Foam Glass Market Analysis:
Foam glass is the future of glass recycling. It is also called cellular glass. Earlier, foam glass was manufactured by using virgin glass only. Recently, manufacturers have been using up to 98% of recycled glass to manufacture foam glass. Foam glass has a porous body, which is due to a non-toxic gas released during the production process. It is a lightweight glass material, which floats in water. Foam glass is very well suited for insulation. It also has great properties, which can resist fire. It can also retain its insulation properties even when it is wet, owing to its low water absorption and water transmission properties. It does not get affected by parasitic worms and insects.
- Emergence of COVID-19 pandemic has drastically affected the industrial operations. To stop the spread of the virus, governments have been effectively implementing lockdown practices by shutting down industries.
- The construction industry and industrial operation have also ceased, which have impacted the market for foam glass in supply as well as demand. Since the construction industry is the major consumer of foam glass, the demand has decreased significantly as construction activities are not in operation.
- Moreover, production of foam glass has also been hampered due to the pandemic, which has led to a wide gap between supply and demand.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis:
Foam glass is lightweight, corrosion resistant, non-flammable, non- toxic, and water & steam resistant. It is easy to manage and has low transportation cost. This makes it economically stable and feasible. Stringent government regulation regarding carbon footprint is an important aspect for the market. Moreover, foam glass has very low carbon footprint. This factor increases the demand for foam glass mainly in the industrial sector, which drives the growth of the foam glass market in a positive direction. The formulation of foam glass does not consist of any living matter and it does not lose its properties over time. The mineral formulation of the foam glass makes it resistant and unbudgeable to chemical reactions, parasites, and worms. It is used in proofing the petrochemical tanks against fire. It is also used for the purpose of insulation of cold & hot tanks along with pipes used in chemical processing. In addition, it is preferred in industries, such as petrochemical and oil & gas, which are more prone to catching fire than any other industry. For residential purposes, it is also used as a decoration piece on the wall as it has noise-absorbing properties. These factors drive the foam glass market growth.
However, lack of awareness among consumers about foam glass and the high cost of foam glass are expected to hinder the market growth in the future.
Pittsburgh Corning, LLC has launched a product, FOAMGLAS insulation. It is a lightweight material, which is rigid in nature. It is composed of closed cell glass structure. It resists water & water vapor, is corrosion & chemical resistant, resists parasites & worms, and is non-inflammable. It is regarded as a sustainable and ecologically-friendly form of material.
In terms of development, manufacturers are acquiring other companies to expand their market size. Glavel, a Vermont-based company, is currently importing foam glass from a Germany-based manufacturer, but it plans to open its own manufacturing unit in the coming years due to increase in demand for foam glass. In June 2017, Owen Corning acquired Pittsburgh Corning to expand the portfolio of its products and increase the production capacity.
Region-wise, Europe is the market leader, and is expected to retain its position, owing to increased demand for ecologically-friendly insulating materials that find application in various industries. Following Europe, the APAC countries are expected to witness significant rise in demand for glass foam due to increase in industrialization, urbanization, & modernization, rise in disposable income, and changing lifestyles of consumers. In developing countries, such as India and China, there are stringent regulations regarding carbon footprints or carbon emissions. Furthermore, low carbon footprint of foam glass is the attribute that drives the foam glass market growth in the APAC region.
Key benefits of the report:
- This study presents the analytical depiction of the foam glass market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the foam glass market share.
- The current market is quantitatively analyzed to highlight the foam glass market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the foam glass market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Foam Glass Market Report Highlights
By Industry Vertical
Key Market Players
Geocell, Earthstone International, Glapor, Ningbo Yoyo Foam Glass Co., Ltd, Glavel, Beijing Shoubang New Material Co. Ltd., Misapor AG, Refaglass, Aero Aggregates, Pittsburgh Corning, LLC, Owens Corning, Pinosklo