Press release
Vacuum Insulation Market Expected to Achieve 9.6% CAGR by 2029: Growth Forecast Insights
Vacuum Insulation
How Large Will the Vacuum Insulation Market Size By 2025?
In recent times, the market size for vacuum insulation has experienced robust growth. The market is forecasted to expand from $10.07 billion in 2024 to $10.78 billion in 2025, at a compound annual growth rate (CAGR) of 7.1%.
How Big Is the Vacuum Insulation Market Size Expected to Grow by 2029?
Expectations are high for the vacuum insulation market size, with significant expansion anticipated over the next few years. This market is predicted to reach $15.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.6%. The projected growth during the forecast period is mostly attributed to factors such as the surge in sustainable construction, an increased demand for HVAC efficiency, growth in the aerospace and automotive sectors, urbanization and infrastructural development, and a heightened awareness concerning climate change. The forecast period also points to major trends including the integration into smart buildings, green building certifications, high-performance refrigeration, customized VIP solutions, and vacuum insulated glass (VIG).
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Which Key Market Drivers Powering Vacuum Insulation Market Expansion and Growth?
The expansion of the vacuum insulation market is anticipated due to its heightened use across refrigeration and freezing applications. Vacuum insulation is employed in freezing applications to prolong the cooling effect on food compared to other refrigeration units. It plays a crucial role in the rapid and secured refrigerated transport of pharmaceuticals and medicines. For instance, as reported by Coolest Gadgets, an independent digital magazine from the US, refrigerators were identified as the 72nd most world-traded commodity in 2022, having an overall trade value of USD 62.5 billion, representing 0.26% of global trade. The refrigerator trade saw a 0.67% increase from 2021 to 2022. Thus, this augmented usage across refrigeration and freezing applications is propelling the vacuum insulation market forward.
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Which Fast-Growing Trends Are Poised to Disrupt the Vacuum Insulation Market?
The growth of technological innovations is a primary trend witnessed in the vacuum insulation sector. Leading firms in this market are introducing novel products equipped with ground-breaking technologies to fortify their industry standings. For example, in February 2022, NEVEON, an integrated foam company based in Austria, unveiled a new production line for vacuum insulation panels (VIP) in Nýrsko, Czech Republic. This completely automated plant aims to cater to the surging demand for energy-efficient insulation by augmenting production capacity. The VIPs supplied by NEVEON are extensively used in several sectors including construction, domestic appliances, and the logistics industry, all of which require superior thermal insulation. This undertaking aligns with NEVEON's overarching goal to improve its global market standing by combining innovative insulation technologies that support energy conservation and sustainability.
What Are the Emerging Segments in the Vacuum Insulation Market?
The vacuum insulation market covered in this report is segmented -
1) By Type: Flat Panel, Special Shape Panel
2) By Raw Material: Plastics, Metals
3) By Core Material: Silica, Fiberglass, Other Core Materials
4) By End-User Industry: Construction, Cooling and Freezing Devices, Logistics, Other End-User Industries
Subsegments:
1) By Flat Panel: Standard Flat Panels, Custom Flat Panels
2) By Special Shape Panel: Cylindrical Panels, Corner Panels, Specialty Custom Shapes
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Who Are the Global Leaders in the Vacuum Insulation Market?
Major companies operating in the vacuum insulation market include BASF SE, M&I Materials Limited, Morgan Advanced Materials, Evonik Industries AG, LG Hausys, Panasonic Corporation, Dow, Kevothermal LLC, ThermoCor, Va-Q-Tec AG, Microtherm Sentronic GmbH, OCI Company Ltd., Kingspan Group, KCC CORPORATION, Svenska Aerogel AB, Saffil Ltd., Sulzer Metco, Luxfer Gas Cylinders, HPQ Silicon Resources Inc., Isoleika S.L., Saint-Gobain, TechnoNICOL Corporation
Which are the Top Profitable Regional Markets for the Vacuum Insulation Industry?
Asia-Pacific was the largest region in the vacuum insulation market share in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vacuum insulation market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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