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Homepage > CMRC understandings > 【CMRC understanding】With the growth of downstream application demand, vacuum insulation panel manufacturers will accelerate to seize the domestic market.
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Product?definition:
Vacuum?insulation?board?is?one?of?the?vacuum?insulation?materials.?It?is?generally?composed?of?three?parts:?core?material,?diaphragm?and?getter.?It?can?avoid?heat?transfer?caused?by?air?convection.?It?is?an?excellent?insulation?product?in?the?field?of?low?temperature?and?is?widely?used?in?household?appliances,?building?insulation?and?other?fields.
History?and?background:
Since?the?research?and?development,?the?vacuum?insulation?panel?has?experienced?the?transformation?from?military?industry?to?civilian,?from?abroad?to?domestic,?and?its?application?field?has?been?continuously?extended.?At?first,?in?the?1950s,?the?National?Space?Administration?of?the?United?States?proposed?and?designed?vacuum?insulation?panels,?which?were?used?in?the?field?of?aerospace?and?military?industry;?In?the?1990s,?with?the?increasing?demand?for?environmental?protection,?many?large?companies?in?Europe?and?the?United?States,?such?as?Owens?Corning?Company?of?the?United?States,?Dow?Chemical?Company?of?the?United?States,?carried?out?research?on?vacuum?insulation?panels?and?widely?applied?them?in?the?civil?field.?It?was?not?until?1999?that?Lanzhou?Institute?of?Space?Technology?Physics?in?China?started?the?research?on?vacuum?insulation?panels;?In?2010,?the?domestic?manufacturer?Chuzhou?Yinxing,?entrusted?by?the?customer?GE,?cooperated?to?develop?the?vacuum?insulation?board,?which?was?used?in?the?refrigerator?and?household?appliances?market;?Subsequently,?manufacturers?such?as?Guangzhou?Huineng?and?Shanyou?Di'ao?gradually?entered?the?market.
Since?the?development?of?the?vacuum?insulation?board?industry,?the?industry?standards?and?national?standards?have?been?gradually?completed.?For?example,?QB/T?4682-2014?Vacuum?Insulation?Board?for?Household?Appliances,?GB/T?37608-2019?Vacuum?Insulation?Board,?JG/T?438-2014?Vacuum?Insulation?Board?for?Buildings?and?other?documents?have?been?issued,?which?have?improved?the?industry?supervision?and?also?provided?a?basis?for?the?development?of?downstream?application?scenarios?of?products.
Figure?1:?Development?history?of?vacuum?insulation?board
Industrial?chain?pattern:
In?the?upstream?of?the?industrial?chain,?the?core?material?is?the?key?raw?material?of?vacuum?insulation?board,?and?the?core?material?formula?is?the?most?technically?difficult?link?in?the?entire?industrial?chain,?in?which?the?glass?fiber?core?material?accounts?for?30-40%?of?the?cost?and?the?gas?silicon?core?material?accounts?for?a?higher?proportion.?Therefore,?the?upstream?core?material?manufacturers?have?strong?bargaining?power?and?voice.?The?midstream?vacuum?insulation?board?manufacturers?tend?to?choose?multiple?core?material?suppliers?to?maintain?their?own?profit?level?and?stable?procurement?sources.?However,?with?the?requirements?of?scale?effect?and?cost?reduction?of?products,?powerful?midstream?manufacturers?have?tried?to?expand?their?business?to?upstream?core?materials.?For?example,?Sete?New?Materials?has?introduced?core?material?production?lines,?Sichuan?Linglinghao?can?make?gas?silicon?core?materials,?and?the?status?of?upstream?core?material?manufacturers?has?declined.
In?the?vacuum?insulation?panel?manufacturing?industry?in?the?middle?reaches?of?the?industrial?chain,?the?domestic?market?size?will?be?2.7?billion?yuan?in?2021?(covering?the?overall?scale?of?domestic?manufacturers'?sales?abroad?and?at?home),?and?the?products?will?be?mainly?exported.?In?2021,?about?80%?of?the?products?will?be?sold?to?developed?countries?with?high?energy?consumption?requirements,?such?as?the?EU,?the?United?States,?Japan?and?South?Korea,?but?the?foreign?market?will?gradually?become?saturated,?and?the?future?growth?rate?will?show?a?downward?trend;?Due?to?the?low?energy?saving?standard?in?the?domestic?market,?traditional?thermal?insulation?materials?such?as?rock?wool?and?polyurethane?foam?are?still?used?in?the?market.?In?the?future,?with?the?improvement?of?the?domestic?energy?consumption?standard,?vacuum?thermal?insulation?panels?will?be?used?in?building?thermal?insulation,?high-end?household?appliances,?cold?chain?transportation?and?other?fields.?The?proportion?of?the?domestic?market?has?increased?and?the?growth?rate?is?fast.?The?market?development?trend?will?be?good?in?the?next?3-5?years,?maintaining?a?high?growth?rate?of?about?40%.
Figure?2:?Overall?market?scale?of?vacuum?insulation?board?manufacturers?from?2019?to?2025
In?the?market?competition?pattern,?there?are?more?than?20?domestic?vacuum?insulation?panel?manufacturers,?and?the?top?10?manufacturers?are?Sete?Core,?Chuzhou?Yinxing,?Makron,?Panasonic?Vacuum,?etc.?(in?addition,?there?are?local?small?companies?that?make?second-hand?materials?and?have?poor?product?quality).?The?market?concentration?is?relatively?high,?and?two?manufacturers,?Sete?New?Materials?and?Chuzhou?Yinxing,?occupy?about?50%?of?the?market?share.?Due?to?the?relatively?low?technical?level?and?threshold?of?the?midstream?industry,?new?manufacturers?have?entered?the?market?one?after?another,?and?the?future?market?pattern?will?be?decentralized.
