Some of the players holding a prominent position in the global vacuum insulation panels market include Sofrigram SA Ltd., Pelican BioThermal LLC, Cryopak, Cold Chain Technologies, Inc., Sealed Air Corporation, Evonik Industries AG, Sonoco, Dow Corning, LG Hausys, Panasonic, American Aerogel Corporation, and va-Q-tec AG., notes Transparency Market Research (TMR). A number of top players are spending on intensive research activities for developing cost-efficient core materials for vacuum insulation panels, with an aim to meet a variety of needs of end-use industries, observes TMR. Several players are also focused on developing high-performance temperature controlled packaging solutions, in order to gain a firm foothold in the market. Leading players are harping on product innovations to stay ahead of others.
The global vacuum insulation panels market is projected to rise at a moderate CAGR of 5.3% from 2017 to 2026. The market is estimated to reach a worth exceeding US$9 billion by the end of 2026.
The key core type of materials used in vacuum insulation panels are categorized into silica, fiberglass, and others. Of all the types, the use of silica in making panels has been substantially high. The segment is expected to reach a valuation of US$ 4.2 billion by the end of the assessment period. The extensive adoption of silica as core material for robust insulation in the building and construction industry is attributed to its several attractive, unique characteristics such as non-toxicity and non-combustibility.
Geographically, Asia Pacific excluding Japan (APEJ), is set to be potentially attractive market for vacuum insulation panels. Vis-à-vis sales revenue, the regional market leads during the forecast period. The growth is led by key economies such as Australia, China, and India in which the pharmaceutical, construction, logistics, and refrigeration industries are witnessing widespread uptake. The APEJ market will reach a worth of US$3 billion by 2026 end.
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The rising application of vacuum insulation panels in enhancing the energy efficiency of various building and construction materials world over is a key factor accentuating the market. The substantially growing use of these insulation panels compared to traditional foam insulation in variety of refrigeration applications is contributing to attractive market revenues. The global vacuum insulation market in several emerging economies will ride on the back of staggering rise of building and construction activities, coupled with adoption of greener technologies and products. The growing preference of vacuum insulation panels in retrofit insulation for buildings is also catalyzing their uptake.
Application in Refrigerated Pharmaceutical Products provides Robust Fillip
The widespread use of vacuum insulation in a variety of commercial refrigeration applications, such as in transportation of refrigerated food products, is aiding in the marked expansion of the market. The burgeoning demand for these panels in refrigerated shipping and logistics is a notable trend boosting the market. Their adoption is also gaining popularity as they help in reducing the fuel consumption of transporting vehicles.
The uptake of vacuum insulation panels is growing at a prominent pace in the pharmaceutical industry. The role played by these panels in temperature excursion management of various drugs and pharmaceutical products is key to their adoption. These panels help in setting a robust temperature control system, which is necessary for keeping the quality of drugs intact during their transportation.
Advances to Develop Better Core Materials to Unlock Exciting Avenue
The market is also benefitting copiously from the emerging application of flat shape vacuum insulation panels in the recent years. Covering a wide surface area of action, the use of these type of insulation panels are gathering steam in various residential and commercial products. The advent of better core materials and the launch of solutions with better coolant configurations are noteworthy trends expected to bring innovations in the global market.