According to a new report published by Allied Market Research, titled, "Cellular Glass Market by Product Type, Type, and Application: Opportunity Analysis and Industry Forecast, 2020-2027," the global cellular glass market was valued at $501.0 million in 2019, and is projected to reach $669.0 million by 2027, growing at a CAGR of 4.7% from 2020 to 2027.
Cellular glass is an insulation material that is made up of crushed glass, limestone, and carbon. Physical properties such as moisture resistance, permeability, and high compressive strength make it suitable insulating material for insulating process pipes in humid condition. In addition, owing to its non-flammability, it is widely preferred to insulate buildings that are adhered to fire codes.
Sustainable design in industrial insulation systems and surge in demand for viable insulation products have boosted the growth of the global cellular glass market. In addition, owing to its eco-friendly nature, it is widely preferred for green roof insulation. Other major applications such as insulation of chilled water pipes, ethylene plant pipes, hot oil piping, and tank bases have augmented the its demand, globally. However, disadvantages such as fragility, susceptible to vibration-induced damages, and high manufacturing cost hamper the growth of the global cellular glass market.
Cellular glass is a widely preferred insulating material in construction sector, which acts as a key driving force of the global market. Cellular glass is manufactured using newer technology that utilizes silicate, volcanogenic glassy rocks, and aluminosilicate. It is the major factor that is predicted to offer remunerative opportunities for the expansion of the global market during the forecast period.
The global cellular glass market is segmented into product type, type, application, and region.
By product type, the global cellular glass market is categorized into blocks & shell and foam glass gravel. The blocks & shell segment accounted for the largest market share in 2019, while foam glass gravel segment is anticipated to rise with healthy CAGR.
On the basis of type, the market is segregated into open glass and closed glass. In 2019, the open glass segment accounted for the largest market share as well as witnessed the highest growth during the forecast period.
The applications covered in the study include construction, industrial, and others. The construction segment garnered the highest revenue in 2019, and is expected to grow at a significant CAGR during the assessment period.
Region wise, the global cellular glass market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Europe cellular glass market size is projected to grow at the highest CAGR of 5.3% during the forecast period and accounting for 25.0% of cellular glass market share.
The global cellular glass market profiles the leading players that include Langfang Chaochem Thermal Insulation Materials Co. Ltd., Owens Corning, Amity Insulation Group Inc., SZECO Insulation Technology Co., Ltd., Zhejiang Zhenshen Insulation Technology Corp., Ltd., Zhejiang Dehe Insulation Technology Co., Ltd., Benarx, Jahan Ayegh Pars Co., Pinosklo, and Polydros Sociedad Anonima (S.A.).
Key findings of the study
- Region wise, Asia-Pacific accounted for the largest market share in 2019.
- On the basis of product type, the blocks &shells segment held the largest market share in 2019.
- Depending on type, the open glass segment acquired the largest market share in 2019, and is predicted to witness highest growth in the forecast period.
- By application, the construction segment is anticipated to witness the highest CAGR in terms of revenue, during the forecast period.
- Countries such as China, the U.S., Germany, and India, are emerging as investment-centric economies.
- Emergence of COVID-19 event has mix effects on the growth trajectory of this market.
Impact Of Covid-19 On The Global Cellular Glass Market
- The COVID-19 pandemic has negatively affected the global economy and is subsequent shrinking the GDP in global economies, thereby changing consumer spending patterns globally.
- Various restrictions implemented by government bodies to curb the spread of virus have triggered problems such as shortage of raw materials, dearth of man-power skilled labor, and disruption in supply chain.
- Construction sector is the major consumer of cellular glass product; it has been impacted negatively impacted, due to the outbreak of the COVID-19 pandemic, owing to project termination, notice requirements, entitlement for time extensions, and cost escalation.
- Another major consumer of cellular glass is the oil & gas industry which further has witnessed significant decline in growth rate, thereby limiting the demand for cellular glass.
- Major oil consuming nations such as the U.S., China, and India are majorly affected with coronavirus. In addition, aviation is the major consumer of oil; however, implementation of travel restrictions has significantly reduced the consumption and production of oil.