by The global Foam Glass Market is estimated to be valued at US$1.22 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Foam glass is a lightweight and rigid insulation material that is made from crushed waste glass. It is widely used in various applications, including construction, industrial, and transportation, due to its excellent thermal insulation properties and durability. Foam glass provides advantages such as high compressive strength, moisture resistance, fire resistance, and noise reduction. With increasing environmental concerns and the need for energy-efficient buildings, the demand for foam glass is expected to rise in the coming years.
Market Key Trends:
One key trend in the foam glass market is the increasing adoption of foam glass insulation in the construction industry. Foam glass insulation offers superior thermal performance, which helps in reducing energy consumption and lowering greenhouse gas emissions. It also provides protection against moisture, mold, and fire, making it a preferred choice for insulation in residential and commercial buildings. The growing trend of sustainable and green construction practices is expected to drive the demand for foam glass insulation in the coming years.
Porter’s Analysis
The Porter’s Analysis for the foam glass market is as follows:
Threat of New Entrants: The threat of new entrants is low in the foam glass market. This is due to the high barriers to entry, such as the need for significant capital investment and specialized knowledge. Established companies already hold a considerable market share, making it difficult for new players to enter and compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers is moderate in the foam glass market. While buyers have the option to choose from multiple suppliers, they are limited in their negotiation power due to the unique properties of foam glass and its specific applications. Moreover, the increasing demand for foam glass gives the suppliers an advantage in the market.
Bargaining Power of Suppliers: The bargaining power of suppliers is moderate to high in the foam glass market. Foam glass manufacturers rely on raw material suppliers for the production of their products, and any disruption in the supply chain can impact their operations. Suppliers have the ability to set prices and terms, although manufacturers also have alternative sources for raw materials.
Threat of New Substitutes: The threat of new substitutes is low in the foam glass market. Foam glass offers unique properties such as high insulation performance, lightweight, and resistance to moisture and fire. These characteristics make it difficult for other materials to compete, especially in industries such as construction and oil & gas.
Competitive Rivalry: The competitive rivalry is moderate to high in the foam glass market. There are several key players operating in the market, each with their own product offerings and market share. Competition is primarily based on product quality, performance, and price. Companies continuously invest in research and development to maintain their competitiveness.
Key Takeaways
The Global Foam Glass Market Size is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period of 2023-2030. This growth can be attributed to the increasing demand from the construction industry, where foam glass is extensively used for insulation purposes. The construction sector is expanding globally, particularly in developing countries, leading to a higher demand for energy-efficient building materials.
In terms of regional analysis, North America is the fastest growing and dominating region in the foam glass market. This can be attributed to the strong presence of key players in the region, such as Pittsburgh Corning and Owens Corning. Furthermore, the increasing focus on energy-efficient buildings and stringent government regulations regarding energy consumption drive the demand for foam glass in the region.
Key players operating in the foam glass market include Pittsburgh Corning, Glapor, Owens Corning, Polydros S.A., Misapor AG, Earthstone International, Refaglass, and Zhejiang Zhenshen Insulation Technology Corp. These companies are actively involved in product development, innovation, and strategic collaborations to strengthen their market position. They have a wide product portfolio and cater to diverse end-use industries, which further enhances their competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
