Vacuum Insulation Panel Market Size, Share & Trends Analysis Report By Core Material, By Product (Flat, Special Shape), By Application, By Raw Material, By Region, And Segment Forecasts, 2016 - 2024

Industry Insights

The global vacuum insulation panel market size was valued at USD 6.0 billion in 2015 and is anticipated to expand at a CAGR of 4.5% over the forecast period. The market growth is attributed to booming infrastructure industry. In recent years, some construction projects have been on the rise with a major focus on energy-efficient buildings. These products are expected to become an essential component in the construction industry owing to their high thermal resistance. 

Strict regulations related to energy conservation are also anticipated to drive the market during the forecast period. According to the International Energy Agency, wider use of these products is likely to reduce CO2 emission by approximately 8%. Additional advantages offered by the product include reduced thickness of the building components, which provides increased indoor space. Moreover, its constitutive materials can be recycled after the service life.

The cost of these panels is expected to pose a major challenge. These panels in case of non-standard sizes have to be custom made, which results in high cost. These panels are probably heavier than other conventional material, so weight is another factor expected to restrain the market growth. Shorter shelf life is likely to impact the market growth negatively. The shelf life is dependent upon aging and durability. Other factors such as fragility and shape are likely to affect the demand for the products.

The manufacturing process is expected to be dominated by costly manual work. Introduction of automation in certain processes of manufacturing is anticipated to lower the cost of vacuum insulation panels during the forecast period. Market share of the products will be greatly influenced by the pricing policies. Construction is the largest application industry and is expected to expand at a CAGR of 4.1% over the forecast period. The construction industry in Asia Pacific is expected to grow over the forecast period due to growing population and government initiatives to develop the infrastructure of countries including Japan, China, and India.

Core Material Insights

Core materials for vacuum insulation panels require an open structure to channel the heat wave. Silica and fiberglass are the major core materials used in vacuum insulation panels. Silica-based products dominated the market in 2015 due to their stable thermal insulation properties as compared to other materials. Silica-based products are expected to continue their lead and account for over 40% share in the coming years.

Silica-based panels are widely used in the construction industry and are further segmented into fumed and precipitated silica. The fiberglass panel segment is anticipated to expand at a CAGR of 3.7% during the forecast period. Fiber glass panels are used in vending machines and refrigerators as they provide low thermal conductivity, along with high thermal efficiency.

Product Insights

Based on product, the vacuum insulation panel market is segmented into flat and special shape panels. Flat panels were the largest product segment in 2015 and are expected to account for over 55.0% share in the market during the forecast period.

Demand for flat products is higher as compared to the special shaped products. In addition, manufacturing process of flat panels is easier, which is not the case for specially shaped panels. The flat vacuum insulation panels have high thermal insulation property and are majorly used in cooling and freezing devices, logistics industry, and construction industry.

Special shaped panels will witness sluggish growth due to design complexities. In addition, the cost involved in designing and manufacturing of the special shaped panels is higher than the regular products. The segment is anticipated to generate a revenue of USD 4.5 billion at the end of the forecast period.

Raw Material Insights

Plastic is expected to account for 41.8% share of the overall revenue by 2024. Demand for plastic is increasing as a major source of raw material due to rising demand for polyurethane. Polyurethane is widely used in the production of domestic refrigerators and freezers. Excellent insulation properties, along with lower energy consumption of polyurethane, are expected to drive the demand.

Aluminum is anticipated to be the fastest-growing segment, expanding at a CAGR of 4.9% over the forecast period. Aluminum is widely used in envelope materials, which are used to manufacture thermos flasks.

Application Insights

The construction sector is expected to emerge as the largest application segment owing to regulations on energy conservation and rising demand for energy-efficient infrastructure. Vacuum insulation panel provides excellent thermal insulation, thus lowering the thermal conductivity. This factor stimulates the demand for the product in the construction industry.

The construction industry is expected to reach USD 5.5 billion by 2024. The construction sector is further segmented into floor insulation, façade, and roof and terrace insulation. Increasing spending power of the individuals in regions such as North America and Europe is expected to drive the construction industry and demand for insulation. Logistics accounted for 15.0% share in 2015 and is expected to expand at a CAGR of 4.2% over the forecast period. In the logistics industry, vacuum insulation panels find wide application in cold chain solution such as pharmaceutical temperature-controlled shipping.

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 North America will expand at a CAGR of 4.4% during the forecast period. The U.S. is expected to witness the fastest growth in the regional market owing to booming construction industry.

Vacuum Insulation Panel Market Share Insights

The industry is highly fragmented due to the presence of some major players. The cost of the product is a significant factor expected to influence the market scenario. Innovation, coupled with pricing policies of manufacturers, will play an important role in the growth of the industry. Major players in the industry include Evonik Industries, Panasonic Corporation, OCI Company Ltd., LG Hausys Ltd., Porextherm Dämmstoffe GmbH, ThermoCor, and Microtherm.

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