The latest research study “Vacuum Insulation Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global vacuum insulation panel market reached a value of US$ 8.21 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.29 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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A vacuum insulation panel (VIP) refers to the flat element comprising an open porous core material that withstands the external load caused by atmospheric pressure and a gas-tight envelope to maintain the required quality of the vacuum. It provides low insulation thickness and superior thermal insulation performance as compared to conventional insulating panels. In line with this, VIP is ideal for the transportation of heat-sensitive products in extreme conditions, including prolonged period and intense temperature. Consequently, it is extensively utilized in various industries, such as construction and logistics, across the countries.
Global Vacuum Insulation Panel Market Trends and Drivers:
The increasing cold storage facilities are primarily driving the vacuum insulation panel market. Additionally, the widespread adoption of VIPs as external or internal insulation in detached houses, apartment buildings, nurseries, office buildings, attic hatches, etc., is further catalyzing the market growth. Besides this, the growing utilization of vacuum insulation panels in refrigerated trucks and transportation systems, vending machines, freezers, wine coolers, etc., is acting as another significant growth-inducing factor. Moreover, VIPs are viable for high-temperature applications, including domestic ovens, furnaces, hot water tanks, and concentrated solar plants, particularly with heat-resistant glass-fiber core panels, which is also positively influencing the global market. Apart from this, the development of enhanced thermal insulators, on account of numerous advancements in nanotechnology and material sciences, is anticipated to fuel the vacuum insulation panel market over the forecasted period.
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The report has been segmented the market into following categories:
List of Major Key Players:
The major players in the market are Avery Dennison Corporation, BASF SE, Etex Building Performance NV (Etex Group), Evonik Industries AG (RAG-Stiftung), Kevothermal Ltd, Kingspan Group plc, Knauf Insulation, Morgan Advanced Materials, OCI Company Ltd., Panasonic Corporation, TURNA d.o.o. and Va-Q-Tec AG.
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