Global Vacuum Insulated Panels Market, 2023-2028

Market Overview

The vacuum insulated panels (VIP) design comprises a sandwich structure consisting of an outer film, envelope material, and core material. The outer film is made of a high barrier multilayer film. Its function is to prevent deserting of moisture and gas into the panel. The VIP envelope comprises materials which possess minimal gas permeability and low thermal conductivity. Typical materials used are stainless steel, aluminum, and glass. The core material consists of micro-porous structures which allow gas evacuation to achieve vacuum. Typical materials utilized are fumed silica and fiberglass as they also have the additional property to withstand high mechanical load and pressure.

The analysis predicts the global VIPs market will grow from USD 987 million in 2022 to USD 1,331 million by 2028, achieving a CAGR of 5.1 percent. The market for VIP is expected to be driven on the basis of higher adoption from end-user industries including refrigeration and construction.

VIPs are increasingly preferred in the refrigeration industry because they are nano-porous with pore size in the 10 to 100 nanometer range. Conversely, PU foams are thousand times bigger than VIPs and tend to allow significant gas penetration when used in refrigeration applications.

Typical VIP products last 5-7 years and hence are highly suitable for refrigeration. However, with EU construction regulations focusing on making buildings carbon neutral by 2050, manufacturers have been developing VIPs with longer product life. This is done to make the product more suitable for the construction industry.

VIPs utilize a specialized sandwich structure to achieve remarkable thermal insulation performance. The design comprises three key components: 1) An outer barrier film layer composed of high gas-barrier multilayer plastics that prevent moisture and air permeation into the panel core; 2) A rigid envelope made of stainless steel, aluminum or glass with extremely low permeability and thermal conduction; 3) A micro-porous core with pore sizes from 10-100 nanometers, typically fumed silica or fiberglass, enabling gas evacuation while withstanding pressure.

Industry forecasts predict robust CAGR of 5.1% for the global VIP market, projecting revenues growing from USD 987 million in 2022 to USD 1,331 million by 2028. Key growth drivers are increasing adoption of VIPs in refrigeration and building construction applications.

In refrigeration, VIPs are preferred over traditional polyurethane foams for their nanoporous structure which dramatically reduces gas diffusion and improves insulation performance. VIPs typically last 5-7 years, aligning with refrigeration equipment lifecycles.

For building construction, manufacturers are developing next-generation VIPs with extended lifespan beyond 10 years to meet sustainability regulations focused on carbon-neutrality by 2050. This will expand adoption in walls, roofs and other building elements.

The presented report offers a comprehensive analysis of the VIPs industry, focusing on statistical information that is crucial for industry professionals. It provides detailed insights into the market size, market share across different market segments, growth rate, and forecasts specifically tailored to this industry. By utilizing data-driven analysis, the report equips professionals with essential information to evaluate the current market landscape effectively. This enables them to make informed decisions and identify potential growth opportunities within the sector. With its thorough examination of key industry metrics, the report serves as a valuable resource for industry stakeholders seeking to stay ahead in this competitive market.

Research Coverage

The report provides a detailed analysis of the following segments within the vacuum insulated panels market:
Core material: fiberglass, silica
End user: building and construction, refrigeration, transportation and logistics, and others
Region: Americas, Europe, Asia-Pacific, and Rest of World

Analyzing the global VIPs market by core material type, fiberglass currently represents the largest segment, accounting for the dominant share of total revenues. The extensive utilization of fiberglass cores in VIPs can be attributed to several favorable properties:
– Low thermal conductivity, providing effective insulation with vacuum evacuation. Bulk fiberglass has an ultra-fine porous structure to limit conduction.
– High mechanical strength to resist crushing even under vacuum pressure during panel production and in end-use. Prevents thermal bridging.
– Cost-effectiveness and wide availability as an established insulation material. Allows competitive pricing.
Fire resistance and minimum smoke generation. Important safety factor.

While alternatives like fumed silica, perlite, and metal foams offer niche advantages, fiberglass delivers the optimal balance of thermal performance, structural rigidity, safety, and cost-effectiveness required for generalized VIP applications across industries.

