The foam glass market is estimated at 1,503 kilotons in 2019 and is projected to reach 1,964 kilotons by 2024, at a CAGR of 5.5% between 2019 and 2024
NEW YORK, July 16, 2019 /PRNewswire/ -- Superior fire-proof and insulation properties of foam glass are expected to drive the global foam glass market during the forecast period.
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The foam glass market is estimated at 1,503 kilotons in 2019 and is projected to reach 1,964 kilotons by 2024, at a CAGR of 5.5% between 2019 and 2024. Foam glass exhibits good fire resistance, water resistance, corrosion resistance, and is lightweight and biocompatible. These properties make it a preferred material in end-use industries such as industrial, residential and commercial construction, consumer abrasive, pharmaceutical, packaging, and shipbuilding. Increasing demand from these end-use industries is expected to drive the market during the forecast period.
Industrial end-use is expected to register the highest CAGR in the global foam glass market during the forecast period.
The industrial end-use segment is projected to witness the highest growth in the foam glass market.The industrial use of foam glass includes as a material for fire-proofing petrochemical tanks, insulating hot and cold tanks, insulating cryogenic tanks, and piping insulation of chemical processing systems.
It is fire-resistant, water-resistant, and possesses high load-bearing capability.Also, it is corrosion-resistant.
It makes it suitable for insulating cryogenic systems of LNG and LPG pipelines. The market for foam glass in industrial segment is in the nascent stage and is expected to grow in the coming years.
The building & industrial insulation application is expected to drive the foam glass market.
Among the foam glass applications, building & industrial insulation is projected to grow at the fastest during the forecast period.Foam glass serves as an excellent insulating material for both commercial and non-commercial buildings.
It provides additional safety from fire; this makes it suitable for use in industries, especially in petrochemical factories that are susceptible to fire.
Europe is projected to record the highest growth rate during the forecast period.
Europe accounted for the largest share in the foam glass market, and this trend is expected to continue during the forecast period.In Europe, Germany, Norway, and Sweden are estimated to be the key players in the region.
Growing demand for environment-friendly insulating materials in various end-use industries are driving the market in the region. Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research.
The breakup of primary interviews is given below.
-- By Company Type - Tier 1 - 60%, Tier 2 - 30%, and Tier 3 -10%
-- By Designation - C level - 50%, Director level - 30%, and Others - 20%
-- By Region - Europe - 40%, APAC - 30%, North America - 20%, RoW-10%
The leading foam glass manufacturers are Owens Corning (US), Zhejiang Dehe Insulation Technology Co., Ltd. (China), Zhejiang Zhenshen Insulation Technology Corp. (China), UUSIOAINES OY (Finland), Glapor (Germany), MISAPOR (Switzerland), Polydros S.A.(Spain), Refaglass (Czech Republic), Earthstone international (US), and Anhui Huichang New Material Co., Ltd. (China).
Research Coverage:
This research report categorizes the global foam glass market on the basis of type, process, end-use industry, application, and region.The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges.
Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report
The report will help the leaders/new entrants in this market in the following ways:
1. This report segments the global foam glass market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansion and merger & acquisition.
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