Yahoo Finance Vacuum Insulation Global Market Report 2022: Ukraine-Russia War Impact
Major players in the vacuum insulation market are BASF SE, M&I Materials Limited, Morgan Advanced Materials (U. K. ), Evonik Industries AG (Germany), LG Hausys (South Korea), Panasonic Corporation (Japan), Dow (U.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vacuum Insulation Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368517/?utm_source=GNW
S.), Kevothermal (Mexico), ThermoCor (U.S.), Va-Q-Tec AG (Germany), Microtherm Sentronic GmbH (Belgium) , OCI Company Ltd. (Korea), AVERY DENNISON CORPORATION (U.S.), Kingspan Group (Ireland), KCC CORPORATION (South Korea), and OCI Company Ltd. (Korea)
The global vacuum insulation market is expected to grow from $7.98 billion in 2021 to $8.53 billion in 2022 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The vacuum insulation market is expected to grow to $11.06 billion in 2026 at a CAGR of 6.7%.
The vacuum insulation market consists of sales of vacuum insulation products by entities (organizations, sole traders, and partnerships) that are used to provide better insulation performance than conventional insulation materials and to transport heat-sensitive products in extreme conditions and high temperatures. Vacuum insulation refers to a flat element consisting of an open porous core material that withstands the external load caused by atmospheric pressure and a gas-tight envelope to maintain the required vacuum quality.
The main types of vacuum insulation are flat-panel and special-shape panels.Flat panels are used for optimised temperature insulation that is based on the principle of the thermos flask.
The various raw materials include plastics, metals, and core materials such as silica, fiberglass, and other core materials. These are used in construction, cooling and freezing devices, logistics, and other end-user industries.
Asia-Pacific was the largest region in the vacuum insulation market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this vacuum insulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increased utilisation across cooling and freezing applications is expected to propel the growth of the vacuum insulation market going forward.Freezing applications use vacuum insulation to help keep food cool for a longer period than other coolers.
Vacuum insulation is helpful for fast and safe refrigerated transport of medicines and pharmaceutical products.For instance, in March 2022, according to The Economic Times, an India-based business-focused daily newspaper, sales of cooling appliances increased by 15% in the year 2020 as compared to 2019 as stated by major consumer electronics manufacturing companies such as Haier, Godrej Appliances, and Lloyd.
Therefore, the increased utilization across cooling and freezing applications is driving the vacuum insulation market.
Technological advancements are a key trend gaining popularity in the vacuum insulation market.Major companies operating in vacuum insulation are developing new products with innovative technologies to strengthen their position in the market.
For instance, in 2021, Panasonic Corporation, a Japan-based company operating in vacuum insulation, launched its innovative vacuum insulating product known as the VIXELL Vacuum Insulated Cooking Box, which uses contactless power supply technology to enable the user to determine insulation performance.
In July 2021, Vitro Architectural Glass, the largest US-based glass producer, acquired LandGlass and VIG Technologies for an undisclosed amount.Through this acquisition, Architectural Glass aims to expand its vacuum insulating glass products to North America.
LandGlass and VIG Technologies are North American-based manufacturers of vacuum-insulated glass.
The countries covered in the vacuum insulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The vacuum insulation market research report is one of a series of new reports that provides vacuum insulation market statistics, including vacuum insulation industry global market size, regional shares, competitors with a vacuum insulation market share, detailed vacuum insulation market segments, market trends and opportunities, and any further data you may need to thrive in the vacuum insulation industry. This vacuum insulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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