In?the?field?of?application,?vacuum?insulation?panels?are?widely?used?in?the?field?of?household?appliances,?the?most?common?ones?are?refrigerators,?freezers,?ovens,?water?heaters,?etc;?In?the?field?of?construction,?internal?wall?and?external?wall?insulation?are?mainly?used?for?export?to?countries?with?high?latitude?and?cold?climate,?such?as?Estonia,?which?is?rarely?used?in?China?due?to?cost,?construction?difficulty?and?other?factors;?Cold?chain?transportation?covers?the?production,?storage,?transportation?and?sales?of?food?and?drugs,?involving?cold?stores,?refrigerated?trucks,?refrigerated?containers,?vending?machines,?etc.?Its?subdivided?field?-?medical?cold?chain,?covering?the?transportation?of?refrigerated?drugs,?vaccines,?in?vitro?diagnostic?reagents,?blood,?organs,?etc.,?requires?faster?thermal?insulation?technology,?and?this?field?has?grown?rapidly?in?recent?two?years?due?to?the?epidemic;?In?addition,?aerospace?and?chemical?industries?have?sporadic?applications,?such?as?insulation?of?pipes,?kilns,?etc.
Figure?3:?Competition?Pattern?of?Manufacturers?in?the?Vacuum?Insulation?Board?Market?in?2021
Figure?4:?Downstream?application?pattern?of?vacuum?insulation?plate?in?2021
In?the?downstream?application?link?of?the?industrial?chain,?the?current?market?is?concentrated?in?foreign?customers,?mainly?in?the?refrigerator/building?field.?The?penetration?rate?of?vacuum?insulation?boards?in?various?domestic?application?fields?is?extremely?low,?and?the?application?is?not?widespread.?However,?in?the?context?of?the?dual?carbon?policy,?the?energy?consumption?standards?of?various?industries?are?gradually?improved.?For?example,?the?national?Cold?Storage?Design?Standard?was?issued?in?2021?to?specify?the?energy?consumption?requirements?of?cold?storage.?In?the?future,?downstream?applications?will?be?developed?in?the?domestic?market,?middle?and?high-end,?refrigerator?household?appliances/construction/cold?chain?fields.?Vacuum?insulation?panel?manufacturers?have?good?expectations?for?the?future?market.?In?response?to?the?surging?demand?of?the?market,?they?have?already?hoarded?raw?material?inventory.
In?the?future,?the?domestic?household?appliances?market?will?mainly?focus?on?high-end?refrigerators,?and?only?high-end?refrigerator?product?lines?priced?at?more?than?8000?yuan/set?will?consider?using?vacuum?insulation?panels.?Take?Gree?Jinghong?refrigerator?as?an?example.?For?the?models?whose?product?price?is?more?than?10000?yuan/set,?for?example,?BCD-518WPQGR?and?BCD-521WIPQG?will?use?vacuum?insulation?boards?to?insulate?the?boxes?and?doors.?In?recent?two?years,?affected?by?the?COVID-19,?the?market?has?generated?high-end?demand?for?refrigerators,?such?as?large?capacity?and?thin?door?panels.?The?traditional?polyurethane?insulation?materials?can?no?longer?meet?the?demand.?The?high-end?refrigerator?brands?on?the?market?will?use?vacuum?insulation?panels?made?of?glass?fiber?core?materials,?and?the?market?shows?a?growing?trend.?The?domestic?household?appliance?brands?represented?by?Jinghong?refrigerators?will?gradually?increase?their?use?of?vacuum?insulation?boards?in?the?future.
In?the?future,?the?domestic?cold?chain?transportation?market?will?mainly?focus?on?high-end?food?cold?chain?transportation?and?medical?cold?chain?transportation,?and?most?customers?will?also?be?high-end?cold?chain?customers?with?high?requirements?for?thermal?insulation?and?high?product?added?value.?Take?Hema?Xiansheng?as?an?example.?Its?seafood,?aquatic?products?and?frozen?meat?products?are?sold?in?high?demand?for?the?incubator.?In?recent?years,?it?has?gradually?started?to?use?vacuum?insulation?board?incubator,?abandoning?the?traditional?polyurethane?foam?materials.?Due?to?the?high?discount?rate?of?takeout?incubator?in?use,?the?usage?of?Hema?Xiansheng?will?only?increase?in?the?future?and?will?maintain?a?long-term?and?stable?procurement.
Conclusion:
From?the?perspective?of?macro?environment,?although?there?are?various?standards?for?vacuum?insulation?boards?in?China,?some?manufacturers?still?pass?off?inferior?products?as?high-quality?ones?in?actual?production.?The?healthy?development?of?the?industry?must?rely?on?strong?market?supervision.?From?the?upstream?and?downstream?of?the?industrial?chain,?the?supply?of?upstream?raw?materials?is?stable;?The?penetration?rate?of?domestic?downstream?applications?is?not?high,?but?there?will?be?explosive?growth?in?domestic,?middle?and?high-end?markets,?refrigerators?and?household?appliances,?construction,?cold?chain?and?other?fields?in?the?future.?Middle?stream?vacuum?insulation?panel?manufacturers?will?also?shift?their?focus?to?the?domestic?market?and?speed?up?their?distribution?in?the?domestic?market.
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