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Foam Glass Market size is forecast to reach US$2.8 billion by 2027, after growing at a CAGR of 5.7% during 2022-2027.

HYDERABAD, TELANGANA, INDIA, December 28, 2022 /EINPresswire.com/ -- Foam Glass Market size is forecast to reach US$2.8 billion by 2027, after growing at a CAGR of 5.7% during 2022-2027. Foam glass is an inorganic material widely used in the construction and industrial sector owing to thermal bridging and non-flammable properties. Also, foam glass has excellent resistance towards extreme temperatures, & corrosion which increases the life of the cryogenic system in the industrial sector. According to the United Nations Industrial Development Organization (UNIDO), 621 projects will be implemented with a total value of US$1,314 million in 2022 over the three thematic priority areas of Inclusive and Sustainable Industrial Development (ISID), such as creating shared prosperity, advancing economic competitiveness and safeguarding the environment. Therefore, the growing development of the industrial sector along with growing demand from buildings & construction, and others will boost the demand for foam glass during the forecast period.

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Key takeaways:

This IndustryARC report on the Foam glass market highlights the following areas -

1. The Asia Pacific is expected to register a CAGR of 6.9% during the forecast period (2022-2027). The increasing demand from industrial construction, among Asian countries such as China, India, Japan, and South Korea is driving the market for foam glass.

2. Growing demand for glass foam for industrial purposes for insulation is expected to boost the demand for foam glass during the forecast period.

3. Robust demand for insulating cryogenic systems for pipelines, valves, and others owing to temperature and corrosion property will increase the demand for the foam glass market.

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Segmental Analysis:

1. Foam Glass Market Segment Analysis – By Type : The closed-cell segments accounted for around 62% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Closed-cell is airtight sealed foam glass having ultra-lightweight, excellent drainage properties with low capillarity, acid, and chemical resistance. The closed-cell foam glass is widely used in building & construction to provide high compressive strength for wall & floor insulation, roofing insulation.

2. Foam Glass Market Segment Analysis - By End-Use Industry : The industrial segment accounted for approximately 48% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The foam glass is widely used as an insulating material in the industrial sector for the chemical processing system, cryogenic system, pipe insulation, and giving fire resistance properties. Foam glass gives corrosion, moisture, and waterproof resistance to industrial equipment under extreme temperature, freeze tolerance which helps to boost the demand for foam glass.

3. Foam Glass Market Segment Analysis - By Geography : Asia Pacific region held the largest share in the foam glass market in 2021 up to 38%, owing to the growing industrial, residential, commercial, and large infrastructure projects, in developing countries like China, India, Indonesia, and others. The major factors responsible for the growth of foam glass are low carbon footprint which gives eco-friendly insulating products and can be recycled. The foam glass products are widely used as a filler in the basement of the highway, roads, and any other construction projects.

Competitive landscape:

The top 5 players in the Foam Glass industry are:

1. Owens Corning
2. AeroAggregates
3. Glapor
4. GEOCELL Schaumglas GmbH
5. Polydros S.A.

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