Foam Glass is Boosting Construction Industry with Lightweight Properties
The foam glass market is experiencing high growth owing to increasing trends of lightweight and eco-friendly construction materials. Foam glass possesses various advantages like lightweight, thermal insulation, acoustic insulation and durability which makes it suitable for diverse construction applications. Being 100% recyclable, it aids sustainable construction goals. The Global Foam Glass Market is estimated to be valued at US$ 2.17 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Key Takeaways
Key players: Key players operating in the foam glass market are Pittsburgh Corning, Glapor, Owens Corning, Polydros S.A., Misapor AG, Earthstone International, Refaglass, Zhejiang Zhenshen Insulation Technology Corp.
Growing demand: Rising construction of green buildings to reduce carbon footprint is driving demand for eco-friendly insulation materials like foam glass. Its lightweight and durable properties make it suitable for various insulation applications.
Global expansion: Leading players are expanding their manufacturing facilities globally to tap growth opportunities in developing nations. Growing infrastructure development and building renovations are fueling the foam glass market size across regions.
Market key trends
One of the key trends fueling the foam glass market growth is increasing adoption in flooring applications owing to its slip-resistant and wear-resistant properties. It is gaining popularity as an alternative to traditional flooring materials in industrial, commercial and residential sectors. Being 100% recyclable, foam glass also satisfies the rising demand for sustainable construction materials.
Porter’s Analysis
Threat of new entrants: The risk of new entrants entering the foam glass market is moderate as it requires high initial investments in setting up production facilities. However, the growing demand for insulation materials provides opportunities for companies.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of substitutes like fiberglass and stone wool. Buyers have low switching costs and can negotiate on prices.
Bargaining power of suppliers: The bargaining power of suppliers is also moderate. Raw materials required for manufacturing foam glass include quartz sand, waste glass, clay, fly ash, and limestone are abundantly available.
Threat of new substitutes: The threat from substitute products like fiberglass and polyurethane foam is moderate as foam glass has certain advantages over substitutes in terms of fire resistance and weight reduction properties.
Competitive rivalry: The market has the presence of a few global players and the rivalry in the market is high. Companies focus on product differentiation and expansion into new markets to gain a competitive edge.
Geographical Regions
Europe dominates the global foam glass market in terms value, holding around 35% share owing to the high demand for insulation materials from end-use industries such as construction in countries like Germany, UK, France etc.
Asia Pacific region is expected to be the fastest growing market during the forecast period driven by rising infrastructure development and construction activities in China, India and other developing nations in the region.
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