With 8.1% CAGR, Vacuum Insulation Panel Market Size to Reach USD 11.52 Billion by 2029

According to Exactitude Consultancy the Global Vacuum Insulation Panel Market value is expected to reach USD 11.52 Billion by 2029, growing at an 8.1% CAGR of Between Forecast Period 2023 and 2029.

PUNE, India, March 9, 2023 /PRNewswire/ -- The global vacuum insulation panel market is projected to reach USD 11.52 Billion by 2029 from USD 7.75 Billion in 2022, at a CAGR of 8.1% from 2023 to 2029. The vacuum insulation panel market is expected to grow significantly in the coming years, driven by the increasing demand for energy-efficient building materials and products. VIPs offer superior insulation performance compared to traditional insulation materials, such as fiberglass and foam, due to their ultra-low thermal conductivity and high thermal resistance. This makes them ideal for use in various applications, including building and construction, refrigeration and cooling, and transportation.

The building and construction industry is the largest application segment for VIPs, as these panels can provide significant energy savings in commercial and residential buildings. They are particularly useful in retrofitting existing buildings where space is limited, as VIPs are much thinner than traditional insulation materials while offering superior thermal performance.

However, the high cost of VIPs remains a significant challenge for the market, as they are more expensive than traditional insulation materials. Manufacturers are working to reduce the cost of production and increase the efficiency of VIPs to make them more accessible to a wider range of customers. Overall, the vacuum insulation panel market is expected to experience significant growth in the coming years, driven by the increasing demand for energy-efficient building materials and products across various industries.

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Vacuum Insulation Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand Across Construction Industry

The construction industry is expected to experience growth due to the increasing demand for vacuum insulation, which, in turn, will pave the way for market expansion. Vacuum insulation panels offer superior insulation performance compared to traditional insulation materials and find use in various applications, including building construction, refrigeration units, and insulated shipping containers. As a result, the construction industry's expansion is a key driving force behind the global market for vacuum insulation panels.

• Increased Utilization Across Cooling and Freezing Applications

In addition, the transportation of pharmaceutical products and medicines globally via refrigerated means has played a significant role in the recent upsurge of the vacuum insulated panels market. The demand for vacuum insulated panels has also increased in the cold storage and frozen transportation industry, as larger quantities of frozen food are being transported across long distances, necessitating thermal insulation for extended periods.

Moreover, the expansion of the construction industry has been fueled by rapid industrialization and urbanization. Additionally, the vacuum insulation panels market has grown due to the presence of a large population and highly developed marine transportation infrastructure, despite the heavy weight of vacuum insulation panels.

Opportunities

• Stringent Regulations and Adoption of Automated Insulation

Moreover, the implementation of stringent regulations by government and other agencies related to energy conservation provides lucrative opportunities for market players during the forecast period from 2022 to 2029. The future growth of the vacuum insulation market is also expected to be propelled by the adoption of vacuum insulation in automated storage and retrieval systems.

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Companies Covered in Vacuum Insulation Panel Market Report:

• Evonik Industries
• Panasonic Corporation
• OCI Company Ltd.
• LG Hausys Ltd.
• Porextherm Dämmstoffe GmbH
• ThermoCor
• Microtherm
• Dow Corning Corporation
• Va-Q-Tec AG
• Kevothermal, LLC.

Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Vacuum Insulation Panel Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Vacuum Insulation Panel Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Regional Insights

Asia Pacific is expected to reach USD 4.0 billion by 2024 and emerge as a lucrative regional market during the forecast period. The growth in this region will be attributed to developing infrastructure industry in China. In addition, the construction industry in the region is expected to grow owing to rapid urbanization and increasing government investments in the infrastructural projects.

The industry in will expand at a CAGR of 8.1% during the forecast period. The U.S. is expected to witness the fastest growth in the regional market owing to booming construction industry.

Key Market Segments: Vacuum Insulation Panel Market

By Core Material

• Silica
• Fiberglass

By Raw Material

• Plastic
• Metal

By Product

• Flat
• Special Shape

By Application

• Construction
• Cooling and Freezing Devices
• Logistic

By Regions

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Frequently Asked Questions About This Report

• How big is the Vacuum Insulation Panel Market?
• What is the Vacuum Insulation Panel Market growth?
• Which segment accounted for the largest Vacuum Insulation Panel Market share?
• Who are the key players in the Vacuum Insulation Panel Market?
• What are the factors driving the Vacuum Insulation Panel Market?

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SOURCE Exactitude Consultancy