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The global cellular glass market size is projected to reach USD 618 million by 2025 from estimated revenue of USD 520 million in 2020, growing at a CAGR of 3.5% between 2020 and 2025.”
High-quality insulation for industrial purposes and protection against fire and long life are the driving factors for the growth of the cellular glass market. Also, environmental regulations and new application areas are projected to boost the demand for cellular glass in the coming years.
“Blocks & shells segment is expected to drive the cellular glass market.”
The blocks & shells segment is estimated to witness the highest CAGR during the forecast period. The growing use of blocks & shells in construction and industrial application is driving the growth of the segment. In addition, usage of blocks in the LNG storage tanks, waterproof building, foundation, and roofs along with usage of shells in the industrial processing equipment and pipelines, shipbuilding, subways, and warehouses are factors driving its growth.
The number of active drilling rigs in the US has increased to more than 780 compared to 591 from 2018. The UK offshore sector is expected to improve after historical lows in the past few years as there are 16 planned greenfield projects with identified development plans, and 29 announced greenfield projects forecast to start production between 2019 and 2025. These will drive the demand for the cellular glass blocks & shells as these are used in offshore and onshore oil extraction processes. Moreover, blocks & shells can be used on both vertical and horizontal planes.
“Industrial application is estimated to witness the highest CAGR during the forecast period.”
The industrial segment is estimated to witness the highest CAGR in the cellular glass market during the forecast period. It is owing to various reasons, such as increasing usage of cellular glass in insulating piping and industrial equipment. The usage of cellular glass in the industrial application helps in the prevention of corrosion under insulation (CUI) due to its moisture-resistant capability. The material does not change its state, does not shrink, and neither swells nor warps as the temperature fluctuates. It maintains the integrity of the insulation system. The load-bearing capability of cellular glass makes it a good insulator of tank bases.
“The cellular glass market in Europe is projected to witness the highest growth during the forecast period.”
Europe is estimated to witness the highest CAGR during the forecast period. The region is quite cold, and the need for thermal insulation drives the demand for the cellular glass market. The trend toward energy efficiency persists in the region, which increases the use of insulation.
In addition, stringent building codes is another factor driving the demand for cellular glass in the region. There also exists stringent regulations regarding fire-resistant insulation product in the region after the Grenfell tower case in the UK. Thus, all these factors drive the growth of the European cellular glass market.
- By Company Type: Tier 1 - 70%, Tier 2 - 20%, and Tier 3 - 10%
- By Designation: C-Level - 30%, Director Level - 22%, and Others - 48%
- By Region: Europe- 45%, APAC - 40%, North America – 10%, Rest of the World-5%
The key players profiled in the cellular glass market report include Owens Corning (US), REFAGLASS s.r.o. (Czech Republic), Misapor AG (Switzerland), Zhejiang Zhenshen Thermal Technology Co., Ltd (China), Zhejiang Dehe Insulation Technology Co., Ltd. (China), Jahan Ayegh Pars Company (Iran), POLYDROS, S.A. (Spain), Uusioaines Oy (Finland), Steinbach Schaumglas GmbH & Co. KG (Germany), Earthstone International LLC (US), GEOCELL Schaumglas GmbH (Germany), STES-Vladimir (Russia), German Geo Construction GmbH (Germany), Benarx (Norway), Anhui Huichang New Material Co., Ltd.(China), Liaver GmbH & Co. KG (Germany), and GLAVEL, Inc. (US), among others.
This report segments the market for cellular glass based on product type, application, and region and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products and services, and key strategies such as acquisitions, associated with the cellular glass market.
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This research report is focused on various levels of analysis ? industry analysis (industry trends), and company profiles, which together provide an overall view on the competitive landscape, emerging and high-growth segments of the cellular glass market, high-growth regions, and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on cellular glass offered by top players in the global cellular glass market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for cellular glass across regions
- Market Diversification: Exhaustive information about new application areas and recent developments in the global market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market