According to the latest market research study released by Technavio, the global vacuum insulation panels market is expected to grow at a CAGR of more than 5% during the forecast period.
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Technavio has published a new report on the global vacuum insulation panels market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global Vacuum Insulation Panels Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The research report by Technavio identifies silica and fiberglass as the key core materials utilized by the vacuum insulation panels industry. Silica-based panels are expected to show maximum growth in the market, driven by the high adoption of fumed silica and silica aerogels by consumers.
The market size of vacuum insulation panels is expected to grow to USD 7,737.8 million by 2021. APAC will generate maximum incremental growth through the forecast period, driven by the robust construction industry in the region. |
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Based on end-users, the report categorizes vacuum insulation panels into the following segments:
- Construction industry
- Logistics industry
- Cooling and freezing devices
- Others
The top three revenue-generating end-user segments in the global vacuum insulation panels market are discussed below:
Construction industry
“The vacuum insulation panels in the construction industry segment is expected to grow steadily over the forecast period, with a CAGR of 5%. It finds applications in a variety of areas including floor insulation, dormer windows and door insulation, facades, attic hatches and stairs, roof and terrace insulation, and saunas,” says Mahitha Mallishetty, one of the lead analysts at Technavio for metals and minerals research.
The growing demand for energy-efficient buildings is driving the need for vacuum insulation panels in the construction industry. Vacuum insulation panels are considered very energy-efficient when compared to conventional building insulation materials because of their high thermal resistance, thereby driving the market growth.
Logistics industry
In the logistics industry, vacuum insulation panels are widely used for insulating tank containers and refrigerated shipping containers (reefers). Many logistics companies in the US and countries in Europe are expanding their international distribution services to cater to the future demand for the procurement and delivery of frozen food products and drugs from developing countries, thereby driving the growth of the market segment.
Cooling and freezing devices
“The increasing demand for efficient commercial and residential refrigerators is driving the demand for vacuum insulation panels. They are widely used in laboratory and biomedical freezers to store temperature-sensitive materials, chemicals, and biological samples at temperatures as low as -122.8°F since vacuum insulation panels provide superior passive insulation,” says Mahitha.
Since vacuum insulation panels are compact, they could increase internal space of refrigerators by as much as 30% to 40%. Their energy-efficiency also results in reduced electricity consumption and are provided superior energy ratings, further driving their adoption.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Dow Corning
- Evonik
- LG Hausys (LG)
- Panasonic
- Sealed Air
Browse Related Reports:
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- Global HVAC Insulation Market 2016-2020
- Global Insulated Packaging Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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