By end user, the global vacuum insulated panels market has been segmented into building and construction, refrigeration, transportation and logistics, and others. The refrigeration segment held the largest revenue share in 2022. VIPs are increasingly the preferred insulation material for refrigeration applications rather than conventional polyurethane foams. This is due to the nanoporous core structure of VIPs, with pore sizes between 10-100 nm, which severely restricts gas diffusion and enables significant improvements in thermal performance compared to PU foams.

The evacuated core and high gas-barrier envelope minimizes conductive, convective, and radiative heat transfer, allowing VIPs to provide the same insulation performance as PU foams using a fraction of the thickness. This enables more compact, space-efficient refrigerator cabinet designs.

Moreover, VIPs offer excellent insulation stability over the typical 5-7 year lifespan of commercial and domestic refrigeration equipment before requiring replacement. By contrast, PU foams can experience noticeable degradation and reduced R-values over time.

VIPs’ combination of size reduction potential, superinsulation properties, and long-term insulation stability perfectly match the performance demands and equipment replacement cycles in the refrigeration industry. This drives the strong uptake of VIP technology as an advancement over conventional insulating foams.

The global VIPs market can be analyzed geographically across the Americas, Europe, Asia-Pacific, and Rest of World regions. Of these, Asia-Pacific is expected to experience the fastest growth rate over the forecast period. High potential for VIP adoption across developing Asia-Pacific nations stems from several key factors:
· Rapid urbanization driving large-scale investments in eco-friendly residential and commercial building projects, where VIPs enable thin, thermally efficient wall and roof designs.
· Government policies and incentives aimed at enhancing energy efficiency and sustainability, propagating demand for high-R value VIP insulation.
· Expanding cold chain infrastructure for food, medicines and vaccines to serve large populations, utilizing VIPs for refrigerated transport and storage.
· Local manufacturing ramp-up by leading VIP producers to cater to rising regional demand. Strategic partnerships with construction/appliance companies boosting access.
· Still-limited awareness of VIP benefits representing untapped potential as outreach improves.

Underpinned by these dynamics, Asia-Pacific seems positioned to undergo the fastest expansion in VIPs adoption, although solid growth is also expected across developed North American and European building markets.

Competitive Landscape

The global VIPs market features a highly competitive landscape, with leading players like Etex S.A. (Promat International NV), Kingspan Group plc, Knauf Gips KG, LG Hausys, Ltd., Morgan Advanced Materials plc (Porextherm Dammstoffe GmbH), OCI Company Ltd., Panasonic Corporation, and va-Q-tec AG at the forefront of driving product innovation. Strategic M&A activity, as evidenced by EQT’s recent acquisition of va-Q-tec, aims to consolidate the industry through integration of key technologies and capabilities.

Other prominent vendors shaping competitive dynamics include ASAHI FIBER GLASS Co. Ltd., Chuzhou Yinxing New Materials Technology Co. Ltd., Compagnie de Saint-Gobain S.A. (ISOVER), CSafe Global LLC, Fujian SuperTech Advanced Material Co. Ltd., Hitachi Ltd., Isoleika S. Coop., Jiangsu Sanyou Dior Energy-Saving New Materials Co. Ltd., Kurabo Industries Ltd., KyungDong One Co. Ltd., Qingdao Creek New Environmental Materials Co. Ltd., Sealed Air Corporation (Kevothermal LLC), Sichuan Micolon Vacuum New Material Co. Ltd., Siltherm Group Holdings Limited, TURNA d.o.o., Turvac inovativne izolacije d.o.o., and Vaku-Isotherm GmbH.

While the market leaders mentioned prior command sizable shares currently, these secondary players also make notable contributions through focused product development, geographic specialization, and servicing niche applications. Their active participation spurs incremental innovation across production methods, envelope materials, core matrix compositions, and panel formats to expand the broader capabilities of VIP technology.

