Vacuum Insulation Panel (VIP) Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“Vacuum insulation panel (VIP) market is driven by rising urbanization, growing globalization, increasing awareness for the advantages like help in reducing thickness of construction components, and increase in use of vacuum insulation panel in cold box and other cooling containers for shipping food products.�
Global Vacuum Insulation Panel (VIP) Market is anticipated to grow significantly in the forecast period owing to the increase in demand from construction industry. Vacuum insulation panel is manufactured with open porous core materials bounded with gas barrier. The open porous core materials are used for high thermal insulation capacity and mechanical strength and gas barrier offers resistance to vapour and air for the internal core material. Vacuum insulation panel is widely used in refrigeration units, building construction and insulation for shipping containers. It ideally replaces the conventional insulation panels owing to the properties. Vacuum insulation panel (VIP) market is driven by rising urbanization, growing globalization, increasing awareness for the advantages like help in reducing thickness of construction components, and increase in use of vacuum insulation panel in cold box and other cooling containers for shipping food products. Moreover, stringent regulations by International Energy Agency for energy conservation is driving the vacuum insulation panel market. These strict regulations is propelling the demand for vacuum insulation panel. However, market is hampered by significant cost of vacuum insulation panels for unique size due to extra customization cost. Moreover, heavy weight of vacuum insulation panels as compared to the traditionally used insulation panels is also an obstacle to the market. Nevertheless, manufacturers are increasingly focusing on improving the efficiency of vacuum insulation panels with the introduction of novel technologies. Improvements in the core material is one of the major expected technological advancements in the domain, which will help the manufacturers to produce competent products for the growing needs.