Press release
The Global Cellular Glass Market to Develop at a CAGR of 5.10% by 2028
Cellular Glass Market
Triton's report has put forth that the global cellular glass market is likely to witness growth in terms of revenue, with a CAGR of 5.10% during the forecast phase of 2021-2028.
Cellular glass is a sturdy, yet lightweight, insulation material. It is composed of completely sealed glass cells. The material is non-combustible, and also offers enhanced compressive strength, dimensional permanence, humidity resistance, and extended thermal performance.
Cellular glass is highly preferred for use as an insulating material for green roof insulation, and in critical enclosures & fireproof panels in buildings. This is because it is air- & vapor-tight, non-combustible, and reduces the risk of humidity accumulation. These factors have majorly increased the demand for cellular glass, which is favoring the growth of the market. However, the product is vulnerable to various types of chemicals, such as sodium and potassium hydroxide solutions. Therefore, it is not preferred for use as an insulating material in process pipes carrying such solutions or fluids. This is severely hampering the growth of the studied market.
Globally, the market in Europe is anticipated to witness the fastest growth rate over the projected duration, thanks to the growth in construction activities. The construction sector in Britain has a strong competitive edge. The United Kingdom is known for its world-class expertise in engineering, architecture, and design. Also, British companies are leading the way when it comes to the adoption of sustainable construction solutions. This has significantly enhanced the adoption of cellular glass. Further, Russia boasts of 80 data center facilities. The Government of Russia aims to build a geographically diverse national network, having data center facilities across the nation by 2024. This is expected to bolster the growth of the cellular glass market.
The enterprises covered in the cellular glass market include Polydros Sociedad Anonima (SA), Aeroaggregates Of North America LLC, Owens Corning, Amity Insulation Group Inc, Zhejiang Zhenshen Insulation Technology Corp Ltd, Benarx, Pinosklo, German Geo Construction GmbH, Langfang Chaochen Thermal Insulation Materials Co Ltd, SZECO Insulation Technology Co Ltd, Glapor Werk Mitterteich GmbH, Zhejiang Dehe Insulation Technology Co Ltd, and Jahan Ayegh Pars Co.
The manufacturing cost of cellular glass is very high, owing to which, high initial investments are required. This deters new players from entering the market. There are several established companies operating in the market. Mergers and acquisitions are the most commonly adopted growth strategies used by the existent players to expand their footprint. For instance, in June 2019, Beerenberg and Benarx merged their businesses. Prior to that, in April 2018, Benarx had set up its new manufacturing unit in South Korea, which helped the company enhance its sales in the country. Besides, the company has also strengthened its product portfolio in recent years.
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