New York, USA, Oct. 15, 2021 (GLOBE NEWSWIRE) -- The inclusive report by Research Dive on the global cellular glass market provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Global Cellular Glass Market
- Drivers: Increasing construction activities around the world are expected to drive the growth of the cellular glass market during the forecast period. Cellular glass is used as an insulation material during the construction of roofs, walls, and floors. Other applications of cellular glass include application as an insulation material cold storage facilities, and floatation blocks for submarine nets. These are the main factors enhancing the growth of the market during the forecast period.
- Restraint: Cellular glass is fragile and vulnerable to vibrations. Moreover, it is very expensive. These are the main factors hindering the market growth during the forecast period.
- Opportunity: Application of cellular glass as a thermal insulation material in construction industry is creating many opportunities for the cellular glass market in upcoming years.
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Key Segments of the Market
The report has divided the market into different segments based on product type, type, application, and regional analysis.
Product Type: Blocks and Shells Sub-Segment Predicted to be the Most Profitable
Block and shells sub-segment recorded a revenue of $325.4 million in 2019 and is further expected to grow at a CAGR of 5.0% during the forecast period. Landscapping, foundation, backfills, and flexibility are the benefits of blocks and shells glass enhancing the growth of the segment.
Type: Closed Sub-Segment Expected to be the Most Lucrative
Closed cell sub-segment surpassed a revenue of $302.7 million in 2019 and is further predicted to grow with a CAGR of 5.1% during the forecast period. These cell types are rigid and stable. This is the main factor behind the growth of the market segment.
Application: Construction Sub-Segment Expected to be the Most Profitable
Construction sub-segment of the cellular glass market garnered a revenue of $202.0 million in 2019 and is further forecasted to witness the same growth at a CAGR of 5.2% during the analysis period. The high demand of cellular glass in the construction industry is expected to boost the segment growth during the forecast period.
Industrial sub-segment is predicted to have the highest market growth rate in the estimated period. Industrial sub-segment is predicted to generate a revenue of $239.1 million by 2027 with a CAGR of 6.2% in the forecast period. Increasing use of cellular glass in the industrial sector for various construction activities is predicted to boost the sub-segment market in the forecast period.
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Region: Asia-Pacific Region Expected to Dominate the Market
Asia-Pacific cellular glass market recorded a revenue of $263.6 million in 2019 and is forecasted to continue the growth with a CAGR of 5.6% during the analysis period. Cellular foam is used extensively in the construction activities for its many properties. This is one of the major factors enhancing the growth of the market during the forecast period.
Top Leading Players & their Strategies
The most prominent players of the global cellular glass market include -
- Owens Corning
- CNUD-EFCO Operations S.A.
- SZECO Insulation Technology Co. Ltd.
- Amity Insulation Group Inc.
- Zhejiang Zhenshen Insulation Technology Corp., Ltd.
- Jahan Ayegh Pars Co.
- Benarx
- Polydros Sociedad Anonima (S.A)
- Pinosklo
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
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Recent Development
In July 2021, Owens Corning, a leading insulation developer based out of America, made an announcement regarding its acquisition of vliepa GmbH, a company specialized in the building materials industry. The acquisition is expected to expand the global portfolio of Owens Corning by enabling it to offering services to the European customers.
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