Dublin, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The "Vacuum Insulation Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for vacuum insulation panels (VIPs) is expected to register a CAGR of around 5.5%, during the forecast period. The major factors driving the growth of the market studied are the robust demand from the construction industry, and adoption of VIPs for automated storage and retrieval across the world. On the flipside, high cost for non-standard sizes, and heavy weight of the panels are likely to hinder the growth of the market studied.
By structure type, the flat segment dominated the market. It is expected to grow during the forecast period. Growth of the segment is driven by the design flexibility and ease-to-manufacture attributes of flat panels.
Increasing stringent regulations promoting the energy-efficient materials, and R&D initiatives to introduce automated panels, with an aim to reduce VIPs cost, are likely to provide opportunities for the market studied, during the forecast period. Asia-Pacific dominated the global market, owing to the robust demand for VIPs from the construction, as well as logistics and warehouse industries.
Key Market Trends
Construction Segment to Witness Strong Growth
Among 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 the construction sector, like the reduced thickness of building components, providing increased indoor space and optimization of land use, and recyclability of constitutive materials after their service life.
Hence, all such attractive properties have made VIPs popular for application in the construction sector.
Moreover, the rising number of building codes and policies mandating energy-efficient structures is further facilitating an increase in the usage of eco-friendly and energy conserving materials in the construction sector. This is likely to increase the application of VIPs in the construction industry, during the forecast period.
The global construction industry grew by about 3.5%. Residential and commercial construction has been increasing significantly across the world, further driving the demand for VIPs for construction application.
The Asia-Pacific and North American regions have been witnessing strong growth in residential construction, which is likely to increase the demand for VIPs for residential application during the forecast period.
Additionally, regions like, Asia-Pacific and the Middle-East and Africa, are attracting huge domestic, as well as foreign investments for setting up industrial units, hospitals, malls, multiplexes, hotels, as well as in the IT sector, which may add to the demand for VIPs.
Hence, the aforementioned trends in the construction industry are expected to drive the growth of the VIPs market, during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share. With growing investments into the residential and commercial construction in the countries, such as India, China, the Philippines, Vietnam, and Indonesia, the market for VIPs is expected to grow in the coming years.
Currently, there are several airport construction projects, either in development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc.
Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
In India, the government's target for investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country.
In Indonesia, the government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to provide a boost to residential construction in the country.
Hence, all such investments and planned projects in the Asia-Pacific countries are providing a boost to construction activities in the region, which are anticipated to drive the demand for VIPs in the region, during the forecast period.
The vacuum insulation panel market is fragmented in nature, with numerous players holding an insignificant market share, to affect the market dynamics individually. Some of the major players in the market include Evonik Industries AG, Panasonic Corporation, Dow, LG Hausys Ltd, and OCI Company Ltd, among others.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Robust Demand from Construction Industry
4.1.2 Adoption of VIPs for Automated Storage and Retrieval
4.2.1 High Cost of VIPs for Non-standard Sizes
4.2.2 Heavy Weight of Vacuum Insulation Panels
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Technological Snapshot
4.5.1 Production Process
4.5.2 Technology Licensing and Patent Analysis
4.6 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 Core Material
5.1.3 Other Core Materials
5.2 Structure Type
5.2.2 Special Shape
5.3.2 Cooling and Freezing Devices
5.3.4 Other Applications
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chuzhou Yinxing Electric Co. Ltd
6.4.2 Csafe Global
6.4.4 Evonik Industries AG
6.4.5 Fujian SuperTech Advanced Material Co. Ltd
6.4.6 Avery Dennison
6.4.7 KCC Corporation
6.4.8 Kevothermal LLC
6.4.9 Kingspan Insulation Ltd
6.4.10 Knauf Insulation
6.4.11 LG Hausys Ltd.
6.4.12 Morgan Advanced Materials
6.4.13 OCI Company Ltd
6.4.14 Panasonic Corporation
6.4.16 Thermal Vision Inc.
6.4.17 TURNA DOO
6.4.18 Va-Q-Tec AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shift from Traditional Solvent-borne Technologies to Newer Technologies
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