The Foam Glass Market is poised to grow remarkably with innovations by 2030
The foam glass market comprises materials that are lightweight, insulating and fire resistant. Foam glass is produced by heating an indefinite mixture of glass batch materials, stabilizing agents and blowing agents in a furnace. This results in a structure with a closed-cell porous network comprising small bubbles in a matrix of glass. The strong bonds formed between glass form stable structures with high mechanical strength and thermal insulation. Foam glass finds wide applications as an insulating material in construction, industrial and other sectors due to its excellent properties.
The Global Foam Glass Market is estimated to be valued at US$ 2.17 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030. Key players like Pittsburgh Corning, Glapor, Owens Corning, Polydros S.A., Misapor AG, Earthstone International, Refaglass, Zhejiang Zhenshen Insulation Technology Corp. are enhancing innovations to expand the market reach.
Key Takeaways
Key players: 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. These companies are investing in R&D for developing enhanced foam glass formulations with improved properties to cater to the growing demand.
Growing demand: The rising need for thermal insulation in various end use industries like construction, industrial and others is driving the demand for foam glass globally. Its characteristics like low thermal conductivity and resistance to heat transfer make it suitable for high temperature applications.
Global expansion: Leading players are expanding their global footprint through supply contracts and partnership agreements with domestic players in emerging markets of Asia Pacific and Middle East & Africa. This is helping gain higher shares in the lucrative developing regions.
Market key trends
One of the key trends gaining traction in the foam glass market is the development of ultra-lightweight foam glass aggregates. Manufacturers are focusing on reducing the density of foam glass to 1/10th of conventional glass through innovations in production processes. This leads to enhanced insulation, durability and cost benefits which is increasing its preference across various applications. The trend is expected to continue and boost the market demand over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and established players make the entry difficult for new players. Bargaining power of buyers: Buyers have low bargaining power due to lack of substitutes and differentiated products. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials. Threat of new substitutes: Substitutes like extruded polystyrene (XPS) foam pose threat but differ in properties. Competitive rivalry: Intense competition exists among established players to gain higher market share.
The foam glass market in North America accounts for the largest share in terms of value. Countries like United States and Canada dominate the market due to high usage in industries like construction and industrial insulation where properties of foam glass are highly valued.
Asia Pacific region is expected to witness the highest growth during the forecast period. Rapid industrialization and infrastructure development in countries like China, India, Indonesia, Vietnam etc. will drive the demand for foam glass as insulating material during the coming years. Increasing per capita income and growing population is also favoring the market growth in Asia Pacific.
