New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cellular glass market forecast shall cross $724.8 million by 2027, growing at a CAGR of 5.4%. The comprehensive research gives a concise analysis of the current market landscape, including major features such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
Dynamics of the Market
Thermal insulation is achieved by the use of insulation materials in various construction projects. Construction activity has increased around the world as the population across the globe has significantly increased. People are increasingly focusing on energy conservation, and cellular glass is utilized as an insulating material in various constructions, as it is ideal for constructing roof, floors, and walls. Since cellular glass is lightweight, is durable, and is thermal with acoustic insulating properties, it is widely used in construction activities, which is estimated to increase the demand for cellular glass in the estimated period.
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Furthermore, the use of cellular glass is projected to increase in the estimated period due to an increase in the construction of new residences, commercial buildings, and other construction activities. In addition, cellular glass has a variety of other uses, including flotation blocks for submarine nets, insulation in cold storage facilities, and others, all of is estimated to boost the growth of the cellular glass market in the analysis period. Other cellular glass applications, such as building facades, roof insulation, and process pipe plant insulation, are expected to provide investment opportunities to the market players in the analysis period.
Various substances, such as potassium and sodium hydroxide solutions, can damage cellular glass. As a result, cellular glass cannot be utilized to insulate process lines, equipment, or utilities that handle these solutions. The market for cellular glass is anticipated to be hampered by the availability of alternative insulating products that offer the same chemical and physical qualities at a lower cost.
Segments of the Market
The report has segmented the market into different segments based on product type, type, application, and regional analysis.
Product Type: Blocks and Shells Sub-Segment is Predicted to be the Most Profitable
The blocks and shells sub-segment is expected to be the most profitable over the analysis period and surge at a CAGR of 5.0%. Flexibility of these blocks and shells is expected to be a major driving factor for the sub-segment throughout the forecast period. Most places employ blocks and shell cellular glass for landscaping, foundations, and backfills.
Type: Closed Cell Sub-Segment is Expected to be the Most Lucrative
The closed cell sub-segment is estimated to garner the highest market share. Closed cell sub-segment accounted for $302.7 million in 2019 and is predicted to surge with a CAGR of 5.1% in the projected timeframe. The cells of a closed cell foam are pressed together to prevent moisture and air from entering the foam, making it more stable and stiffer.
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Application: Construction Sub-Segment is Expected Witness Significant Growth
The construction sub-segment is expected to witness significant growth over the analysis period and surge at a CAGR of 5.2%. Glass foam provides fire resistance and durability in addition to high-quality insulation for industrial applications which is projected to boost the construction sub-segment in the forecast period. In addition, the growing use of cellular foam in the construction of buildings and other structures is expected to increase the sub-segment market growth throughout the analysis period.
Region: Asia-Pacific Region is Expected to Experience the Fastest Growth
The Asia Pacific market is expected to experience the fastest growth in the estimated period. The Asia Pacific region held $263.6 million in 2019 and is projected to surge with a CAGR of 5.6% in the upcoming years. The regional market is expected to be driven by an increase in the usage of cellular foam in construction activities, due to its frost-free nature and great load bearing ability.
Key Market Players and Strategies
The most prominent market players of the global cellular glass market include-
- Owens Corning
- Pinosklo
- Jahan Ayegh Pars Co.
- Benarx
- SZECO Insulation Technology Co. Ltd.
- Polydros Sociedad Anonima (S.A)
- Amity Insulation Group Inc.
- Zhejiang Dehe Insulation Technology Co., Ltd.
- CNUD-EFCO Operations S.A.
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments.
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