Vacuum Insulated Panels Market - Global Industry Size, Share, Growth, Trends and Forecast Analysis For 2017 - 2025

Vacuum Insulated Panels (VIPs) are specially designed panels that offer insulation in vacuum space. It is a type of thermal insulation comprising an airtight enclosure from which air has been completely evacuated. VIPs present better insulation than some conventional insulation materials such as glass wool and spray foam. Thermal conductivity is not possible and only radiation can pass through a vacuum enclosure due to absence of air inside it. Therefore, VIPs are considered to be the next generation of all insulation products since they provide excellent thermal conductivity. VIPs were first employed in commercial applications such as freezers, reefer containers, refrigerators, and cold shipping boxes. The outstanding thermal conductivity performance of VIPs allow them to offer the thinnest possible solutions of these temperature controlled applications.

Moreover, VIPs are found in building applications since there are many stringent regulations related to designing of energy-efficient buildings. For instance, the United States Department of Housing and Urban Development took the initiative of analyzing its market potential for adopting VIPs in residential buildings. The analysis showed that installing VIPs in residential buildings has become an important and feasible means for designing energy-efficient buildings. VIPs are rigid and made up of highly porous materials such as aerogel, glass fiber, or perlite, which support the membrane walls of the panels against atmospheric pressure once the air from inside the panel is completely evacuated. Additionally, VIPs consists of chemicals which help in collecting gasses that are leaked through the membranes of the panel.

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The core material of a VIP has similar thermal characteristics to the materials utilized in conventional insulation techniques. Therefore VIPs have higher thermal resistance than conventional insulation techniques. The global vacuum insulated panels market is projected to expand at a steady pace due to investments in this market by leading companies operating in this field.

Increasing urbanization, globalization, and overseas activities play a key role in driving the expansion of the global vacuum insulated panels market. VIPs offer a number of advantages in the construction industry. They reduce the thickness of building components allowing for more indoor space and optimum usage of land. Rapid urbanization is likely to play a major role in driving the demand for VIPs in the market since it is anticipated to lead to increase in need for construction of more buildings, Furthermore, VIPs are extensively employed in cold box or reefer containers, which are utilized for shipping food and non-food products over the sea. Therefore, increase in globalization is estimated to ultimately lead to an increase in trade activities. This is anticipated to play a crucial role in driving the expansion of this market.

The global vacuum insulated panels market can be segmented into type of material used, applications, and geography. In terms of type of materials used, the market can be further segmented into silica, fiber glass, and others. Silica-based vacuum insulated panels are extensively employed in the construction sector, while fiber glass VIPs are used in the cooling and freezing and logistics sector. In terms of applications, the market can be segmented into construction, logistics, cooling and freezing, and others. The construction segment is estimated to hold significant share of the market due to increase in number of construction activities for both commercial and residential purposes.

In terms of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to lead the market due to improved infrastructure and rapid urbanization. This is anticipated to lead to an increase in construction activities and fuel the need for vacuum insulated panels.

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Some of the key players operating in this market are LG Hausys Ltd. (South Korea), Evonik Industries AG (Germany), Dow Corning Corporation (U.S.), Panasonic Corporation (Japan), OCI Company Ltd. (South Korea), Microtherm (Germany), Kevothermal, LLC. (U.S.), and Thermocor (U.S.).

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