PUBLISHER: Grand View Research | PRODUCT CODE: 1571778
PUBLISHER: Grand View Research | PRODUCT CODE: 1571778
The global vacuum insulation panel market size is anticipated to reach USD 10.82 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 4.3% from 2024 to 2030. Growing construction spending is expected to assist the growth for vacuum insulation panel over the forecast period. These are preferred more, owing to their thermal resistance properties compared to conventional insulation materials.
Moreover, the International Energy Agency issued strict regulations to conserve energy which has further propelled the demand for such panels. These panels help in reducing greenhouse gas emissions such as carbon dioxide from the atmosphere, thus helping to prevent polluting the environment to a large extent. Such a trend is anticipated to benefit the overall market over the next eight years.
However, vacuum insulation panels exhibit a heavier weight than conventional insulation materials which is expected to remain a key challenge for market participants. Factors such as, durability, shape and fragility are also anticipated to determine the demand for vacuum insulation panels in future.
Several R&D initiatives are being taken to introduce automated panels, which shall result in cost reduction of vacuum insulation panels over the forecast period. Recently, EVAL EVOH resins are added to provide an outer lamination coating for vacuum insulation panels to increase their shelf life.