Wilmington, Delaware, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The vacuum insulation panels industry was valued at US$ 8.3 billion in 2022. A CAGR of 4.8% is projected between 2023 and 2031, leading to a market value of US$ 12.6 billion. VIP use is anticipated to increase in the building sector as worldwide awareness of sustainability and energy efficiency rises.
Vacuum insulation panels offer superior thermal insulation, enabling buildings to meet more energy-efficient standards. With a focus on attaining sustainable building standards and lowering carbon footprints, VIPs are probably going to become the go-to option in construction projects all over the world.
Continued research and development would result in technological developments in VIPs, increasing their affordability and adaptability. VIPs could become more affordable to produce through improvements in materials and manufacturing techniques, opening up a wider range of applications and sectors to use them.
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VIP usage is expected to rise as cold chain logistics expands as a result of increased international trade and the expansion of the pharmaceutical industry. These panels ensure rigorous temperature control and lower energy consumption by providing superior thermal insulation in cold storage facilities and while transporting temperature-sensitive commodities.
Global Vacuum Insulation Panels Market: Key Players
Growing demand in the logistics and construction sectors is forcing leading vacuum insulation panel manufacturers to develop low-thermal conductivity panels and advanced thermal insulation panels.
A better product portfolio and stronger market position can be achieved through close collaboration within the industry and mergers and acquisitions.
- Evonik Industries AG
- Dow
- Sonoco Products Company
- LX Hausys
- Panasonic Life Solutions
- Sealed Air
- Va Q Tec AG
- Cold Chain Technologies
- Cryopak
- Pelican BioThermal Limited
- American Aerogel
- Sofrigram SA Ltd
Key Developments
- In March 2023, Peli BioThermal expanded its range of cell and gene therapies to ensure that vaccines, biologics sensitive to temperature, and cell and gene therapies could be safely transported. This expansion is part of Peli BioThermal's initiative to meet the growing demand for deep freezing.
- In July 2023, Envirotainer and va-Q-tec combined to form a pharma ULD company. In addition to EQT Private Equity, Mubadala and Cinven are co-investors in Envirotainer. EQT Private Equity offered to buy va-Q-tec for a majority stake. Va-Q-tec and EQT Private Equity announced a business combination agreement in December 2022 to unlock growth opportunities.
Key Findings of the Market Report
·Cold chain technologies are fueling the market for vacuum insulation panels
- Vacuum insulation panels recorded the largest share of the Asia Pacific market in 2022.
- North America is anticipated to dominate the global market for the next few years.
- Based on raw material type, plastic vacuum insulation panels are expected to drive market demand.
- In terms of shape type, flat vacuum insulation panels are expected to dominate the market.
Global Vacuum Insulation Panels Market: Growth Drivers
- The need for sophisticated insulation materials has increased due to the growing emphasis on sustainability and energy efficiency in building construction. Building regulations and rules are becoming more strict, which may result in dramatically lower energy consumption and environmental impact.
- The automobile industry primarily drives the vacuum insulation panel market. As electric cars (EVs) become more widely popular worldwide, manufacturers are looking for ways to increase their range and energy efficiency.
- VIPs are a compact and lightweight thermal insulation option that improves battery performance in electric vehicles. Green technologies and environmentally friendly practices are increasing the demand for VIPs in the automotive industry.
- The market for vacuum insulation panels is being driven in large part by the cold chain logistics sector. With the expansion of the global food and pharmaceutical industries, cold storage solutions must be dependable and energy-efficient. VIPs offer greater thermal insulation than conventional materials, allowing for smaller, more effective cold storage areas.
- The market for vacuum insulation panels is expanding in the cold chain logistics sector as the need for temperature-sensitive products develops due to the expansion of the pharmaceutical industry and the international commerce of perishable goods.
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Global Vacuum Insulation Panels Market: Regional Landscape
- Asia Pacific region is expected to lead the market for vacuum insulation panels. The Asia Pacific region is experiencing a notable increase in construction activities and fast urbanization, especially in growing economies like China and India. As urban populations rise, there is a growing need for energy-efficient infrastructure and buildings.
- Due to its excellent thermal efficiency and low profile, vacuum insulation panels are becoming increasingly well-liked as a practical insulation option for use in residential and commercial building projects. The region's adoption of VIPs is further propelled by the requirement to adhere to strict energy efficiency regulations.
- Policies and legislation promoting energy efficiency and sustainable building practices are being implemented in many Asia Pacific countries. Governments are using tax breaks, subsidies, and other forms of support to encourage the use of cutting-edge insulation materials, such as vacuum insulation panels. Builders and other businesses are encouraged to invest in energy-efficient solutions through these activities, which also foster a climate conducive to expanding the VIP market.
Global Vacuum Insulation Panels Market: Segmentation
By Raw Material Type
- Plastic
- Metal
- Others
By End User
- Pharmaceutical
- Food
- Construction
- Others
By Shape Type
- Flat
- Spherical
By Core Type
- Silica
- Fiberglass
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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