The global market of insulation panels was valued at $423.6 million in 2018 and is expected to reach $640.4 million by 2025, according to a report by Grand View Research, a U.S. based market research and consulting company. The product’s compound annual growth rate index (CAGR) for the 2020-2025 period is estimated at 6.1 percent per year.
The growing market size demonstrates market reception for insulation panels, the report says. This light-weight and high-tech material possesses outstanding characteristics, like soundproofing, heat insulation, heat protection and fireproofing. It fits all designs and is more economical than traditional construction materials.
Insulation panels also contribute to minimizing operating costs through lower consumption of fuel and power for cooling and lighting systems, maintenance or crack and mould services.
More and more customers are convinced of the insulation panel’s benefits like cost savings, endurance and convenience. Demand is also boosted by governments’ support for environmentally friendly, quickly-built constructions particularly amid the Covid-19 crisis.
While it is a leading construction material for industrial and civil constructions in developed countries in Europe and North America, rapid growth in demand for insulation panels is forecast for the Asia Pacific region. One of the reasons is the increasing number of countries focusing on producing and consuming packaged foods, which requires cold storage facilities to be installed quickly, reducing costs, the Grand View Research report says.
"In Vietnam, the market potential for insulation panels is still untapped," said Giap Van Thanh, General Director of the Phuong Nam Soundproofing Insulating Co.
He said one of the biggest challenges to exploiting this potential is consumer psychology, which is still suspicious and hesitant.
Thanh also noted that the traditional methods are unlikely to meet investment efficiency and eco-friendly criteria for sustainable development. Meanwhile, high-tech materials such as insulation panels and eco-roofing panels are highly durable and resistant to tough external environments and the impact of internal production activities.
In addition, he remarked that the production and use of green building materials contributes to saving resources, reusing them many times and saving energy, thereby minimizing environmental pollution and greenhouse gas emissions, a main factor for climate change.
The potential demand for smart construction materials prompted Thanh and his team to look for solutions that suit Phuong Nam's production capacity and meet "tailor-made" needs of Vietnamese enterprises.
After several years of research and development, they came up with the Pisocy panel, an upgraded version of the sandwich panel with two-sided polyurethane thermal and soundproof insulation.
After three years of innovation, Pisocy has now become the company’s flagship product, with a high insulation coefficient, ensuring deep cold storage up to 50 degrees Celsius, preventing heat loss and freezing when installed.
Pisocy panels also meet fire protection standards of level B2, EI ~ 60 of the Fire Department with the ability to withstand heat of 300 degrees Celsius for up to 150 minutes.
These panels can be used for a wide range of industrial and civil projects, including offices, factories, workshops, cold storage facilities, freezers, loading stations and food storage facilities, as also pharmaceutical and medical facilities such as operating rooms, waiting rooms clinics, labs and disinfection rooms. They can also be used as ceilings, walls and partitions. The panels meet GMP and WHO clean room standards.
Contractors who select Pisocy panels for large constructions enjoy a huge advantage in their flexibility. Being a light weight (density 48 kilogram per m3) material, it is easy to install and offers flexibility in design and application.
Moreover, Pisocy panels can combine easily with other materials to reduce structural load and pile pressure, especially when foundation soil is weak, and ensure safety for high-rise buildings.
The construction process is also accelerated, taking one-third of the time taken by traditional methods. The cost of construction when the material is used for walls and ceilings is only about one fifth of usual construction methods.
"In order to offer a reasonable price, we had to order large quantities of material inputs, and spend tens of millions of dollars to use European technology for a factory in Cu Chi District, Ho Chi Minh City. This helped us keep our product prices much lower than those imported from foreign markets," Thanh said.
Thanh added he was confident that insulation materials in general, and Pisocy panels in particular will become a trend in the domestic construction industry.