The global market for advanced insulation materials is expected to hit $1.9 billion in 2019, according to a new report from Lux Research.
Revenue for aerogels, vacuum insulation panels and phase change materials topped $1 billion in 2014, with more than 80 percent coming from non-building applications. Among the report's findings:
• "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 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."
• "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."