As per the report Allied Market Research, the global cellular glass industry was estimated at $501.0 million in 2019, and is projected to reach $669.0 million by 2027, growing at a CAGR of 4.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, key investment pockets, competitive landscape, and regional scenario.
Rise in utilization in construction and building applications and growth in usage for load-bearing applications drive the growth of the global cellular glass market. On the other hand, fragility and susceptibility to induced damage because of vibrations and high cost of cellular glass compared to other insulation materials restrain the market growth. However, rise in use of cellular glass in applications such as building facades, pools, roof insulation, and floating blocks for submarine nets and ethylene plant pipes is anticipated to usher an array of opportunities for the market players in the future.
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- The outbreak of the pandemic led to change in consumer spending behavior across the world. On the other hand, governments of various countries restrictions to curb the spread of the virus, which triggered shortage of raw materials, disruption in supply chain, and lack of workforce.
- The prolonged lockdown hampered the construction sector. Moreover, the pandemic reduced sales of cellular glass products owing to project termination, entitlement for time extensions, notice requirements, and cost escalation.
The cellular glass market is segmented on the basis of product type, type, application, and region. Based on product type, the market is further divided into block & shell and foam glass gravel. The blocks & shells segment held major market share in 2019, with nearly three-fourths of the global market. On the other hand, the foam glass gravel segment is projected to register the highest CAGR of 5.4% during the forecast period.
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Based on application, the market is segmented into construction, industrial, and others. The construction segment held the lion’s share in 2019, contributing to more than two-fifths of the global cellular glass market. On the other hand, the industrial segment is estimated to portray the highest CAGR of 5.1% during the forecast period.
Based on region, the report is studied across numerous regions including Asia-Pacific, Europe, North America, and LAMEA. The market across Asia-Pacific held the highest market share in 2019, with nearly half of the market. However, the Europe region is estimated to manifest the highest CAGR of 5.3% during the forecast period.
Major market players profiled in the report include Amity Insulation Group Inc., Jahan Ayegh Pars Co., Benarx, Langfang Chaochem Thermal Insulation Materials Co. Ltd., Pinosklo, Owens Corning, Polydros Sociedad Anonima (S.A.), Zhejiang Dehe Insulation Technology Co., Ltd., SZECO Insulation Technology Co., Ltd., and Zhejiang Zhenshen Insulation Technology Corp., Ltd.
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