In 1970, the Institute celebrated its 21st birthday and the Board of Directors decided to establish a "Hall of Fame" award. This award would recognize those individuals who made significant contributions to the development and welfare of the perlite industry. They decided to call it the Lewis Lloyd Award, honoring the first president to serve consecutive terms (1952 - 1956) for the Perlite Institute. He died shortly after his last term and his perlite business in New Orleans was discontinued. Over the years, the Lewis Lloyd plaque has been awarded to 25 individuals who contributed to the development of the perlite industry in the United States and Europe. These individuals are:

Niels Knudsen - 2004

Otto Schundler - 2003

William Hall - 2000

Augustine P. Sheehy - 1999

Rudi van der Mark - 1994

Chris Peleties - 1993

Emmanuel J. Voulgaris - 1992

Paul V. Laylander - 1991

Dr. Douglas Shackley - 1990

Andrew N. Barten - 1989

G.A. Wavering - 1988

Herbert Stein - 1987

John Murdock - 1987

R.C. Black - 1986

W. Martin Sharp - 1985

Gerard van der Mark - 1984

Carl R. Vander Linden - 1983

Don Diekman - 1982

David P. Funk - 1981

Frank N. Chirico - 1980

William R. Howell - 1979

Hans Pape - 1978

Virginia H. Gunder - 1977

Robert E. Dowse - 1976

Norman E. Braun - 1975

Herman O. Freudenberg - 1974

Richard S. Funk - 1973

J. John Brouk - 1972