MarketsandMarkets projects that the global foam glass market will grow from 1,503 kilotons in 2019 to 1,964 in 2024, at a CAGR of 5.5% during the forecast period. The development of foam glass competes with the traditional insulating materials such as polyurethane foam, spray polyurethane foam, and fiberglass for better and efficient insulation system.
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The benefits of foam glass such as high-temperature resistance, moisture resistance, resistance to chemical corrosion, and its low weight make it a suitable substitute of other insulating materials. Foam glass is used in end-use industries such as building & construction, industrial, aerospace, and others. Foam glass can be classified into two types; open cell and closed cell. Closed cell is projected to be the fastest growing type of foam glass. It is produced using two processes; chemical and physical. Chemical is the fastest-growing process segment of the market. Foam glass has application in building & industrial insulation, chemical processing systems, consumer abrasive, and runway arrestor systems, among others. The building & industrial insulation application is expected to drive the demand for foam glass during the forecast period.
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The industrial segment is projected to be the fastest-growing end-use industry of foam glass between 2019 and 2024. Excellent insulation properties along with resistance to fire, water, chemicals, corrosion, and molds make foam glass an excellent material for usage in the industrial segment. Foam glass is environment-friendly and has non-toxic properties. Foam glass usage is projected to grow in the building & construction end-use industry during the forecast period.
Europe accounted for the largest share of the foam glass market, and this trend is expected to continue during the forecast period. In Europe, Germany, Norway, and Sweden are estimated to be the key players in the region. Growing demand for environment-friendly insulating materials in various end-use industries are driving the market in the region.
The rise of the building & construction industry, growing awareness regarding industrial safety, and increasing environmental concerns has led to an increase in demand for more environment-friendly and safer products for use in insulation. Foam glass is used in piping insulation, LNG tank bases, and exterior walls of buildings. The emerging applications such as runway arrestor systems and consumer abrasives present opportunities for the manufacturers.