Vacuum insulation panels are used in various applications such as building construction, logistics, and cooling & freezing devices due to their high thermal insulation properties. MarketsandMarkets projects the global market for vacuum insulation panels to grow from USD 6.38 Billion in 2016 to USD 8.14 Billion by 2021, at a CAGR of 4.99% from 2016 to 2021. Growing construction and consumer durables industries have propelled the growth of the vacuum insulation panels market, globally.
The growth of the vacuum insulation panels was largely influenced by expansions of global players in the past five years. The year 2014 experienced a large number of investment strategies being used by top players in this market. Agreements, contracts, and partnerships also formed an essential part of their strategies, which led to the flow of considerable income within the company. Most players in the market hold long-term contracts with their clients to expand their vacuum insulation panels business. New product and technology developments were one of the key strategies adopted by companies in the past 3 years to gain considerable market share and focus on core operations of the business. Considerable investments were made in technology upgradations and servicing facilities across developed and emerging markets.
Expansions & investments were the major strategies adopted by most of the players in the vacuum insulation panels market. Companies such as Evonik Industries AG (Germany), LG Hausys Ltd. (Korea), Panasonic Corporation (Japan), Dow Corning Corporation (U.S.), OCI Company Ltd. (Korea), Porextherm Dämmstoffe GmbH (Germany), ThermoCor (U.S.), and Va-Q-Tec AG (Germany) were the key players who adopted this strategy to increase the reach of their offerings, improve their product portfolio, and establish focus on core operations.
Evonik Industries AG (Germany) held the leading position in the global vacuum insulation panels market. The company has maintained its leadership position through its strong distribution network across Europe, Americas, and emerging markets. The company is among the leading manufacturers of products for many of the markets it serves. The year 2014 saw a lot of expansions and investments by key players to increase their geographic presence and expand their product portfolio to untapped markets. Evonik Industries AG opened a new plant through Nippon Aerosil Co. (NAC), a joint venture between Evonik Industries AG and Mitsubishi Materials (Japan) for Aerosil production in Japan. This plant ensures uninterrupted supply of Aerosil in Japan. Dow Corning Corporation expanded its business in Europe by inaugurating a new €9 million R&D facility in Belgium for silicon-based materials, such as vacuum-insulated panels.
LG Hausys Ltd. (Korea) deals in the manufacture and design of building and decorative materials, which include functional & interior materials and windows. It operates through four primary segments which include windows & curtain walls, interior materials, automotive material, and IT/electronics. The company is focused on expanding its business in the overseas market. It invested USD 40 million in 2010 in LG Hausys America, Inc., as a part of its expansion program.
Vacuum Insulation Panels Market by Core Material Type (Silica, Fiberglass, others), Type (Flat, Special Shape), Raw material (Silica, Fiberglass, Plastic, Metal, others), Application (Construction, Cooling & freezing devices, Logistics, Others) - Forecast to 2021
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