Vacuum insulated panels (VIP) are a type of thermal insulation equipment which comprise a gas tight enclosure which surrounds a rigid core from which air is evacuated to create near vacuum. These vacuum insulated panels find applications in building constructions as they deliver superior thermal insulation performance as opposed to conventional thermal insulation materials.
Vacuum insulated panels have been finding increasing applications in construction and refrigeration. Besides, stringent regulations imposed by various government agencies & regulatory bodies with regards to energy conservation and carbon emissions are anticipated to drive the growth of this market during the forecast period. Vacuum insulated panels do not only contribute to energy conservation but also help in reducing carbon dioxide emissions. International agencies, such as the International Energy Agency, have been promoting & recommending the use of vacuum insulated panels to reduce carbon emissions. Hence, the vacuum insulated panels market, driven by these factors, is expected to grow at a significant pace during the next few years.
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Considering these important aspects of vacuum insulation panels, the study of the vacuum insulation panels market becomes an important read.
Market Segmentation
On the basis of material type, the vacuum insulation panels market is segmented as follows:
- Silica vacuum insulation panels
- Fiberglass vacuum insulation panels
- Other vacuum insulation panels materials
On the basis of design type, the vacuum insulation panels market is segmented as follows:
- Flat vacuum insulation panels
- Special shaped vacuum insulation panels
On the basis of raw material type, the vacuum insulation panels market is segmented as follows:
- Fiber glass based vacuum insulation panels
- Silica based vacuum insulation panels
- Metal based vacuum insulation panels
- Plastic based vacuum insulation panels
- Other raw material based vacuum insulation panels
On the basis of application, the vacuum insulation panels market is segmented as follows:
- Building construction
- Refrigeration & cooling appliances
- Transport
- Others
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Key Trends and Drivers
Given their long life, silica-basedvacuum insulated panels have witnessed increased demand from the building construction industry in recent times, thereby fueling market growth substantially. Besides, fiberglass based vacuum insulated panels have also been experiencing increasing demand from the refrigeration industry. Furthermore, rapid urbanization, on a worldwide level, is contributing to market growth as well.
On a global level, with the rapidly rising quantities of frozen food being transported across vast distances, requiring thermal insulation for a large time period, there has been increasing demand for vacuum insulated panels from the cold storage and frozen transportation industry. That apart, refrigerated transport of pharmaceutical products & medicines across the globe has also been contributing to the rapid growth of the vacuum insulated panels market in recent times. Liberal import-export policies by governments across different global regions are expected to drive market growth even further in near future. Efforts are being made to develop new production processes for the manufacturing of vacuum insulated panels that would successfully minimize manual involvement through the use of increased automation. This will further reduce prices of vacuum insulated panels in near future, thereby fueling their demand at a global level.
However, vacuum insulated panels involve expensive manufacturing costs and hence, are expensive. They also have a short shelf life due to their aging characteristics. Also, for certain applications, vacuum insulated panels must be custom built and designed in specific sizes, which essentially leads to higher costs for end users, limiting sales volumes. Besides, in transport applications, the relatively higher weight of vacuum insulated panels renders them unfavorable vis-à-vis other thermal insulation materials. Also, vacuum insulated panels are fragile and hence, have some limitations in terms of applications. These factors are expected to dampen the growth rate of the vacuum insulated panels market during the forecast period.
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Market Participants
Some of the examples of the market participants identified across value chain of the vacuum insulation panels market are as follows:
- Dow Corning Corporation
- Panasonic Corporation
- Va-Q-Tec AG
- Morgan Advanced Materials Porextherm Dämmstoffe GmbH
- Knauf Insulation
- Kingspan Insulation
- Evonik Industries AG
- LG Hausys Ltd.
- TURNA d.o.o.
- ThermoCor