Foam Glass Market worth 1,964 kilotons by 2024
Excellent insulation properties exhibited by foam glass makes it ideal for usage in industrial processes.
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MarketsandMarkets projects that the global foam glass market will grow from 1,503 kilotons in 2019 to 1,964 in 2024, at a CAGR of 5.5% during the forecast period. The development of foam glass competes with the traditional insulating materials such as polyurethane foam, spray polyurethane foam, and fiberglass for better and efficient insulation system. The benefits of foam glass such as high-temperature resistance, moisture resistance, resistance to chemical corrosion, and its low weight make it a suitable substitute of other insulating materials. Foam glass is used in end-use industries such as building & construction, industrial, aerospace, and others. Foam glass can be classified into two types; open cell and closed cell. Closed cell is projected to be the fastest growing type of foam glass. It is produced using two processes; chemical and physical. Chemical is the fastest-growing process segment of the market. Foam glass has application in building & industrial insulation, chemical processing systems, consumer abrasive, and runway arrestor systems, among others. The building & industrial insulation application is expected to drive the demand for foam glass during the forecast period.
The industrial segment is projected to be the fastest-growing end-use industry of foam glass between 2019 and 2024. Excellent insulation properties along with resistance to fire, water, chemicals, corrosion, and molds make foam glass an excellent material for usage in the industrial segment. Foam glass is environment-friendly and has non-toxic properties. Foam glass usage is projected to grow in the building & construction end-use industry during the forecast period.
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The global market size of foam glass is projected to grow from 1,424 kilotons in 2018 to 1,964 kilotons by 2024, at a compound annual growth rate (CAGR) of 5.5% during the forecast period. The major driving factor for the market is the use of foam glass as an alternative insulating material in the industrial segment as it exhibits superior properties than other insulating materials. The market is also driven by the growing demand for lightweight, high-temperature-resistant materials in the building and construction and industrial segments.
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).
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Owens Corning is a leading producer of foam glass. The company produces foam glass under its insulation segment. It has a global presence, which includes North America, Europe, and APAC. The company operates in three core segments - roofing, insulation, and composites. It supplies foam glass through its insulation segment under the name, Foamglas. The company operates through 29 manufacturing facilities for composites, 35 manufacturing facilities for insulation, and 35 facilities for roofing.
UUSIOAINES OY was established in 1995. It is headquartered at Forssa, Finland. The company sells foam glass under the brand name, Foamit, which is made from 99% recycled glass. The Foam glass Aggregates (FGA) is a lightweight aggregate used for construction projects. It has applications in retaining walls and backfills, service yard construction, road and street construction, and other such applications. It is offered in 5 different sizes. It is used in floor insulation and frost insulation of roads. It is also used to prevent groundwater pollution by insulating fields. The company generates 50.0% of its revenues through exports, with Finland, Scandinavian countries, and Western Europe as the key markets.
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