The growth of the global vacuum insulation panels market is ascribed to the thriving construction industry. In the last few years, many of the construction projects have been initiated with energy efficiency being the focal point every construction. Vacuum insulation panels are likely to acquire prominence in the construction industry due to their excellent their thermal resistance property.
Porextherm Dämmstoffe GmbH, LG Hausys Ltd, Panasonic Corporation, DOW Corning Corporation, Evonik Industries AG, and OCI Company Ltd are few of the prominent companies found in the global vacuum insulation panels market.
Asia Pacific to Come Up as a Leading Region over the Forecast Tenure, from 2017 to 2026
Considering regional segmentation, the global vacuum insulation panels market is divided into the major regions of Latin America, Middle East and Africa, North America, Europe, and Asia Pacific. These regional classifications are likely to offer a detailed view of the market at regional level with local growth factors at play.
From the geographical perspective, Asia Pacific is likely to emerge as a lucrative region in the global vacuum insulation panels market over the forecast tenure. The growth in the Asia Pacific region is owing to the booming construction industry with rapid expansion in infrastructural sector in China and India. In addition, rapid urbanization and augmented spending by government have escalated construction activities in the region, which is likely to boost the vacuum insulation panels market in Asia Pacific.
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Increased Demand for Environment Friendly Materials Boosts its Demand
The global vacuum insulation panels market is driven by stringent rules and regulations regarding the use of energy efficient structures. This is further expected to increase the use of energy efficient and environment friendly materials in the construction industry, which will facilitate increased use of insulation panels in the construction industry, over the assessment period. According to the findings of International Energy Agency, it is possible to diminish the emission of CO2 by around 8%, which is likely to add to reduction of carbon footprint in the environment. The construction industry has been constantly witnessing growth in the last few years. Both commercial and residential constructions are on the rise across the globe to cater to the rising demand of the growing population.
In addition, use of vacuum insulation panels diminishes the thickness of building substances, which offers more indoor space. After the end of service life, the constitutive material of vacuum insulation panels can be easily recycled. Of all the non-conventional insulations that made foray in the construction sector as the next generation material, vacuum insulation panels emerge as an extremely promising material.
On the other hand, the these panels come very expensive, which is estimated to obstruct growth of the global vacuum insulation panels market over the period of assessment, from 2017 to 2026. In many cases, these vacuum insulation panels come in non-standard sizes that have to be customized. This results in high cost of the material.