The global vacuum insulation panel market is witnessing huge traction. Increased consumption of vacuum insulation panels in home appliances, logistics, and construction is a key driving force behind the vacuum insulation panel market growth. Besides, increasing R&D funding to improve the performances of temperature control solutions boosts market valuation.
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Additionally, increasing requirements for the storage and logistics of COVID 19 vaccines that require storage of -70° C have developed a newfound interest in vacuum insulation panels, driving the demand for ultracold storage. According to Market Research Future (MRFR), the global vacuum insulation panel market is estimated to grow with a phenomenal CAGR during the forecast period (2020-2027).
Additionally, rising uses of retrofitting vacuum insulation panels for lowering and raising floor slab levels, installing a slimmer screed layer, and rising construction refurbishment projects are some of the key vacuum insulation panel market trends. Rapid increase in the global economy plays a causal role in developing the market, substantiating the growth of the market.
Global Vacuum Insulation Panel Market - Segments
The vacuum insulation panel industry analysis is segmented into types, materials, end-uses, and regions. The type segment is sub-segmented into flat and special shapes. The material segment is sub-segmented into silica, fiberglass, and others. The end-use segment is sub-segmented into construction, home appliances, logistics, and others. The region segment is bifurcated into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Vacuum Insulation Panel Market - Geographical Analysis
The Asia Pacific region dominates the global vacuum insulation panel market, witnessing huge market demand. The market growth is driven by the raw material advantages and availability of a cost-comprehensive labor force. Also, the growing consumption of insulation materials in and construction, home appliances, logistic industries in the region creates substantial market demand.
Factors such as the augmenting demand for vacuum insulation panel that allows low-cost installation and improved compression in various applications foster the region’s vacuum insulation panel market share. Moreover, growing investments in the industrial sector and rapid industrialization across the region substantiate the vacuum insulation panel market size.
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Global Vacuum Insulation Panel Market - Competitive Landscape
Highly competitive, the vacuum insulation panel market appears diversified due to the presence of well-established players. Market players adopt competitive strategies such as mergers & acquisitions, expansion, and product launches to gain a larger competitive share. Substantial investments are made in driving R&D activities to develop a cost-competitive product portfolio and expand global footprints.
Players leading the global vacuum insulation panel market include LG Hausys, Ltd. (Korea), Evonik Industries AG (Germany), Panasonic Corporation (Japan), OCI Company Ltd. (Korea), Dow Corning Corporation (US), Kingspan Insulation LLC (US), Porextherm Dämmstoffe GmbH (Germany), ThermoCor (US), Vacutherm Ltd. (UK), and Hanita Coatings RCA Ltd. (Israel), among others.
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Industry/ Innovation/ Related News:
March 1, 2021 --- Lauda Dr. R. Wobser GmbH & Co. KG (Germany), a leading global individual temperature control solution provider, launched new ultra-freezers for the safe storage of vaccines and valuable samples. Versafreeze ultra-freezers provide state-of-the-art refrigeration technology, excellent insulating properties, and reliable protection.
Made with a combination of vacuum insulation panels, Versafreeze ultra-freezers are specially designed for the extreme deep-freeze storage requirements for vaccine producers, pharmaceutical service providers, and research laboratories, ensuring the safe storage of temperature-sensitive vaccines, chemical substances/biological samples, and valuable medicines.
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