Vacuum Insulation Panels Market is projected to grow 8.14 Billion USD by 2021 The market for "Vacuum Insulation Panels" is growing due to innovative developments in the industrial sectors and growth in the construction and consumer durables industries. Rising per capita income of the middle class has increased its purchasing power, which has resulted in an increase in the number of buildings and cooling & freezing devices.
On the basis of key regions, the market for vacuum insulation panels is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is projected to grow at the highest rate from 2016 to 2021, because the countries in this region are expected to achieve high growth in the construction sector, thus triggering a huge demand for vacuum insulation panels.
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The vacuum insulation panels market is segmented on the basis of core material, type, application, raw material, and region. On the basis of core material, panels with silica held the largest market share. Their long life, spanning over 60 years, is the reason they are used in building constructions.
Growth Drivers: •
Growing Construction Activities, Globally
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Growing Packaging Industry and Demand for Consumer Appliances
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Supply-Side Drivers
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High Thermal Resistance Offered By Vacuum Insulation Panels
Opportunities: •
Energy Codes & Regulations for New Buildings
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Major
Region:
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North America
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Europe
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Asia-Pacific
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RoW
The market is segmented into construction, cooling & freezing devices, logistics, and others, based on application. The construction segment accounted for the largest market share in 2015. This growth is attributed to the increasing infrastructure sector throughout the world.The market for vacuum insulation panels will grow from USD 6.38 Billion in 2016 to USD 8.14 Billion by 2021, at a CAGR of 4.99%.
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Companies such as Evonik Industries AG (Germany), LG Hausys Ltd. (Korea), Panasonic Corporation (Japan), Dow Corning Corporation (U.S.), and OCI Company Ltd. (Korea) were the key players who adopted this strategy to increase their geographic reach and product offerings, to increase the customer base, and to stay ahead of competitors.
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