Market Research Global Vacuum Insulation Panels Market Analysis

The global vacuum insulation panels market valued at USD 6.2 Billion, and is expected to witness a CAGR
of 6.21% during the forecast period, 2018 to 2023. A vacuum insulated panel (VIP) is a thermal
insulation system consisting of an evacuated, open, porous material placed inside a gas barrier. The
main components of a VIP are inner core, barrier envelope, opacifiers, and getters or desiccants.
Increasing Demand from Construction Sector
The rise in building and construction activities are the prominent factors augmenting the demand for
VIPs. Among the various nonconventional insulations being introduced to the construction industry as
the next-generation thermal insulation, VIPs appear to be one of the most promising insulation
materials with the highest thermal insulating capacity. VIPs also offer other advantages in construction
sector, like reduced thickness of building components, providing increased indoor space & optimization
of land use and also their constitutive materials can be recycled after the service life. Furthermore,
increasing construction sector growth rates, as shown in the graph is expected to drive the vacuum
insulation panel market during the forecast period.
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Silica to be the Fastest Growing Core Material
The majorly used powdered materials employed in VIP cores are fumed or pyrogenic silica, silica
aerogels, and expanded perlite individually or in a mixture form. Fumed silica is the most common core
material in Europe. Some of the advantages of fused silica include Stable, long-term thermal
performance when installed correctly and protected from damage and penetration, extremely low
insulation thicknesses (10 mm to 25 mm), increasing the volume capacity of applications for which a lack
of space for insulation thickness is an issue etc. Fumed silica is used in almost all applications, which
involves a moderate temperature differences like construction, cooling & freezing devices,
semiconductor industry, and in the production of photovoltaic cells.
Asia-Pacific to be the Dominating and Fastest Growing Region
In terms of consumption in 2017, Asia-Pacific accounts for almost 45% of the market followed by North
America and Europe. This is primarily due to the rising demand from China, and India. Rise in
construction sector is one of the key factor boosting the demand for vacuum insulation panels. China is
one of the major revenue contributors in the Asia-Pacific region. Some of the megaprojects that
increased the vacuum insulation panels consumption in the region are New Guanjiao Tunnel, Lanzhou-
Xinjiang high-speed railway line, etc. Moreover, the commercial and office construction market remains
positive in Beijing. The Government of India has a program to develop 100 smart cities countrywide, and
its Make in India program, designed to encourage funds for development in the logistics and
manufacturing sectors, is underway. These factors are boosting the market demand.
Key Developments in the Market
Dec 2017: Panasonic Corporation launched new high-performance vacuum insulated glass
Feb 2017: Avery Dennison acquired Hanita Coatings. Avery Dennison is a global leader in pressure-