by 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foam glass is an inorganic material which has a cellular structure, composed of sealed glass bubbles. It is a renewable material that has properties like lightweight, durable, fireproof, waterproof and thermal insulation. Due to its superior properties, foam glass is widely used in construction, industrial and automotive industries. It is used as an insulator in wall cavities, attic flooring, pipe sections and insulating block panels among others. Rising construction and infrastructure spending in developing countries is driving the demand for foam glass market.
Market key trends:
One of the key trends in the foam glass market is its increasing adoption in construction sector. Foam glass has high density and compressive strength which makes it suitable for various construction applications. It provides excellent thermal and sound insulation properties. Due to its lightweight yet durable structure, foam glass is highly preferred as a construction material in developing green buildings. Furthermore, growing focus on energy efficiency and carbon footprint reduction is augmenting the use of foam glass in construction of energy efficient buildings globally. Rapid urbanization and industrialization in emerging markets of Asia Pacific and Latin America is projected to boost the construction activities in the region, thereby propelling the demand for foam glass over the forecast period.
Porter’s Analysis
- Threat of new entrants: Low barrier to entry given low capital requirement. However, established players enjoy economies of scale and brand recognition.
- Bargaining power of buyers: Buyers have moderate bargaining power given presence of substitutes. However, foam glass offers unique insulation properties attracting buyers.
- Bargaining power of suppliers: Suppliers have low to moderate power given availability of raw materials globally. Established supplier relationships reduce risk of forward integration by buyers.
- Threat of new substitutes: Threat of substitutes like mineral wool, polystyrene and others is moderate as they do not offer versatility of foam glass.
- Competitive rivalry: Intense competition among existing players to gain market share. Companies focus on product differentiation through innovation.
Key Takeaways
The global foam glass market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period 2023 to 2030, due to increasing demand from the construction industry. Rising infrastructure development activities across the globe is driving consumption of foam glass for insulation applications.
The Asia Pacific region dominated the global market in 2022, accounting for around 40% of the overall shares. China leads the regional market owing to rapid urbanization and investment in real estate and industrial sectors. North America is expected to emerge as the fastest growing market between 2023-2030 with the support of ongoing projects in the US and Canada.
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. Companies are investing in expanding production facilities and developing low density foam glass to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
