PUBLISHER: Grand View Research | PRODUCT CODE: 1474927
PUBLISHER: Grand View Research | PRODUCT CODE: 1474927
The global foam glass market size is anticipated to reach USD 3.13 billion by 2030 and is projected to grow at a CAGR of 5.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising demand for foam glass in residential building is driving market growth.
Foam glass is a highly efficient insulation material commonly used in residential buildings. Due to its excellent insulation properties, it helps in regulating the temperature inside the building, making it more energy-efficient and cost-effective. Foam glass is also lightweight, durable, and resistant to water, fire, and pests, which makes it a popular choice for insulation in residential buildings.
Open-cell foam glass is a porous material that can absorb sound and reduce heat transfer. It is lightweight and has good compressive strength, making it suitable for various applications. With its open-cell structure, it allows for the easy flow of air and other gases. Overall, it is a versatile and beneficial product that can be used in a variety of applications.
North America is one of the key markets for foam glass; it holds around 22% of the global market share. Demand for the product is primarily driven by new residential construction, repair, and remodeling activities, as well as commercial and industrial construction activities in the U.S., Canada, and Mexico.
The global market is highly competitive. Companies in the industry are pursuing mergers and acquisitions to grow their businesses. For instance, in May 2023, Schlusselbauer and Reiling, two family-run companies in the foam glass sector, merged their German operations to form a new company called Veriso GmbH & Co. KG.