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The vacuum insulation panels (VIPs) market is experiencing significant dynamics driven by various factors. These panels offer high thermal insulation performance compared to traditional insulation materials, making them attractive for a wide range of applications including building construction, refrigeration, and transportation. One of the key drivers of market growth is the increasing demand for energy-efficient solutions in both residential and commercial buildings. With rising awareness about environmental sustainability and stringent regulations aimed at reducing energy consumption, there is a growing need for insulation materials that can help improve the energy efficiency of buildings.
Moreover, the construction industry's emphasis on green building practices and the adoption of stringent energy codes and standards are also fueling the demand for vacuum insulation panels. These panels enable architects and builders to design and construct energy-efficient buildings that consume less energy for heating and cooling, thereby reducing carbon emissions and operating costs over the building's lifecycle. Additionally, the growing trend of retrofitting existing buildings with energy-efficient insulation solutions is further driving the demand for VIPs in the construction sector.
The construction industry is booming again now that businesses are starting to resume operations in the post-pandemic period. This is a major growth driver in the vacuum insulation panel market.
In the refrigeration and cold chain industry, vacuum insulation panels are gaining traction due to their ability to provide superior thermal insulation in refrigerators, freezers, and cold storage facilities. With the increasing demand for frozen and chilled food products worldwide, there is a growing need for efficient insulation materials that can help maintain the cold chain integrity and ensure product quality and safety during transportation and storage. Vacuum insulation panels offer a compact and lightweight solution that allows for more efficient use of space in refrigerated trucks, containers, and warehouses, thereby reducing energy consumption and operating costs.
Furthermore, advancements in manufacturing technologies and materials science are driving innovation in the vacuum insulation panels market. Manufacturers are investing in research and development activities to improve the thermal performance, durability, and cost-effectiveness of VIPs. This includes the development of novel core materials, barrier films, and encapsulation technologies that enhance the insulation properties and longevity of vacuum insulation panels. Additionally, automation and process optimization are enabling manufacturers to increase production efficiency and reduce manufacturing costs, making VIPs more competitive compared to traditional insulation materials.
However, despite the numerous benefits and opportunities, the vacuum insulation panels market also faces several challenges and constraints. One of the primary challenges is the high initial cost associated with VIPs compared to conventional insulation materials such as fiberglass and foam boards. While VIPs offer long-term energy savings and lower lifecycle costs, the upfront investment can be a barrier for some end-users, particularly in developing countries with limited financial resources and infrastructure. Moreover, the fragile nature of vacuum insulation panels and their susceptibility to damage during handling, transportation, and installation pose challenges for manufacturers and end-users alike.
Vacuum Insulation Panels Market Highlights:
Global Vacuum Insulation Panels Market Overview
Vacuum Insulation Panels Market Size was valued at USD 6.1 billion in 2023. The Vacuum Insulation Panels industry is projected to grow from USD 6.39 Billion in 2024 to USD 8.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.24% during the forecast period (2024 - 2032). The growing building industry and International Energy Agency standards to preserve energy are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vacuum Insulation Panels Market Trends
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High demand in the construction industry drives market growth.
The increasing need for vacuum insulation is expected to fuel the growth of the construction industry, paving the path for market expansion. It is utilized in a number of applications such as building construction, refrigeration units, and insulated shipping containers to give superior insulation performance than standard insulation materials. The rapidly growing construction sector is driving the market CAGR for vacuum insulation panels.
Furthermore, refrigerated transport of pharmaceutical products and medicines around the world has contributed to the vacuum insulated panels market's recent rapid growth. Furthermore, with rapidly increasing quantities of frozen food being transported across vast distances, thermal insulation for extended periods of time is required, the cold storage and frozen transportation industry has seen an increase in demand for vacuum insulated panels.
In addition, the construction industry has seen increased demand as a result of rapid industrialization and urbanization. Furthermore, the large population, presence of highly developed marine transportation infrastructure, and the heavy weight of vacuum insulation panels have accelerated the market's growth.
According to Singapore's Building and Construction Authority (BCA), overall construction demand in 2022 is expected to range between S$27 billion and S$32 billion. As a result, the expansion of the construction industry contributes to the expansion of the vacuum insulation panel market revenue.August 2023: Evonik Industries launched its next-generation VIP core material, "Aerogel Pro," boasting superior thermal performance and fire resistance compared to previous offerings. This development aimed to address concerns regarding fire safety in building applications utilizing VIPs.
Vacuum Insulation Panels Market Segment Insights
Vacuum Insulation Panels Materials Insights
The Vacuum Insulation Panels Market segmentation, based on material includes silica, fiberglass and others. Silica category dominated the market in 2022 due to their superior thermal insulation capabilities when compared to other materials. Silica-based products are likely to maintain their lead and account for more than 40% of the market in the coming years. Silica-based panels are commonly utilized in the construction industry and are further classified as fumed and precipitated silica.
Vacuum Insulation Panels Type Insights
The Vacuum Insulation Panels Market is divided into two types: flat and special shape. The flat segment dominated the market in 2022 and is expected to do so for the remainder of the forecast period. Flat vacuum insulation panels are generally utilized in cooling and freezing equipment, the logistics industry, and the construction industry, and the segment's expansion is being driven mostly by their higher thermal insulation capabilities.
