Global Vacuum Insulation Panels Market Product Outlook (Volume, Million Meter Squares; Revenue, USD Million, 2014 - 2024)

The global Vacuum Insulation Panel Market size is expected to value at USD 9.07 billion by 2024. The vacuum insulation panel industry is subject to witness a substantial growth due to the rising construction spending in the both developed & developing economies across the globe. Increasing demand for vacuum insulation panels is currently attributed to its superior properties such as thermal resistance, particularly as compared to the traditional insulation materials.

Globally, the vacuum insulation panel market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market. Vacuum insulation panels are considered as vital elements for various construction applications due to their superior thermal resistance properties, thus largely positively affecting market growth over the forecast period. Stringent laws & regulations in regards to energy conservation by government authorities are predicted to favor the growth of vacuum insulation panels over the forecast period. In addition, use of vacuum insulation panels helps to limit carbon dioxide emission rate, thus aggravating market value exponentially in the process.

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However, higher initial cost associated with vacuum insulation panel is expected to limit the growth of vacuum insulation panel industry to a certain extent. In addition, vacuum insulation panel are considered as heavier than other conventional insulation material, thus significantly affecting market performance. Shorter shelf life is one of the major contributing factor for slower market growth of vacuum insulation panels as well. Shorter shelf life of the vacuum insulation panel is directly related to factors such as aging and durability.

Vacuum insulation panels are also fragile in nature, thus substantially negatively affecting overall industry performance. Yet, personalized customization of vacuum insulation panels with broad range of sizes is projected to boost market demand in the near future. The recent technological advancements in building & construction sector coupled with development of novel products are expected to drive market growth over the next seven years.

Incorporation of digitalization and automation in various manufacturing processes is forecast to reduce the cost of vacuum insulation panels, thus driving market demand over the coming years. However, volatility in the cost of raw material and availability are come of key challenges for sustained industry growth as well. Raw materials used during the production processes need open structure in order to channelize the heat wave. Silica and fiberglass are highly preferred core materials used in vacuum insulation panels.

The vacuum insulation panels market is broadly categorized into three major segments based on the application type such as building & construction industry, cooling & freezing devices, and logistics sector. The building & construction industry is considered as one of the fastest growing segment in the vacuum insulation panel industry with substantial revenue generation in the last few years.

Growing popularity of vacuum insulation panel in the building & construction segment is attributed to the stringent laws &regulation regarding energy conservation and increasing demand for energy efficient infrastructure. The logistics segment has also witnessed substantial growth owing to the wide range of application in cold chain solution like that of pharmaceutical temperature controlled shipping.

The vacuum insulation panel market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction sector, increase in the number of research & development activities, and existence of well-established manufacturing infrastructure in the region.

Asia-Pacific region is predicted to hold major market share in the vacuum insulation panel with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing infrastructural spending, strong economic growth in the region, and significant investment by leading industry players considering potential growth opportunities.