel form is gaining traction. However, the special shape segment is projected to manifest a CAGR of 4.9% from 2023 to 2032, as these panels are tailored to fit complex machinery, equipment, or pipelines, and provide insulation in challenging and irregular spaces. Special shaped panels, with their enhanced insulation properties, contribute to energy conservation and help meet stringent environmental regulations. The emphasis on sustainability and reduced carbon footprint is driving the adoption of vacuum insulation panels.
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The metal raw material segment to maintain its leadership status throughout the forecast period
Based on raw material, the metal segment held the highest market share in 2022, accounting for around three-fifths of the global vacuum insulation panels market revenue and is estimated to maintain its leadership status throughout the forecast period. Metal-based vacuum insulation panels will provide effective insulation for refrigerated containers, vans, warehouses, and ensure optimal temperature management. In addition, the expansion of the construction industry, particularly in emerging economies, presents significant growth opportunities for metal-based vacuum insulation panels. However, the plastics segment is projected to manifest a CAGR of 5.0% from 2023 to 2032, owing to plastic-based vacuum insulation panels being lightweight and having a thin profile compared to traditional insulation materials. This characteristic makes them particularly suitable for applications where space is limited, such as in appliances, automotive components, and prefabricated construction.
The construction end-use segment to maintain its lead position during the forecast period
Based on the end-use, the construction segment accounted for the largest share in 2022, contributing to nearly half of the global vacuum insulation panels market revenue, and is projected to maintain its lead position during the forecast period. The growth factors for the vacuum insulation panels market in the construction end-use industry include the rise in investment in developing countries toward infrastructure have a significant impact on the vacuum insulation panels. However, the others segment is expected to portray the largest CAGR of 5.7% from 2023 to 2032. the integration of advanced technologies, such as IoT (Internet of Things) and smart functionalities, in appliances, creates opportunities for vacuum insulation panel applications.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting more than two-fifths of the global vacuum insulation panels market revenue and is likely to dominate the market during the forecast period. Furthermore, the same region is expected to witness the fastest CAGR of 5.1% from 2023 to 2032. The government initiatives in Asia-Pacific towards the construction of commercial, industrial, and residential infrastructure have created a demand for vacuum insulation panels that are utilized in the construction industry, which positively impacts the market. The region is characterized by rapid urbanization and the presence of most of the developing countries. These factors, among others, are driving the demand for various insulation materials which led to the demand for vacuum insulation panels market in the Asia-Pacific.
Leading Market Players: -
- BASF SE
- Kingspan Group plc
- Panasonic Holdings Corporation
- Microtherm
- Evonik Industries AG
- va-Q-tec AG
- Avery Dennison Corporation
- Morgan Advanced Materials
- Kevothermal, LLC
- Knauf Insulation
The report provides a detailed analysis of these key players in the global vacuum insulation panels market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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