Figure1: Vacuum Insulation Panels Market, by Type, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vacuum Insulation Panels End-User Insights
The Vacuum Insulation Panels Market segmentation, based on end-user, includes construction, home appliances, logistics and others. In 2022, the construction category will account for 47.98% of the worldwide vacuum insulation panels market. This is mostly due to the rising demand for vacuum insulation panels in residential and underground constructions. Other advantages of vacuum insulation panels in the construction industry include reduced thickness of building components, increased interior space and land use optimization, and the recyclability of constituent materials after their service life. Because of all of these appealing features, it has grown in popularity in the construction industry. Furthermore, the growing number of building standards and rules requiring energy-efficient constructions is encouraging a rise in the use of environmentally friendly and energy-saving materials in the construction sector.
Vacuum Insulation Panels Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific dominates the market in terms of market share and revenue, and this dominance is expected to continue during the projected period of 2022-2032. This region's market growth is attributable to the development of the infrastructure and construction industries, growing urbanization, and rising government expenditure in infrastructure projects within the region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: VACUUM INSULATION PANEL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Vacuum Insulation Panels Market accounts for the second-largest market share due to the increasing growth of construction industry within the region. Further, the German Vacuum Insulation Panels Market held the largest market share, and the UK Vacuum Insulation Panels Market was the fastest-growing market in the European region
The North America Vacuum Insulation Panels Market is expected to grow at the fastest CAGR from 2023 to 2032. This is Because of the increased use of cutting-edge technology in the building and construction industries, as well as an increase in the number of research and development activities. Moreover, China’s Vacuum Insulation Panels Market held the largest market share, and the Indian Vacuum Insulation Panels Market was the fastest-growing market in the North America region.
Vacuum Insulation Panels Key Market Players & Competitive Insights
Leading market players are investing heavily in R&D in order to expand their product lines, which will help the Vacuum Insulation Panels Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Vacuum Insulation Panels industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Vacuum Insulation Panels industry to benefit clients and increase the market sector. In recent years, the Vacuum Insulation Panels industry has offered some of the most significant advantages to medicine. Major players in the Vacuum Insulation Panels Market, including ThermoCor (U.S.), Porextherm Dämmstoffe GmbH (Germany), Vacutherm Ltd. (U.K.), Hanita Coatings RCA Ltd. (Isreal), Cargill Incorporated, and others, are attempting to increase market demand by investing in R&D operations.
Kingspan Group plc is an Irish building materials firm that trades in over 80 countries and employs over 22,000 people over 210 plants. Insulated Panels, Insulation, Light & Air, Water & Energy, and Data & Flooring, Roof & Waterproofing are the company's six divisions.Eugene Murtagh founded the company in the 1960s, and it debuted on the Irish Stock Exchange in 1989 with a market capitalization of IR£20 million. It expanded into insulated panels and rigid insulation boards through a series of greenfield operations and acquisitions, including the European insulation business of CRH plc in 2010 and ThyssenKrupp Steel's construction sector in 2012. Sales increased for the first time in three years in 2010. In January 2022, Kingspan Group, acquired Thermal Visions for an undisclosed amount.This acquisition will benefit Kingspan’s fast-developing vacuum insulation panel business in North America, focused on the re-roofing industry.
Dow Corning firm was an American multinational firm located in Midland, Michigan. Originally formed as a joint venture between The Dow Chemical Company and Corning Incorporated, Dow bought out Corning and Dow Corning became a 100% Dow subsidiary. After a brief existence as a DowDuPont-owned company, when Dow spun off from DowDuPont on April 1, 2019, it is now a new company, Dow Silicones Corporation, which is completely owned by Dow and specializes in silicone and silicon-based technology, and is the world's largest silicone product maker. In December 2021, Dow also announced on the same day that it had reached an agreement to acquire Corning's holding in Dow Corning in exchange for $4.8 billion in cash, with Corning receiving an approximately 40% ownership in Hemlock Semiconductor Corporation.
Key Companies in the Vacuum Insulation Panels market include
- Evonik Industries AG (Germany)
- LG Hausys Ltd. (Korea)
- Panasonic Corporation (Japan)
- Dow Corning Corporation (U.S.)
- OCI Company Ltd. (Korea)
- Kingspan Insulation LLC (U.S.)
- ThermoCor
- Porextherm Dämmstoffe GmbH
- Vacutherm Ltd. (U.K)
- Hanita Coatings RCA Ltd
Vacuum Insulation Panels Industry Developments
January 2020, LG Magna e-Powertrain is a joint venture between LG and Canadian car supplier Magna International. The new joint venture will produce electric automobile components such as motors, inverters, and onboard chargers.
February 2023, Morgan Advanced Materials announced that it had been affected by a cyber-security incident that had taken some of its systems offline and could cost it up to £12 million.
January 2023, BASF announced intentions to close one of its two ammonia units at its Ludwigshafen facility as part of the company's cost-cutting efforts as the organization has struggled with rising energy expenses. The organization's initiatives will result in greater manufacturing in China while causing the loss of 2,600 employment.
Vacuum Insulation Panels Market Segmentation
Vacuum Insulation Panels Market By Material Outlook
- Silica
- Fiberglass
- Others
Vacuum Insulation Panels Market By Type Outlook
- Flat
- Special Shape
Vacuum Insulation Panels Market By End-User Outlook
- Construction
- Home Appliances
- Logistics
- Others
Vacuum Insulation Panels Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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