The global cellular glass market forecast shall cross $724.8 million by 2027, growing at a CAGR of 5.4%.
Cellular glass is a type of insulation composed of crushed glasses and a material like limestone or carbon. Cellular glass is used to produce insulation panels for various structures. These cellular glasses are very light weight and float in water. Cellular glass is moisture resistant, natural flame resistant, and is not affected by any chemicals and insects.
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The novel coronavirus has impacted the cellular glass market in a positive manner in the estimated period. The cellular glass are mostly used in construction activities. With the rise in construction activities across the globe is predicted to drive the cellular glass market. As it has been noticed that most of the industries are closed and the operational flow within the organisaiton have stopped which have impacted the market negatively in 2020. As cellular glasses are used in the industrial and construction sites, once the unlock procedure begins the operational work for these industries will resume. As a result the demand for cellular glass will increase which will give rise to the global cellular glasss market in the estimated period.
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Increase in the utilization of cellular glass in various construction and building applications is predicted to foster the demand of the global cellular glass in the estimated period. Cellular glass offers multiple benefits such as reduced risk of humidity for construction, being air and vapor tight, non-combustible, unaffected by rodents & ants and others, which may drive the global market in the estimated period. Moreover, with a rise in population, the construction activities have also increased, resulting in enhanced demand for cellular glass.
The cost of cellular glass as compared to other insulation materials is very high, which is predicted to be the biggest restraint for the global cellular market in the estimated period. In addition, presence of alternative insulating material known as phenolic insulants that cost less than cellular glass is expected to hamper the market growth in the forecast period.
Foam glass gravels sub-segment is predicted to have the highest market growth in the estimated period. Foam glass gravels sub-segment is predicted to generate a revenue of $249.2 million by 2027 with a CAGR of 6.2% in the forecast period. The foam glass gravels are used in a wide range of applications as it is highly stable and a versatile product in building and infrastructure, which is predicted to boost the sub-segment market in the estimated period.
Open cell sub-segment is predicted to have maximum growth rate in the forecast period. Open cell sub-segment is predicted to generate a revenue of $277.6 million by 2027 with a CAGR of 5.8% in the forecast period. Open cell sub-segment is excellent for soundproofing where a single cellular glass can fill the area between any gaps in a construction. Moreover, the open cellular glass is affordable as compare to closed cellular foam, which is predicted to drive the sub-segment market in the estimated 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.
Europe region market is predicted to generate a revenue of $75.5 million by 2027 with a CAGR of 5.8% in the forecast period. Presence of major test plans and various committees to ensure the quality production of cellular glass has increased with the use of material in on-shore and off-shore oil & gas industry owing to the explosion resistance and jet fire resistance. Asia-Pacific region market is predicted to generate a revenue of $404.3 million by 2027 with a CAGR of 5.6% in the forecast period. Using cellular glass for pavement insulation has reduced the occurrence of deterioration of road, asphalt concrete cracking, and pothole formation problems. Development of granular material known as foam glass aggregates (FGAs) that are manufactured using recycled glass has reduced the disposal problem of untreated glass materials. Due to these factors, the region market is predicted to grow in the estimated period.
The major key players in the global cellular glass market players are CNUD-EFCO Operations S.A., Owens Corning, Amity Insulation Group Inc., SZECO Insulation Technology Co. Ltd., Zhejiang Zhenshen Insulation Technology Corp., Ltd., Zhejiang Dehe Insulation Technology Co., Ltd., Benarx, Jahan Ayegh Pars Co., Pinosklo, Polydros Sociedad Anonima (S.A), and others.
Porter’s Five Forces Analysis for Cellular Glass Market:
Bargaining Power of Suppliers: The switching barrier from one supplier to the other supplier is predicted to be high.The bargaining power of suppliers is HIGH.
Bargaining Power of Buyer: Due to the multiple benefits there are multiple choice for the buyers due to which the buyers have multiple option.The bargaining power of the buyer is MEDIUM.
Threat of New Entrants: Government regulatory policies coupled with higher cost associated with R&D offer low threat of entry from new competitors.The threat of new entrants is LOW.
Threat of Substitutes: The threat of the alternative product is low as there are less number of competitors in the market.The threat of substitutes is LOW.
Competitive Rivalry in the Market: Market players are mainly following technological advancements, alternative business strategies such as strategic partnerships; this is also a key factor for high competitive rivalry in the global cellular glass market.The competitive rivalry in the industry is HIGH.
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