University of Baltimore faces 8% budget cut as enrollment declines
In an email to staff Wednesday evening, the university's chief financial officer, Barbara Aughenbaugh, said the cuts will be enacted through a combination of reductions to "personnel and non-personnel budget lines."
She did not specify how many layoffs, if any, might occur.
Aughenbaugh added that there will also be "other actions," which the university is finalizing with external constituents, including "strategic academic program closures and re-designs" across several colleges.
The Banner said that the university's enrollment has fallen by nearly half over the past 10 years.
Results of a 2020 report conducted by a task force appointed to study financial problems facing the university revealed that tuition and revenue are UB's primary revenue sources—and revealed a need to stabilize enrollment.
The university has four colleges for arts and sciences, business, law, and public affairs, along with a campus at the system's Shady Grove program.
Maryland universities face financial strain
University of Baltimore's cuts come after the slash of more than $150 million from the University System of Maryland in Gov. Wes Moore's effort to resolve the state's $3 billion deficit.
Each of the USM's 12 universities now faces cuts around 7%.
The University of Maryland, Baltimore (UMB) announced layoffs of 30 full-time staff and the elimination of 30 vacant positions due to these federal cuts, alongside "modest salary reductions" affecting about 1,000 employees, including leadership.
Johns Hopkins University reported laying off 2,200 workers in March 2025, citing the loss of USAID funding and new caps on indirect research costs imposed by the National Institutes of Health (NIH).
On June 5, JHU said it was pausing pay increases and reducing spending due to funding uncertainty. The university said those cost reductions will extend through at least the 2026 academic year, and possibly longer.
Then on June 19, Johns Hopkins and the University of Maryland sued the U.S. Department of Defense over research funding cuts.
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Global Vacuum Insulation Panel Market Size to Rise at +4.30% CAGR by 2034, Value to Cross US$ 12.05 Billion - Says Zion Market Research
The global vacuum insulation panel market size is projected to reach USD 12.05 billion by 2034 from its value of USD 8.60 billion in 2024, at a CAGR of 4.30% during the forecast period. NEW YORK, USA, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled 'Vacuum Insulation Panel Market By Product (Flat, Special Shape), By Core Material (Silica, Fiberglass, and Others), By Raw Material (Plastics, Metals), By Application (Construction, Cooling & Freezing Devices, Logistics, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2025 - 2034' in its research database. 'According to the latest research study, the global vacuum insulation panel market size was valued at around USD 8.60 billion in 2024. The market is expected to grow at a CAGR of 4.30% and is anticipated to reach a value of USD 12.05 billion by 2034.' Get a Free Sample PDF of this Research Report for more Insights - (A free sample of this report is available upon request; please get in touch with us for more information.) Vacuum Insulation Panel Market Overview: Vacuum Insulation Panels (VIPs) are high-performance thermal insulation materials consisting of a microporous core material (such as fumed silica, fiberglass, or polyurethane) enclosed in an airtight barrier film, with the air evacuated to create a near-vacuum environment. This structure provides 3-10 times better insulation than traditional materials like foam or fiberglass, making VIPs ideal for applications requiring superior thermal efficiency in minimal space. The Vacuum Insulation Panel (VIP) Market is witnessing steady growth, driven by the increasing demand for high-performance thermal insulation solutions across various industries. These panels are widely used in construction, appliances, cold chain logistics, and automotive sectors, where space-saving and energy efficiency are critical. Stricter energy efficiency regulations, particularly in Europe and North America, are propelling their adoption in green buildings and refrigeration systems. Meanwhile, the rise of electric vehicles (EVs) and the need for lightweight, high-performance insulation in aerospace applications further boost market demand. However, challenges such as high production costs, fragility during installation, and competition from conventional materials may hinder widespread adoption. Report Scope: Report Attribute Report Details Market Size in 2024 USD 8.60 Billion Market Forecast in 2034 USD 12.05 Billion Growth Rate CAGR of 4.30% Base Year 2024 Forecast Years 2025- 2034 Key Companies Covered Panasonic Corporation, LG Hausys, ThermoCor, Va-Q-tec AG, Etex Group, OCI Company Ltd., Porextherm Dämmstoffe GmbH, Microtherm (Promat), Kingspan Group, Knauf Insulation, Neo Thermal Insulation, The Dow Chemical Company, ThermoShield LLC, Hitachi Chemical Co., Ltd., Turna, and others. Segments Covered By Product, By Core Material, By Raw Material, By Application, and By Region Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa Customization Scope Avail customized purchase options to meet your exact research Purchase a Copy of the Report | Quick Delivery Available - Key Insights from Primary Research As per the analysis, the vacuum insulation panel market share is likely to grow at a CAGR of around 4.30% between 2025 and 2034. The vacuum insulation panel market size was worth around $ 8.60 billion in 2024 and is estimated to hit approximately $ 12.05 billion by 2034. Due to a variety of driving factors, the market is predicted to rise at a significant rate. Based on the product, the flat segment is growing at a high rate and is projected to dominate the global market. On the basis of core material, the silica segment is projected to swipe the largest market share. In terms of raw material, plastics are likely to grow at a significant rate over the forecast period. Based on application, the cooling & freezing devices segment is expected to lead the market compared to the construction segment. On the basis of region, the Asia Pacific is expected to dominate the global market during the forecast period. Vacuum Insulation Panel Market: Growth Drivers The Vacuum Insulation Panel (VIP) market is witnessing robust growth, driven by increasing demand for energy-efficient solutions across industries. A key factor is the stringent energy efficiency regulations in construction, where VIPs are widely used for their superior thermal insulation properties, reducing heating and cooling costs in buildings. The growth of the cold chain logistics sector, particularly in food and pharmaceuticals, further boosts demand, as VIPs help maintain stable temperatures with minimal thickness. Additionally, the rising adoption of electric vehicles (EVs) supports market expansion, as VIPs enhance battery thermal management and cabin insulation. Sustainability