The market for aerogels, vacuum insulation panels and phase-change materials lies in non-building applications like refrigeration and logistics, Lux Research says
BOSTON, MA – July 28, 2015 – The biggest markets for advanced insulation materials such as aerogels, vacuum insulation panels (VIPs), and phase-change materials (PCMs) are outside of building applications. However, collectively these applications will grow over 17% annually reaching $1.9 billion in 2019, up from $849 million in 2014, according to Lux Research.
“Aerogels are powered largely by industrial equipment, beyond the already-tapped oil and gas sector, while VIPs see strong growth in refrigeration and thermal packaging,” said Jerrold Wang, Lux Research Associate and lead author of the report titled, “Mapping Advanced Insulation Materials to Markets: Assessing Aerogel, Vacuum Insulation Panel, and Phase-Change Material Opportunities Beyond Building Applications.”
“Meanwhile, PCMs are led by logistics, where their unique ability in temperature control makes them suitable for both hot and cold cargo,” he added.
Lux Research analysts evaluated the opportunities for advanced insulation materials beyond building applications. Among their findings:
- Industrial equipment to dominate aerogel market. Industrial equipment accounted for 83% of the $177 million market for aerogels in 2014, with Aspen Aerogels and Cabot the leading players. Industrial equipment will continue to dominate for the next five years, with smaller innovative players likely to carve out niches.
- Refrigeration and thermal packaging to enjoy strong growth of VIPs. Refrigeration held the lion’s share of the market for VIPs, 71.5% of a $297 million market in 2014, with companies such as OCI, Suzhou Wei Ai Pu, LG Electronics and Panasonic enjoying distinct advantages. Both refrigeration and thermal packaging will show strong growth, while industrial insulation faces technical barriers for VIPs.
- Logistics and electronics will grow fastest for PCMs. Logistics held a 42% share of the $375 million market for PCMs in 2014, with thermal energy storage, textiles and electronics the other major applications. Logistics and electronics will grow faster than the other two segments – the former due to growth of the food and pharma industries and the latter owing to technical progress in electronic devices.
The report, titled “Mapping Advanced Insulation Materials to Markets: Assessing Aerogel, Vacuum Insulation Panel, and Phase-Change Material Opportunities Beyond Building Applications,” is part of the Lux Research Sustainable Building Materials Intelligence service.