by The Foam Glass Market is estimated to be valued at US$ 2.17 Bn or 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 versatile porous material made of approx. 60% glass content. It is produced using molten glass and gas to form bubbles into the material. Foam glass exhibit excellent properties such as lightweight, thermal insulation, fire resistance, durability and sound absorption. Owing to these properties, foam glass finds applications as an insulation material in construction, industrial and transportation industries. It is used for insulation of roofs, walls, cryogenic vessels, furnaces, ovens and heating and ventilation systems.
Market Dynamics:
Rising construction spending globally is a major factor driving the foam glass market growth. According to U.S. Census Bureau, the total spending on construction in United States is expected to reach around US$ 1.7 trillion in 2023, representing an increase of around 7% over 2022. Such rising investment in construction activities is increasing the demand for insulation materials including foam glass. Furthermore, growing need for energy efficient building materials is also propelling the foam glass market. Foam glass helps in improving the energy efficiency of buildings due to its excellent thermal insulation properties. In transportation industry, increased use of foam glass insulation in cryogenic vessels, pipelines, ships and aircraft is fueling the market growth.
Segment Analysis
The foam glass market can be segmented by type into open cell and closed cell. The closed cell foam glass segment dominates the market and accounted for over 60% share in 2022. Closed cell foam glass has higher mechanical strength and better insulation properties compared to open cell foam glass due to the absence of interconnected air voids, which makes it suitable for applications requiring high load bearing capacity and insulation.
PEST Analysis
- Political: Changes in building codes and regulations favoring energy efficient materials can boost the demand for foam glass. Europe has stringent norms to reduce the carbon footprint of buildings which is driving adoption.
- Economic: Rising construction spending across developing nations due to urbanization is a key driver. Higher disposable incomes are increasing renovations and use of high performance insulation.
- Social: With growing environmental concerns, there is increasing demand for green buildings which reduces carbon footprint and energy consumption. Properties of foam glass make it a sustainable option.
- Technological: Foam glass manufacturers are focusing on developing new production processes to reduce costs and energy usage. Automation is helping improve production efficiency.
Key Takeaways
The global foam glass market size was valued at US$ 2.17 Bn in 2023 and is expected to reach US$ 4.12 Bn by 2030, expanding at a CAGR of 8.6% during the forecast period. Foam glass finds extensive application as an insulation material in construction owing to its high insulation efficiency and load bearing capacity.
Regional analysis: Asia Pacific accounts for around 35% share of the global market currently. Rapid infrastructure development and growth in construction spending, especially in China, India make Asia Pacific the fastest growing regional market for foam glass.
Key players: Pittsburgh Corning, Glapor, Owens Corning are the leading manufacturers globally. Pittsburgh Corning has a wide distribution network across 60 countries catering to construction as well as industrial markets. Manufacturers are focused on expanding production capacities to meet the growing demand.
Key players operating in the foam glass market include Pittsburgh Corning, Glapor, Owens Corning, Polydros S.A., Misapor AG, Earthstone International, Refaglass, Zhejiang Zhenshen Insulation Technology Corp. These players are focused on new product development and capacity expansion strategies to strengthen their market share. For instance, in 2022, Pittsburgh Corning commissioned a new production line in Poland doubling its annual foam glass production capacity to 120,000 tons.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