trends also play a crucial role, as VIPs offer a lightweight, space-saving alternative to traditional insulation materials, reducing carbon footprints. Technological advancements in core materials and barrier films are improving VIP performance and durability, broadening their applications in aerospace, appliances, and industrial insulation. With urbanization and infrastructure development accelerating in emerging economies, the VIP market is poised for sustained growth. Browse the full 'Vacuum Insulation Panel Market By Product (Flat, Special Shape), By Core Material (Silica, Fiberglass, and Others), By Raw Material (Plastics, Metals), By Application (Construction, Cooling & Freezing Devices, Logistics, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2025 - 2034' Report at Vacuum Insulation Panel Market: Segmentation The global vacuum insulation panel market is segmented based on product, core material, raw material, application, and region. Based on the product, the global vacuum insulation panel industry is divided into flat and special shapes. The flat panels segment dominates the global market, driven by their universal application in refrigeration, appliances, and construction. Their standardized dimensions make them ideal for mass production and hassle-free installation across industries. Meanwhile, the special shape panels segment is gaining notable traction as demand grows for customized solutions. This niche but expanding market caters to specialized applications where off-the-shelf flat panels won't suffice. Based on core material, the global market is segmented into silica, fiberglass, and others. Silica vacuum insulation panels (VIPs) dominate the market, offering unbeatable thermal insulation, exceptionally low conductivity, and extended durability. These high-performance characteristics make them ideal for demanding applications in construction and premium appliances where energy efficiency is critical. Meanwhile, fiberglass VIPs maintain a significant market presence, valued for their affordability and structural resilience. While they may not match silica's insulation performance, their balance of cost and mechanical strength keeps them competitive for budget-conscious applications. Based on raw material, the global vacuum insulation panel market is segmented into plastics and metals. The plastics segment commands the largest market share, driven by their widespread adoption in protective layers and VIP barrier films. Their winning combination of flexibility, lightweight properties, and cost-effectiveness makes them the go-to choice for manufacturers across industries. While metals hold a smaller but still significant share, they remain indispensable for applications demanding maximum protection. Their exceptional moisture and gas barrier properties ensure they maintain a strong position in premium and specialized VIP applications where absolute protection is paramount. Based on application, the global market is segmented into construction, cooling & freezing devices, logistics, and others. The cooling and freezing segment dominates the market, fueled by surging demand for compact, energy-saving insulation solutions in both commercial refrigeration and household appliances. As efficiency standards tighten globally, manufacturers increasingly prioritize VIP solutions that maximize performance while minimizing space requirements. On the other hand, the construction segment claims a strong second position, with growth accelerating due to the rapid adoption of green building standards worldwide. Urban development projects demand high-performance thermal insulation. Why does Asia Pacific outperform other regions in the global vacuum insulation panel market? The Asia Pacific region is set to remain the leader in the global vacuum insulation panel (VIP) market, due to several key factors. The region is undergoing rapid urbanization and infrastructure expansion, particularly in countries like China, India, and Southeast Asia. This growth, especially in the construction sector, is a major driver. A report from Oxford Economics projects that the Asia Pacific will account for over half of all global construction activity by 2030, fueling the demand for efficient, space-saving insulation solutions like VIPs in both commercial and residential buildings. Beyond construction, the region's strong position in the production and consumption of refrigeration appliances is another key factor. China, for instance, manufactures more than 40% of the world's refrigerators, and a significant portion of these appliances use VIPs to improve energy efficiency. The rising incomes and growing middle class across the region are also boosting appliance ownership, which further accelerates market growth. Furthermore, the expansion of the cold chain logistics sector in Asia Pacific is creating a substantial demand for VIPs. The food and pharmaceutical industries are booming, and reliable cold chain solutions are essential for their growth. According to the IMARC Group, the region's cold chain logistics market is expected to reach USD 366 billion by 2027. VIPs are crucial for maintaining thermal stability during transportation, from long-distance hauls to last-mile delivery, making them an indispensable component of this burgeoning industry. Request For Customization on This Report as Per Your Requirements - (We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.) Vacuum Insulation Panel Market: Competitive Landscape The report contains qualitative and quantitative research on the global vacuum insulation panel market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global vacuum insulation panel market include; Panasonic Corporation LG Hausys ThermoCor Va-Q-tec AG Etex Group OCI Company Ltd. Porextherm Dämmstoffe GmbH Microtherm (Promat) Kingspan Group Knauf Insulation Neo Thermal Insulation The Dow Chemical Company ThermoShield LLC Hitachi Chemical Co. Ltd. Turna The global vacuum insulation panel market is segmented as follows: By Product Flat Special Shape By Core Material Silica Fiberglass Others By Raw Material Plastics Metals By Application Construction Cooling & Freezing Devices Logistics Others By Region North America The U.S. Canada Europe France The UK Spain Germany Italy Rest of Europe Asia Pacific China Japan India Southeast Asia Rest of Southeast Asia The Middle East & Africa GCC South Africa Rest of the Middle East & Africa Latin America Brazil Argentina Rest of Latin America Request Free Brochure of the Global vacuum insulation panel Market @ Key Questions Answered in This Report: What is vacuum insulation panel? Which key factors will influence vacuum insulation panel market growth over 2025-2034? What will be the value of the vacuum insulation panel market during 2025-2034? What will be the CAGR value of the vacuum insulation panel market during 2025-2034? 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Hyperscience Recognized on the 2025 Inc. 5000 List of Fastest-Growing Private Companies in America
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