by The global Building & Construction Glass Market, valued at USD 88.4 billion in 2021, is set to embark on a trajectory of substantial expansion with a projected compound annual growth rate (CAGR) of 6.9%. This growth is attributed to several key factors driving the market, including the increasing demand for sustainable construction, a rising middle-class population, improved infrastructure facilities, and growing disposable incomes.
Driving Forces for Market Growth
- Sustainable Construction: The global construction industry, set to generate USD 15.5 trillion in revenue over the next decade, is increasingly focusing on sustainability. Building and construction glass play a crucial role in enhancing energy efficiency, reducing carbon emissions, and beautifying structures.
- Rising Middle-Class Population: Growing economies like China, India, and the United States are at the forefront of construction activities, driving the demand for glass in residential, industrial, and commercial sectors.
- Green Building Initiatives: Green buildings are gaining widespread acceptance worldwide, with countries like China targeting a 20% increase in the energy efficiency of new urban buildings by 2020.
- Infrastructure Investments: Investments in infrastructure preservation and modernization contribute to market expansion. Leading players are engaging in research and development to introduce innovative glass manufacturing solutions.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on various industries, including construction glass. Supply chain disruptions and workforce challenges were prevalent. However, the pandemic also increased the demand for temperature control glass in healthcare facilities, partially offsetting the adverse effects.
Recycling as a Market Contributor
The ability to recycle construction glass aligns with environmental preservation goals, making it an attractive option for eco-conscious construction. The European Union, for instance, has directed construction-related companies to recycle at least two-thirds of their glass, further promoting sustainable practices.
Challenges Ahead
While construction glass offers long-term cost savings, the initial investment can be a hurdle for some builders. Raising awareness about the benefits of construction glass remains essential for bridging this knowledge gap.
Segment Dominance
- Low-E Glass: Low emissivity glass is expected to dominate the market due to its ability to regulate room temperature, making it a preferred choice in commercial and residential sectors.
- Float Glass: Silicate-based float glass is gaining popularity in residential windows, electronics, and technology industries, with a projected CAGR of 4% in the construction glass sector.
Regional Insights
- Asia Pacific: The region is poised for rapid growth due to industrialization, urbanization, and government support, with India experiencing significant expansion in construction glass demand.
- North America: A strong economy and government initiatives are driving growth, with construction glass becoming a breakthrough solution in the local construction industry.
Key Players
Prominent companies in the Building & Construction Glass Market include Asahi India Glass Limited, Central Glass Co. Ltd., Schott AG, Saint-Gobain, AGC Glass North America, Guardian Industries, and more.
Noteworthy Developments
Recent developments include Owens Cornings acquisition of Asahi Fiber Glass Company Ltd.s composites division and Guardian Glasss expansion of float glass production in Poland.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/building-construction-glass-market
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This press release first seen on Brilad
COMTEX_442645539/2840/2023-10-30T06:12:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.