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

The Global foam glass Market size was valued at US$ 1,220 Mn in 2023 and is expected to reach US$ 2,170 Mn by 2030, growing at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030.

Foam glass is an engineered glass material with a porous structure made by crushing waste glass into a fine powder, heating it to fuse the particles, and trapping gas bubbles within the molten glass. It is used as a lightweight insulating material in building & construction, transportation, industrial, and chemical applications. The growth drivers include increasing demand from building & construction industry, high efficiency as an insulator, government regulations for energy conservation, and growth of end use industries.

Global foam glass market is segmented by type, application, end-use industry and region. By type, the market is segmented into open cell, others, and closed cell. The open cell segment accounted for the largest share in 2023 due to its higher insulation property and moisture resistance.

Global Foam Glass Market- Regional Insights

• North America is expected to be the largest market for foam glass during the forecast period, accounting for over 37.6% of the market share in 2023. The growth of the market in North America is attributed to increasing applications in building insulation and industrial sectors in the region.
• Europe is expected to be the second-largest market for foam glass, accounting for over 28.4% of the market share in 2023. The growth of the market in is attributed to the rising adoption in green building projects and presence of major manufacturers in the region.
• Asia Pacific is expected to be the fastest-growing market for Foam Glass Market, with a CAGR of over 16.8% during the forecast period. The growth of the market in Asia Pacific is attributed to rapid urbanization and industrialization in emerging economies like China and India.
• Latin America is expected to be the fastest-market for foam glass during the forecast period, accounting for over 9% of the market share in 2023. The growth of the market in Latin America is attributed to increasing demand for environment-friendly materials, and rising awareness of glass-recycling.
• Middle East & Africa is expected to be the fastest-market for foam glass during the forecast period, accounting for over 8.2 % of the market share in 2023.The growth of the market in Middle East & Africa is attributed to the increasing awareness of glass-recycling in the region.

Figure 1. Global Foam Glass Market Share (%), By Region, 2023

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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.

Global Foam Glass Market- Trends

• Shift towards sustainable insulation materials: Increasing environmental consciousness and need to reduce carbon footprints across construction sector is boosting demand for eco-friendly insulation solutions. Foam glass is manufactured using recycled glass and offers sustainability. Moreover, it has low VOCs emissions and better life cycle performance than conventional insulators like PUF, mineral wool, and others. Owing to such advantages, builders and contractors are increasingly shifting towards foam glass to adhere to green building standards.
• Rising adoption in cold chain facilities: The expanding cold chain industry for food, pharmaceuticals and chemicals storage is driving uptake of foam glass insulation. Owing to its low water vapor transmission and minimal vapor condensation issues, foam glass is ideal for cold storage construction. For instance, In 2022, Uusioaines Oy, a Finnish company, was established in 1994 and is headquartered in Forssa, Finland. The company's primary focus is on waste management and recycling, with a specialization in glass processing and recycling. The company provided foam glass insulation solutions for Finland’s first zero-energy cold storage. The global cold chain market is forecast to grow at over 14% CAGR from 2022 to 2030, presenting lucrative prospects for foam glass.
• Advancements in production technologies: Foam glass manufacturers are continuously enhancing their production processes through technological innovations to improve quality, reduce costs and enable mass production. Some key advancements include new foaming techniques using alternative blowing agents, advanced mixing & molding methods, and novel sintering processes enabling faster cycles. Companies are also automating production lines using Industry 4.0 technologies. Such production advancements are increasing output, enhancing energy savings and ensuring the availability of high-performance foam glass.
• Application in emerging sectors: Ongoing research and product developments have expanded the application scope of foam glass beyond conventional uses. Foam glass gravel is gaining traction as a lightweight fill material in civil construction. Similarly, automotive manufacturers are using foam glass aggregates for reducing vehicle weight. Foam glass has found application in railway sleepers, floating marine structures, aroma therapy bricks, etc. The widening application scope across emerging sectors presents new growth verticals for foam glass manufacturers.

Global Foam Glass Market-Recent Developments

New Product Launches

• In January 2022, Owens Corning is an American company that develops, manufactures, and markets insulation, roofing, and fiberglass composites. The company offers a wide range of products and solutions for building and remodeling needs, including roofing products, insulation, shingles, asphalt, and composites solutions launched FOAMGLAS ONE, an elastomeric cellular glass insulation system designed for cryogenic applications in LNG infrastructure. The product offers superior insulation performance in extreme cold environments.
• In June 2021, Misapor AG launched MICROPOR, a new micro-foam glass gravel made from 100% recycled glass. It can be used in several construction applications like drainage and insulation.
• In May 2020, Glapor introduced the WALLROCK F façade insulation system made from foam glass gravel aggregate. It improves facade insulation and prevents thermal bridges.

Acquisition and Partnerships

• In September 2022, Owens Corning acquired Vliepa GmbH, a building materials company providing insulation solutions in Germany. The acquisition expanded Owens Corning’s presence in the European building materials market.
• In June 2021, Glapor announced a partnership with Ratioplast to set up a joint venture for foam glass production in Russia. The JV expands production capacities to meet growing demand in Russia.
• In April 2020, Misapor AG partnered with Knauf Insulation to develop vacuum insulation panels using foam glass. The partnership aims to develop high performance insulation solutions.

Figure 2. Global Foam Glass Market Share (%), By Application, 2023 

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Top companies in Global Foam Glass Market

1. Pittsburgh Corning
2. Glapor
3. Earthstone International
4. Zhejiang Zhenshen Insulation Technology Corp.
5. Polydros S.A.
6. Refaglass
7. Misapor AG
8. GLAPOR Werk Mitterteich GmbH
9. Owens Corning
10. Jiahua Special Glass Co. Ltd.

Definition: Foam glass refers to a porous glass material produced by heating crushed recycled glass powder mixed with carbon or limestone. Gas bubbles are trapped during production resulting in a lightweight cellular glass material with insulating properties. Foam glass is used for thermal, acoustic and cryogenic insulation in building construction, industrial plants and cold storage applications. It offers sustainability, fire resistance and long service life compared to conventional insulators. Key manufacturing processes include cellular glass method, foam generation method and sintering of glass beads.

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