Vacuum Insulation Panels Market Key Trends
Vacuum insulation panels are flat elements consisting of an open porous core materials which have to withstand the external load caused by atmospheric pressure, as well as a sufficiently gas- tight envelope to maintain the required quality of the vacuum. Increasing environmental concern among consumers is driving the growth of the global vacuum insulation panel market. These panels help in reducing greenhouse gas emissions such as carbon dioxide from the atmosphere, thus helping the prevention and reduction of environmental pollution to a large extent. Additionally, the growing demand for sea food all over the world is fuelling the growth of this market because the demand has created the need for cold storage and transportation that require VIPs for insulation. However, high costs of vacuum insulation panels, as compared to other alternatives may hamper the growth of vacuum insulation panel market. The global vacuum insulation panel market is expected to grow at CAGR of around 4% by 2022
This study provides an overview of the global vacuum insulation panel market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global vacuum insulation panel market as material, type, and application.
Market Research Analysis
On the basis of applications, global vacuum insulation panel market is segmented into construction, home appliances, logistic, and others. Out of them, construction sector has the largest share mainly due to the growing construction & infrastructural activities worldwide.
Asia-Pacific is the largest region for the vacuum insulation panel market mainly due to rapid growth in construction sector and increasing demand for sea food. It is expected to grow at the fastest pace during the forecast period.
Asia-Pacific is the largest growing market
On the basis of regions, the global vacuum insulation panels market is segmented into North America, Europe, Asia-Pacific and RoW. Asia-Pacific region dominates the vacuum insulation panels market. Rapid growth in construction sector is the primary driving factor of vacuum insulation panels market in the region. Additionally, the growing consumer awareness as well as increasing demand for thermal insulation in residential and commercial building is fueling the demand of this market. This region is expected to grow at the fastest pace during the forecast period.
North America is also expected to contribute significantly to the global vacuum insulation panels market mainly due to government initiatives such as Weatherization Assistance Program, which promote the thermal insulation. European region and Rest of the World are expected to witness steady growth over the forecast period.