Vacuum Insulated Panels (VIPs) Industry Developments

▸ June 12, 2023 – The Bundeskartellamt granted approval for EQT Fund Management S.à.r.l. to acquire shares and take full control of va-Q-tec AG, a leading provider of thermal insulation and cold chain logistics solutions in Germany. EQT, a private equity firm based in Luxembourg, already holds control over Envirotainer AB in Sweden, a company specializing in the development, manufacturing, and leasing of temperature-controlled containers primarily used for biopharmaceutical air transportation. This acquisition will further enhance EQT’s position in the global cold chain logistics industry.

Key Questions Answered

What is the projected global market size of VIPs by 2028?
In terms of market dominance, which core material segment prevails in the VIPs market?
Which end user segment generates the highest revenue?
In the VIPs market, which region segment attains the foremost position?
Who are the key players with the largest market share in the VIPs market?
What is the estimated global market size for the VIPs market in 2023?
What are the main factors driving the growth of the VIPs market?
What is the expected incremental growth of the VIPs market during the forecast period?

Table of Contents

1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Vacuum Insulated Panels Market – Core Material Analysis
4.1 Fiberglass
4.2 Silica
5. Global Vacuum Insulated Panels Market – End User Analysis
5.1 Building and construction
5.2 Refrigeration
5.3 Transportation and logistics
5.4 Others
6. Global Vacuum Insulated Panels Market – Region Analysis
6.1 Americas
6.2 Europe
6.3 Asia-Pacific
6.4 Rest of World
7. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 ASAHI FIBER GLASS Co., Ltd.
9.2 Chuzhou Yinxing New Materials Technology Co., Ltd.
9.3 Compagnie de Saint-Gobain S.A. (ISOVER)
9.4 CSafe Global, LLC
9.5 Etex S.A. (Promat International NV)
9.6 Evonik Industries AG
9.7 Fujian SuperTech Advanced Material Co., Ltd.
9.8 Hitachi, Ltd.
9.9 Isoleika S. Coop.
9.10 Jiangsu Sanyou Dior Energy-Saving New Materials Co., Ltd.
9.11 Kingspan Group plc
9.12 Knauf Gips KG
9.13 Kurabo Industries Ltd.
9.14 KyungDong One Co., Ltd.
9.15 LG Hausys, Ltd.
9.16 Morgan Advanced Materials plc (Porextherm Dammstoffe GmbH)
9.17 OCI Company Ltd.
9.18 Panasonic Corporation
9.19 Qingdao Creek New Environmental Materials Co., Ltd.
9.20 Sealed Air Corporation (Kevothermal, LLC)
9.21 Sichuan Micolon Vacuum New Material Co., Ltd.
9.22 Siltherm Group Holdings Limited
9.23 TURNA d.o.o.
9.24 Turvac, inovativne izolacije, d.o.o.
9.25 Vaku-Isotherm GmbH
9.26 va-Q-tec AG
APPENDIX
DISCLAIMER

Companies Mentioned

A selection of companies mentioned in this report includes:
ASAHI FIBER GLASS Co., Ltd.
Chuzhou Yinxing New Materials Technology Co., Ltd.
Compagnie de Saint-Gobain S.A. (ISOVER)
CSafe Global, LLC
Etex S.A. (Promat International NV)
Evonik Industries AG
Fujian SuperTech Advanced Material Co., Ltd.
Hitachi, Ltd.
Isoleika S. Coop.
Jiangsu Sanyou Dior Energy-Saving New Materials Co., Ltd.
Kingspan Group plc
Knauf Gips KG
Kurabo Industries Ltd.
KyungDong One Co., Ltd.
LG Hausys, Ltd.
Morgan Advanced Materials plc (Porextherm Dammstoffe GmbH)
OCI Company Ltd.
Panasonic Corporation
Qingdao Creek New Environmental Materials Co., Ltd.
Sealed Air Corporation (Kevothermal, LLC)
Sichuan Micolon Vacuum New Material Co., Ltd.
Siltherm Group Holdings Limited
TURNA d.o.o.
Turvac, inovativne izolacije, d.o.o.
Vaku-Isotherm GmbH
va-Q-tec AG