FOAM GLASS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Market Challenges And Opportunities

• High initial investments
• Low awareness in developing countries
• Availability of alternative insulation materials

Global Foam Glass Market- Drivers

• Increasing demand from construction industry: The construction industry is expected to boost demand for foam glass as an efficient insulation material. Foam glass is widely used for insulation in exterior walls, roofs, floors and foundation in residential and commercial buildings. With growing construction activities and investments in smart infrastructure globally, the adoption of high performance insulation materials like foam glass is increasing. For instance, the global construction market is projected to reach US$ 8000 Mn by 2030, presenting huge opportunities for insulation providers. Foam glass being fire-proof, water-resistant and chemically inert is gaining traction over conventional insulators.
• High efficiency as thermal and acoustic insulator: Foam glass offers high thermal insulation and noise absorption properties as compared to other insulators. According to the "Predictable building enveloping based on enhanced glass foam insulation with heat reflective properties" was published on Science Direct in 2022 studies, foam glass can reduce heat transfer through walls by up to 83% compared to brick walls. Its closed-cell structure and low thermal conductivity provides effective insulation against temperature transfer. Foam glass has noise reduction coefficient up to 0.9 and can block external sounds. Owing to such superior properties, foam glass is increasingly being used in walls, floors, roofs and HVAC systems to maintain optimal temperatures and reduce noise pollution. This is expected to further propel the foam glass market.
• Government regulations for energy conservation: Implementation of building energy codes and standards globally is boosting adoption of high performance insulation materials like foam glass. For instance, in 2022 the building energy code implemented by the Department of Energy in the U.S. makes insulation necessary for sealing cracks and gaps in building envelopes. Similarly, the EU Energy Performance of Buildings Directive necessitates the use of thermal insulation in walls, roofs and heating systems. Such regulations are compelling builders to use sustainable insulators like foam glass, thereby fueling market growth.
• Growth of end-use industries: The growth of major end-use industries such as oil & gas, chemicals, refrigeration, transportation, cryogenic gases is boosting demand for foam glass. Owing to its low water absorption and high chemical resistance, foam glass is ideal for insulation in storage tanks, reaction vessels and pipes in chemical plants. The global chemical industry size is projected to reach US$ 6.8 trillion by 2027, indicating lucrative opportunities. Similarly, increasing LNG trade and cold storage demand will drive adoption in industrial sectors.

Global Foam Glass Market- Opportunities

• High potential in emerging economies: Emerging economies such as China, India, Brazil and Southeast Asian countries present significant opportunities for foam glass market growth due to rapid urbanization, industrialization and expanding end-user sectors. For instance, June 2015, India plans to construct over 12 crore houses by 2022 under the Pradhan Mantri Awas Yojana scheme, presenting huge scope for insulation materials. Favorable demographics, rising middle class population and increasing infrastructure investments will continue to generate substantial demand in emerging nations.
• Growing demand from solar industry: The expanding solar power sector is expected to provide new opportunities for foam glass manufacturers. Foam glass is increasingly being used for thermal insulation in concentrated solar power plants to conserve heat in receivers and steam turbines. With growing solar installations worldwide, in line with renewable energy goals, the adoption of foam glass insulation in solar plants is expected to rise. For example, According to a report published on PRNewswire on July 22, 2022, the global solar power market is projected to reach 1,243 GW by 2026, highlighting the immense potential.
• Product advancements through R&D: Key players are investing significantly in R&D activities to develop new product grades and enhance material properties of foam glass. Advancements such as hydrophobic coatings to resist moisture, improvements in closed cell structure and vacuum insulation panels integrated with foam glass are expanding its application scope. Moreover, nano engineering of foam glass by incorporating carbon nanotubes is enabling the production of highly thermally resistant foam glass. Such technological advancements are expected to unlock new growth avenues.
• Capacity expansions in developing regions: Leading foam glass manufacturers are increasing their production capacities and setting up new plants in developing regions to tap the high growth markets. For instance, in June 2021, Glapor announced the opening of a new foam glass gravel production plant in Russia to meet regional demand for foam Glass. This expansion highlights the growing interest in foam glass as an insulation material in various industries, such as construction, industrial, and others. Likewise, several new entrants in Asia Pacific regions are investing in capacity expansions to grab the opportunities in end-use industries. This is expected to drive the overall foam glass market growth.