In 2018, the global Foam Glass market was valued at US$ 1,180.2 Mn and it will grow with a CAGR of 6.9% during the forecast period. Foam glass is a high-strength, lightweight, and porous glass foam material. It is primarily produced by heating a mixture of foaming agent, mainly limestone or carbon and granulated glass.
Foam glass is characterized by heat resistance, anti-freeze-thaw resistance, low water absorption, no burning, sound absorption, and is widely being used in petroleum, chemicals, refrigeration, defense, and construction industry. Foam Glass is manufactured in a block form, which is then then fabricated into a wide range of shapes and sizes to fulfill industrial and commercial insulation requirements.
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The foam glass market is witnessing high demand in the petroleum, refrigeration, and construction industries, as they can withstand high temperatures and they are fire resistant. Advanced technologies are further increasing its usage in agriculture and chemical industries, thereby boosting the foam glass market growth. Moreover, the rising demand for green building materials is also fostering the market demand. However, the shortage of raw material causes fluctuations in the price of the end-user products, thereby declining the growth of the market. But, rising awareness about recycled glass and favorable government policies, among others, are expected to create opportunities for foam glass in the coming years.
The key players operating in the global Foam Glass market are Pittsburgh Corning Corporation, Aeroaggregates LLC, Zhejiang Dehe Insulation Technology Co., Ltd., Anhui Huichang New Material Co. Ltd., Zhejiang Zhenshen Insulation Technology Corp. Ltd., Misapor A.G., GLAPOR Werk Mitterteich GmbH, Uusioaines Oy, REFAGLASS, and others. The competition is getting intense due to increasing partnerships and collaborations undertaken by the companies/global players to expand their business and consolidate their market position.
Various strategies being implemented by the key players to stay competitive in the foam glass market include geographical expansion, production capacity expansions, and M&A. In 2017, Pittsburgh Corning was awarded a contract for the extension of Zeebrugge LNG (by Fluxys LNG) terminal off the Belgium Coast. The contract covers the development of a fifth LNG terminal storage tank with additional process installation, the cost of which was worth more than US$ 226.7 Mn (EUR 200). The containment, which is a semi buried LNG tank, is expected to be one of the largest in the world. This strategic partnership between Pittsburgh Corning and Fluxys LNG is expected to work in the favor of Pittsburg Corning, by enhancing its position in the market.