Construction Glass Market Forecast and CAGR
According to the latest report by Fact.MR, the construction glass market is projected to show decent growth over the forecast period (2021-2031). Steady growth in sales for construction glass seems to provide a positive outlook to the industry. Moreover, constant demand from the construction industry for better and economical glass materials will act as a constant driver for the demand in the long run.
What is Driving Demand for Construction Glass?
End-user demand for lightweight, stronger and energy-efficient glasses is continually driving the production of glasses. The construction industry continues to be a gainful market for glass manufacturers.
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Manufacturing of glass is hindered due to challenges faced in the acquisition of raw materials. This may be attributed to the volatile pricing structure seen in the industry.
Apart from the conventional use of glasses in the construction industry, green building construction is driving the glass production. For instance properties like temperature control, sun protection and reduced reflection coupled with changes in consumer preference for sustainable construction are some major factors contributing towards the growth of glass sales.
Key Trends in the Construction Glass Market
With rapid urbanization and changing consumer behavior glass preference is changing. Consumers are preferring glasses that engulfs different properties and are aesthetically pleasurable. Additionally, eco-conscious consumers are opting for glasses that has undergone sustainable manufacturing processes.
For instance, consumers are opting for glasses which are energy efficient, increases the influx of natural light at the same time helps in reducing energy consumption with the help of advance glazing solution.
Moreover, advancements such as self-cleaning glass, insulated glazing glass, sound reducing glass and solar control glass are key trends giving an additional push to the industry.
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Asia Pacific Construction Glass Market Outlook
In the past half-decade Asia Pacific held a major part of the global construction glass sales and is projected to grow at a similar rate over the next decade.
Increasing construction activities and industrial growth in countries like China & India are likely to drive the demand for glasses. Additionally, an increase in purchasing power of people with a change in preference in terms of material and properties will propel the growth of the industry.
With a focus on mitigating CO2 emissions in countries like China, India and Japan are investing heavily in the green business equally contributing towards the growth of construction glass sales. For instance, Japan is leading the race in the environmental goods and services (EGS) sector with the production of resource-efficient technology and greening of businesses to promote environmental sustainability.
Above stated factors have a direct or indirect impact on the growth of construction glass sales in the Asia Pacific region and is projected to grow with promising growth rate over the forecast year.
Europe Demand Outlook for construction glass
Construction sectors contribute about 9% of the total GDP in Europe and employ about 18 million people directly. Additionally, increasing debate on climate change has shifted the focus from a conventional mode of construction to a green mode of construction. This shift has eventually opened the gateway for the surge in demand for construction glasses with enhanced properties.
For instance, under the GET (Green Economy Transition) approach, EBRD (European Bank for Reconstruction and Development) has up till now financed 200 large projects with an investment of US$ 20 Bn in green buildings. These affirmative approaches coupled with favourable government policies have enabled the growth of energy-efficient glasses.
The shift from traditional construction activities may weaken the growth for construction glasses production in the short-run but eventually with heavy investments in green spaces will drive the future growth for these glasses.
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Who are the Key Manufacturers and Suppliers of Construction Glasses?
Some of the prominent players in the construction glass industry are
- China Glass Holdings Limited
- Asahi Glass
- S.A. BENDHEIM LTD.
- AGC Glass Company Inc.
- Nippon Sheet Glass Co., Ltd.
- JE Berkowitz
- Guardian Industries.
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