Foam Glass Market - Forecast(2023 - 2028)

Foam Glass Market Overview

Foam glass market size is forecast to reach US$2.8 billion by 2027, after growing at a CAGR of 5.7% during 2022-2027. Foam glass is an inorganic material widely used in the construction and industrial sector owing to thermal bridging and non-flammable properties. Also, foam glass has excellent resistance towards extreme temperatures, & corrosion which increases the life of the cryogenic system in the industrial sector. According to the United Nations Industrial Development Organization (UNIDO), 621 projects will be implemented with a total value of US$1,314 million in 2022 over the three thematic priority areas of Inclusive and Sustainable Industrial Development (ISID), such as creating shared prosperity, advancing economic competitiveness and safeguarding the environment. Therefore, the growing development of the industrial sector along with growing demand from buildings & construction, and others will boost the demand for foam glass during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has been a major challenge for the foam glass market owing to directly affecting the manufacturer's supply chain across the globe and shutting down the production facilities to minimize the risk of virus spread. The major sectors such as construction, industrial, and others have been highly impacted. Due to social distancing policy, most of the construction projects have been halted to eradicate the risk of infection due to covid 19. According to Great Britain Office for National Statistics, the overall construction activity has been fallen by 44.4%, public construction fell by 70.3%, private construction activity has been fallen by 59.9%. As the pandemic affected the markets in each country, the strengths and weaknesses of the construction sector in each country will shape future outcomes. The initiation taken by the government and private sector will help to recover the foam glass market during the forecast period.

Report Coverage

The report: “Foam Glass Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the foam glass industry.

By Type: Open cell and Closed Cell.
By Application: Building roof insulation, Building exterior insulation, Sound insulation, Lightweight filler, Piping and Equipment, Storage tanks & Vessels, HVAC & Utilities, Passive fire protection, and Others.
By End-Use Industry: Building & Construction (Residential Construction (Independent Homes, Row Houses, Large Apartment Buildings), Commercial Construction (Hospitals & Healthcare, Educational Institutes, Hotels & Restaurants, Banks & Financial Institutions, Airports, Shopping Malls, Hyper & Super Markets), Infrastructure (Roads & Highways, Drainage System, Water Treatment plants and Others)), Industrial and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa).

Key Takeaways

• The Asia Pacific is expected to register a CAGR of 6.9% during the forecast period (2022-2027). The increasing demand from industrial construction, among Asian countries such as China, India, Japan, and South Korea is driving the market for foam glass.
• Growing demand for glass foam for industrial purposes for insulation is expected to boost the demand for foam glass during the forecast period.
• Robust demand for insulating cryogenic systems for pipelines, valves, and others owing to temperature and corrosion property will increase the demand for the foam glass market.

Figure: Asia Pacific Foam Glass Market Revenue, 2021-2027 (US$ Billion)

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Foam Glass Market Segment Analysis – By Type

The closed-cell segments accounted for around 62% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Closed-cell is airtight sealed foam glass having ultra-lightweight, excellent drainage properties with low capillarity, acid, and chemical resistance. The closed-cell foam glass is widely used in building & construction to provide high compressive strength for wall & floor insulation, roofing insulation. Furthermore, foam glass also acts as a filler for roads, bases of buildings, runways, and others. According to the Associated General Contractors of America (AGC), the construction industry is a major contributor to the U.S. economy and creates nearly US$1.4 trillion worth of structures each year with more than 7 million employees. Therefore, the use of closed-cell foam glass for construction activity will boost demand for foam glass during the forecast period.

Foam Glass Market Segment Analysis - By End-Use Industry

The industrial segment accounted for approximately 48% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The foam glass is widely used as an insulating material in the industrial sector for the chemical processing system, cryogenic system, pipe insulation, and giving fire resistance properties. Foam glass gives corrosion, moisture, and waterproof resistance to industrial equipment under extreme temperature, freeze tolerance which helps to boost the demand for foam glass. Furthermore, foam glass is expected to boost the demand for industrial sectors in the coming years owing to a lower carbon footprint. According to the Confederation of European Paper Industries, paper, and board production increased by 5% with the total production being around 90.2 tonnes million in 2021 as compared to 2020 and forecast to grow by 4% in 2022 and by 2.8% in 2023. Therefore, the growing industrial sector will boost the demand for the foam glass market during the forecast period.

Foam Glass Market Segment Analysis - By Geography

Asia Pacific region held the largest share in the foam glass market in 2021 up to 38%, owing to the growing industrial, residential, commercial, and large infrastructure projects, in developing countries like China, India, Indonesia, and others. The major factors responsible for the growth of foam glass are low carbon footprint which gives eco-friendly insulating products and can be recycled. The foam glass products are widely used as a filler in the basement of the highway, roads, and any other construction projects. These are also used as fire-resistant in the commercial and industrial sectors. According to the Republic of Philippines Authority, the total number of residential permits for construction in the third quarter of 2021 is around 24,332 and non-residential permits for construction in the third quarter of 2021 is around 5,491. According to China Association for Medical Devices Industry (CAMDI), the development and reform commission of Shenzhen municipality, china is investing US$15.82 million for the special support program for market access of drugs and medical devices. Therefore, the growing construction and industrial sector are boosting the demand for the foam glass market during the forecast period.

Foam Glass Market Drivers:

The growing demand for environment-friendly foam glass product

The growing demand for environment-friendly foam glass products in residential and commercial construction is driving the foam glass market. Foam glass product acts as the best insulating agent in the construction sector owing to their low carbon footprint, fire protection, and eco-friendly nature. Furthermore, foam glass is also widely used in the industrial sector owing to moisture resistance, maintaining an integral temperature of the chemical processing system, insulating pipeline, and others. According to the US Department of Commerce, as of January 2022, new residential permits are 1,899,000, construction begins for 1,638,000 units. According to the State Council People's Republic of China, industrial production continued to recover in 2021 with major industrial firms reaching 34.3% year-on-year. Therefore, the growing construction and industrial sector will be driving the foam glass market during the forecast period.

Foam Glass Market Challenges:

Higher Price of foam glass

Foam Glass are premium products, so they are available at higher prices when compared to rubber and other materials. The reason behind this is its production cost, while producing products, the machinery and the equipment which are used are tagged with higher expense, also, these machineries require high maintenance. Owing to this factor, the product of Foam Glass comes with a higher price as compared to its alternative materials, which tends to constrain the growth of the market. The price of the product varies from US$25 to US$100 based on quality and application. Also, the lack of awareness of the foam glass insulating product among a specific section of the population is hampering the market growth during the forecast period.

Foam Glass Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the foam glass market. 

Global Foam glass top 10 companies include

1. Owens Corning
2. AeroAggregates
3. Glapor
4. GEOCELL Schaumglas GmbH
5. Polydros S.A
6. MISAPOR
7. Uusioaines OY
8. Refaglass
9. Zhejiang Dehe Insulation Technology Co., Ltd
10. Liaver GmbH & Co

Recent Developments

• In October 2021, Burlington-based Foam Glass Glavel, announced to start of production of a building material made from recycled glass that can be used as both a drainage layer and sub-slab insulation
• In August 2021, Foamit Group Oy acquired the Norwegian foam glass manufacturing company Glasopor AS. The acquisition will strengthen Foamit Group’s position as the main manufacturer of foam glass in the Nordic countries and one of the largest worldwide players in the industry.
• In August 2021, AeroAggregates has started work on a new production facility in Marion County. In its first year, the facility expects to recycle the equivalent of 140 million glass bottles. The plant manufactures ultra-lightweight foamed glass collections that are used in infrastructure and commercial construction throughout the Southeastern United States. 

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