Among insulation materials, aerogel, vacuum insulation panels (VIPs), and phase-change materials (PCMs) stand out due to extremely low thermal conductivity or the ability to absorb and release thermal energy. Currently, the majority of market demand on these three solutions is for non-building applications, which have received generous attention and interest from large corporations, start-ups, and investors alike. We assess the various application segments for these advanced insulation materials, analyze the dynamics of the leading suppliers, and project market growth over the next five years. Among our findings, industrial equipment will continue dominating the aerogel market, driven by large unmet needs beyond the already-penetrated oil and gas industry. VIPs will see strong growth in refrigeration and thermal packaging, but industrial insulation will move slowly due to the technical barriers of VIP melting point and shape adjustment. Logistics applications will continue to lead the PCM market, while increasing need for better thermal managment solutions in electronic devices will drive growth in this segment.
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