A vacuum insulated panel (VIP) is a thermal insulation system consisting of an evacuated, open, porous material placed inside a gas barrier. They are considered as an effective alternative to conventional material used in building construction, as they have high thermal resistance. The global vacuum insulation panels market was 6.47 billion USD in 2018 and will reach 9.15 billion USD by 2025 with a CAGR of 5.07% during the period.
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Growth by Region
Asia Pacific will have largest share in the market due to rising economy and rapid growth in construction sector. North America and Europe will hold significant share in the market due to growth in construction sector.
Drivers vs Constraints
Rising building and construction activities is the primary factor driving the demand for vacuum insulation panels. Strict regulations to conserve energy is also boosting the market growth. However, fluctuations in raw material prices is hampering the market growth.
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Industry Trends and Updates
Avery Dennison acquired Hanita Coatings. Avery Dennison is a global leader in pressure-sensitive and functional materials and labeling solutions for the retail apparel market.
Panasonic Corporation launched new high-performance vacuum insulated glass.