CHICAGO, July 10, 2019 /PRNewswire/ -- According to the new market research report "Foam Glass Market by Type (open cell and Closed Cell), Process (Physical and Chemical), Application (Building & Industrial Insulation and Chemical Processing Systems), End-Use Industry (Building & Construction and Industrial) - Global Forecast to 2024", published by MarketsandMarkets, the Foam Glass Market is projected to reach 1,964 kilotons by 2024, at a CAGR of 5.5% between 2019 and 2024. Excellent insulation properties exhibited by foam glass makes it ideal for usage in industrial processes.
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The industrial end-use segment is estimated to witness the highest CAGR in the global foam glass market during the forecast period.
The industrial end-use segment is projected to witness the highest growth in the foam glass market. The increasing use of foam glass as a material for fire-proofing petrochemical tanks, insulating hot and cold tanks, insulating cryogenic tanks and piping insulation of chemical processing systems is driving the market in this segment.
Foam glass is fire-resistant, water-resistant, and possesses high load-bearing capability. Also, it is corrosion-resistant, which makes it suitable for insulating cryogenic systems of LNG and LPG pipelines. The market for foam glass in the industrial end-use segment is in the nascent stage and is expected to grow in the coming years.
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The use of closed celled foam glass in demanding applications is expected to drive the foam glass market, by type.
Among the foam glass types, closed cell foam glass is projected to grow at the fastest rate during the forecast period. Closed cell foam glass exhibits properties such as high-temperature resistance, fire resistance, and high load bearing strength, moisture resistance, corrosion resistance, and pest resistance. Closed cell foam glass is used in applications such as insulating inner walls of residential and commercial buildings, sound-proofing meeting halls, floor insulation, roof insulation, walls and bases of tanks, insulating pipes, roadbeds, backfills, embankments, and runway arrestor systems.
The building & industrial insulation segment is expected to drive the foam glass market, by application.
Among the foam glass applications, building & industrial insulation is projected to grow at the fastest during the forecast period. Foam glass serves as an excellent insulating material for both commercial and non-commercial buildings. It provides additional safety from fire; this makes it suitable for use in industries, especially in petrochemical factories that are susceptible to fire. It is also moisture-resistant and lightweight; this makes it suitable for providing support for civic constructions such as bridges, road embankments, and roadbeds. It is better than other insulating substitutes as it gives protection against fire, moisture, rodents, and does not emit fumes at the same time. Foam glass is also environment-friendly.
Europe is projected to account for the largest share in the foam glass market during the forecast period.
Europe accounted for the largest share in 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 leading foam glass manufacturers are Owens Corning (US), Zhejiang Dehe Insulation Technology Co., Ltd. (China), Zhejiang Zhenshen Insulation Technology Corp. (China), UUSIOAINES OY (Finland), Glapor (Germany), MISAPOR (Switzerland), Polydros S.A.(Spain), Refaglass (Czech Republic), Earthstone international (US), and Anhui Huichang New Material Co., Ltd. (China).
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