The global Foam Glass Market is estimated to be valued at US$ 2.17 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foam glass is a type of glass cellular solid made of air pockets enclosed by glass cell walls. It is durable, moisture resistant and lightweight insulating material with high strength and fire resistance qualities. Due to its excellent thermal and acoustic insulating properties, foam glass is increasingly used in building insulation and industrial applications.
Market key trends:
One of the key trends driving the foam glass market growth is its increasing adoption in construction industry for energy efficient building construction. Foam glass offers excellent thermal insulation compared to conventional glasswool or plastic foams. It can reduce heat gain or loss through walls, roofs and floors by almost 50% compared to traditional materials. As a result, use of foam glass helps in meeting various green building standards and attaining the net-zero energy goal in commercial as well as residential buildings. This is expected to significantly contribute to the market revenue over the forecast period.
SWOT Analysis
- Strength: Foam glass has high thermal insulation properties and can withstand high temperatures which makes it suitable for applications in building & construction industry.
- Weakness: Foam glass has low mechanical strength which limits its applications. Manufacturing foam glass is a complex process requiring specialized production facilities.
- Opportunity: Increasing demand for energy-efficient insulation materials from construction and industrial processing industries offers significant growth opportunities.
- Threats: Availability of substitute insulation materials like mineral wool and polystyrene foam poses competition to foam glass. Fluctuations in raw material prices can increase the overall costs.
Key Takeaways
The global foam glass market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing demand for lightweight and high-performance insulation materials in the construction industry. Foam glass has emerged as an effective alternative to conventional insulation materials.
Regional analysis
North America holds the major share of the global foam glass market owing to stringent energy efficiency regulations for buildings in the region. Asia Pacific exhibits the fastest growth led by rising construction activities in China, India and other developing nations. Countries like China, South Korea are rapidly adopting foam glass for its insulation benefits in industrial and commercial construction.
Key players operating in the foam glass market are Pittsburgh Corning, Glapor, Owens Corning, Polydros S.A., Misapor AG, Earthstone International, Refaglass, Zhejiang Zhenshen Insulation Technology Corp. Foam glass manufacturers are focusing on capacity expansion and new product launches catering to emerging applications. Collaboration with end-use industries is another key strategy being adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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