The market for vacuum insulation panels is projected to grow from USD 6.38 Billion in 2016 to USD 8.14 Billion by 2021, at an estimated CAGR of 4.99%.
The report "Vacuum Insulation Panels Market by Core Material Type (Silica, Fiberglass, others), Type (Flat, Special Shape), Raw material (Silica, Fiberglass, Plastic, Metal, others), Application (Construction, Cooling & freezing devices, Logistics, Others) - Forecast to 2021",
This growth is due to growing construction, consumer durables, and logistics industries, further propelling the growth of the vacuum insulation panels market, globally.
Stringent regulations regarding energy conservation also provide an opportunity to the market to grow further, especially in the emerging Asia-Pacific and Latin American regions.
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Silica-based vacuum insulation panels to gain maximum traction during the forecast period
Silica-based vacuum insulation panels are projected to be the fastest-growing panels, in terms of core material, by 2021. These panels last for more than 60 years, making them ideal for construction applications.
Fiberglass-based vacuum insulation panels, which last for 8 to 10 years, are generally used in cooling & freezing devices.
Construction sector contributes maximum market share
Construction is the largest application area of vacuum insulation panels. Silica-based panels are generally used for this application.
Growing construction projects, both residential and commercial, have driven the market for vacuum insulation panels in this segment. Other application areas of vacuum insulation panels are the logistics, consumer durables, and packaging industries.
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Asia-Pacific to play a key role in the market for vacuum insulation panels
On the basis of key regions, the market for vacuum insulation panels is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The Asia-Pacific region is the most attractive market for vacuum insulation panels.
The rising economy and the rapid growth in the infrastructure sector in this region have significantly impacted the growth of vacuum insulation panels. This region is projected to see the highest number of new constructions and infrastructural activities in the near future.
The scope of the report covers detailed information regarding the major factors influencing the growth of the vacuum insulation panels market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product & technology launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the market for vacuum insulation panels.
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The global market for vacuum insulation panels is dominated by large players such as Evonik Industries AG (Germany), LG Hausys Ltd. (Korea), Panasonic Corporation (Japan), Dow Corning Corporation (U.S.), and OCI Company Ltd.
(Korea). Other players in this market include Kevothermal, LLC (Mexico), Porextherm Dämmstoffe GmbH (Germany), ThermoCor (U.S.), Va-Q-Tec AG (Germany), and Microtherm (Belgium).
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