Global Foam Glass Market - Overview
The global foam glass market is expected to exhibit a strong 5.6% CAGR over the forecast period from 2022 to 2027, according to the latest research report from Market Research Future (MRFR). The global foam glass market is expected to reach a valuation of USD 2.5 billion by 2027, according to the MRFR report.
The report presents a detailed analysis of the foam glass market’s growth over the historical review period, providing a detailed overview of the major drivers and restraints propelling the market growth. The major players operating in the global foam glass market are also profiled in the report, in order to provide readers with a clear picture concerning the market’s competitive landscape. Foam glass is made from recycled glass and consists mostly of gas-filled closed cells enclosed by glass. Foam glass is manufactured by heating cullet along with a chemical foaming agent, which gasifies near the melting temperature of the glass.
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Glapor (Germany),MISAPOR (Switzerland),Polydros S.A.(Spain),Refaglass (Czech Republic),Owens Corning (US),Zhejiang Dehe Insulation Technology Co., Ltd. (China),Zhejiang Zhenshen Insulation Technology Corp. (China),UUSIOAINES OY (Finland),Earthstone International (US),Anhui Huichang New Material Co., Ltd. (China).
Major Drivers and Main Challenges
This creates a foaming effect in the glass, leading to the creation of glass foam upon cooling. The hard, rigid material thus obtained is widely used in insulation and protective applications in construction and industrial applications, where the many benefits of glass foam shine through, making it the perfect material for large-scale commercial use. Glass foam is resistant to physical as well as chemical attacks, making it highly useful in protective applications. It is also non-radioactive and ages well, providing high-end performance for a number of years. This has resulted in a growing demand for glass foam from the construction and industrial sectors.
Steady growth of the construction industry, including residential complexes as well as infrastructure and commercial spaces, is likely to be the major driver for the global foam glass market over the forecast period. As the construction industry has grown, the demand for insulating materials has grown alongside it, resulting in strong growth prospects for the glass foam market. In commercial infrastructure projects as well as residential construction, insulation is highly important, as it plays a vital role in protecting the building from fires, electrical short circuits, and water leakage. The strong ability of glass foam in keeping out heat and electric radiation is likely to propel its demand as an insulating material over the forecast period.
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Foam Glass Market - Segments:
The global foam glass market is segmented on the basis of type, end use, process, application, and region.
By type, the global foam glass market is segmented into open cell and closed cell. Closed cell foam glass dominates the global foam glass market due to its widespread usage in thermal and acoustic insulation. Open cell foam glass, on the other hand, has a more niche usage palette, and is used in specialty acoustic insulation projects.
By end use, the global foam glass market is segmented into industrial, and building and infrastructure. The industrial segment is likely to retain the dominant share in the foam glass market over the forecast period, as industrial growth has been a major feature of the economic growth observed in regions such as Asia Pacific, Eastern Europe, and South America. The high heat and chemical resistance of foam glass is likely to result in increasing demand for foam glass from the industrial end use sector in the coming years.
By process, the global foam glass market is segmented into physical and chemical. Chemical manufacturing dominates the foam glass market, as chemically manufactured foam glass exhibits higher sturdiness than physically manufactured foam glass.
By application, the global foam glass market is segmented into building and industrial installations, and chemical systems.
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Global Foam Glass Market -Regional Analysis
The global Foam Glass Market has been analyzed across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The Asia-Pacific market dominated the global market and is likely to register the highest CAGR in the coming years owing to growing industrialization in the region. China accounted for the largest market share in 2018 owing to the increasing application of Foam Glasss derivatives in the food & beverage industry such as in the production of cheese, vinegar, juices, and others. India, Malaysia, and South Korea are the other contributors to the regional market growth.
North America accounted for a substantial market share in 2018 and is expected to register a significant CAGR during the forecast period owing to the rising demand for Foam Glasss among the various end-use industries such as pharmaceutical, perfume, and food & beverage.
Europe is the largest regional market for foam glass, with Asia Pacific holding the title of the fastest growing market. Growing industrial construction in both these regions is likely to remain a key driver for the foam glass market over the forecast period.
Latin America and the Middle East & Africa are expected to witness substantial growth during the forecast period owing to rising industrialization and growing per capita disposable income in the regions.
Industry/ Innovations/ Related News
September 09, 2019 ---- The US Department of Energy (DOE), announced its partnership with PPG Industries, Inc. (the US), a global supplier of specialty materials to accelerate the development and testing of adhesives made explicitly for vehicles built from lightweight materials. Collaborating with DOE’s Lawrence Livermore National Laboratory (LLNL) and Pacific Northwest National Laboratory (PNNL), PPG would develop computer-based models of a variety of next-generation adhesives designed to join lightweight materials.
Automakers are exploring the use of high-strength steel, magnesium, aluminum, and carbon-fiber composites alongside, other lightweight materials to reduce total vehicle mass and improve fuel economy. This approach requires new adhesive chemistries that will mitigate corrosion and thermal expansion issues associated with joining dissimilar materials.
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