Transparency Market Research, March 21, 2018 /PRNewswire/ --
Adoption of vacuum insulation panels is influenced with increasing demand for material that assist in reducing energy losses. Vacuum insulation panels possess energy conserving properties and are widely used in the construction industry. The growth in construction sector has largely contributed to the use of vacuum insulation panels, pushing the growth of the global market of the product. Sale of vacuum insulation panels for refrigeration is also rising with increasing use of fiber glass vacuum insulation panels, consequently fuelling the growth of the vacuum insulation panels at a global level. Moreover, rising urbanization is another key factor that has influenced the market's growth in a positive way. Growing urbanization has led to an increase in the infrastructure and construction activities, which in turn have increased the demand for energy efficient vacuum insulation panels. Vacuum insulation panels are being used in shipping and logistics. Transportation of frozen food requires efficient temperature management, which has been possible with the use of vacuum insulation panels.
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Global market for vacuum insulation panels is expected to grow at a steady pace in the coming years. Initiatives with respect to use of vacuum insulation panes for residential buildings is expected to push the market's growth in the coming years. For example, United States Department of Housing and Urban Development analyzed the potential for vacuum insulation panels in the residential sector. The analysis concluded with the fact that vacuum insulation panels are a feasible solution to design energy efficient buildings. Favorable regulations supporting the use of the product in residential building construction is expected to raise the demand for vacuum insulation panels in the years to follow.
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As per analysis of Transparency Market Research, global market for vacuum insulation panels is estimated to reach a value of over US$ 9 Bn by the end of the year of forecast (2026). Major players involved in the manufacturing of vacuum insulation panels are Va-Q-Tec AG, American Aerogel Corporation, Panasonic, LG Hausys, Dow Corning, Sonoco, Evonik Industries AG, Sealed Air Corporation, Cold Chain Technologies, Cryopak, Pelican Biothermal and Sofrigram SA Ltd.
Key Highlights of the Global Vacuum Insulation Panels Market
- Asia Pacific excluding Japan (APEJ) is expected to be highly lucrative market for vacuum insulation panels. The adoption rate of vacuum insulation panels in APEJ and Europe is similar, however, with respect to sales revenue of VIPs, Asia Pacific excluding Japan dominates the global market. Valuation wise the APEJ vacuum insulation panels market is estimated to beat US$ 3 Bn by the end of year of assessment
- Plastic as a raw material is highly preferred choice by manufacturers in developing vacuum insulation panels. Plastics possess high thermal efficiency index. Heat transfer by energy consumptions and radiations through plastics is very less owing to negligible thermal conductivity. Demand for plastics as raw material is expected to rise across the globe as compared to metal
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- Adoption of vacuum insulation panels in pharmaceutical industry is rising at a higher pace. The need for effective temperature control for various medicines and drugs is pushing the use of products that reduce heat transfer. Vacuum insulation panels, thus, have gained high significance in shipping and storing of pharmaceuticals products. Moreover, the use of vacuum insulation panels in the construction industry is expected to contribute to the growth of the global market. Sale of vacuum insulation panels for building construction is poised to surpass US$ 4.5 Bn by end of forecast period
- Flat shape vacuum insulation panels are gaining high traction since past years. Owing to larger surface area of the insulating envelope, flat vacuum insulation panels are a preferred choice in energy efficient buildings and other applications
- High adoption of Silica core in vacuum insulation panel manufacturing has been observed. Market value of silica core vacuum insulation panels has been high since 2017 and is expected to reach US$ 4.2 Bn by end of the assessment period. In addition, fiberglass is also gaining high steam owing to reduced heat transfer properties of the material
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