The market for foam glass is expected to grow at a CAGR of over 5% during the forecast period. The major factor driving the growth of the market studied is its substantial use in the industrial sector. On the flip side, the high capital investment is expected to hamper the growth of the market studied.
- Glass foam has unique properties like rigidness, thermally insulating, freeze-tolerant, non-flammable, chemically inert and non-toxic, etc. due to which these glasses serve their purpose in the industrial sector.
- Asia-Pacific region is anticipated to hold the largest market share globally in the foam glass market during the forecast period.
Key Market Trends
Industrial Segment to Dominate the Market
- Foam glass is a light insulating material and can be used for a wide range of applications owing to its unique properties such as lightweight, rigid, thermal insulation, fire-resistant, corrosion resistance, chemical inertness, water- and steam-resistant, etc. Moreover, these glasses are easy to handle and have low transportation costs making them more economically feasible.
- Furthermore, foam glass has the lowest carbon footprint in the market (0.31 kg CO2 / kg) because of which its demand is expected to grow from industrial sectors in the coming years.
- Foam glass is an inorganic material and doesn’t lose its properties with time. And its mineral composition makes it inert chemically and biologically and noncombustible. Foam glass is used in fire-proofing petrochemical tanks, insulating hot and cold tanks and in piping insulation of chemical processing systems.
- The total global revenue of the chemical industry at the start of 2019 was around USD 4.1 trillion. This is expected to further grow over the coming years owing to increasing demand for chemicals.
- It can be used in wide temperature range between -250°С to +650°С making it suitable for industrial uses. Due to its fire-resistant property it is preferred in industries like petrochemical factories which are susceptible to fire.
- Hence, owing to its ubiquitous use in the industrial sector, demand for foam glass is expected to increase over the forecast timeframe.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region accounts for the largest share in the foam glass market. It is quite popular in the region because it has many advantages such as low cost, low carbon footprint and it is reusable thereby increasing its demand in developed economies of Asia-Pacific.
- High demand in countries like China, India, and Japan are expected to boost the foam glass market in this region. Being an environment-friendly insulating material, it is preferred by end-use industries in the region and is expected to impel the market growth in the region.
- China is the largest chemicals producers in the world accounting for more than 24% of the chemicals produced globally. In 2019, the total revenue generated by China from sales of chemicals is projected to be more than USD 1340 billion. Japan, India, South Korea from the region are also amongst the top ten chemicals producing countries.
- The demand for foam glass because of its fire insulating property has made it favorable to be used in the residential sector which is on the rise in the region.
- Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. 100 smart cities and 500 cities are likely to invite further investments of worth INR 2 trillion (~USD 28.18 billion), over the coming five years creating scope for the application of foam glass.
- The aforementioned factors coupled with government support are contributing to the increasing demand of foam glass in the region during the forecast period.
The foam glass market is partially fragmented. Some of the companies operating in foam glass business include Glapor, Owens Corning, AeroAggregates of North America, LLC, GEOCELL Schaumglas GmbH, and Uusioaines OY.
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