Booming construction amid increasing demand for sustainable materials will help the construction glass market crack the trillion-dollar mark in the years ahead.
The U.S. and China are projected to witness the highest demand for construction glass in the coming years, according to Construction Glass Market by Type, Application, Manufacturing Process, Chemical Composition & Geography- Global Forecast to 2020, just released by Dallas-based Markets and Markets.
|Markets and Markets|
The Asia-Pacific region is expected to remain the industry’s No. 1 market over the study period. “RoW” is the rest of the world.
The global construction glass market is anticipated to reach $1.15 trillion by 2020, reflecting a Compound Annual Growth Rate (CAGR) of 7.08 percent from 2015 to 2020, the company projects.
Drivers and Customers
Construction glass includes flat glass, which is widely used for glass doors, glass windows and transparent walls.
Construction glass offers high strength, excellent insulation, is chemical- and fire-resistant, soundproof, has a cost advantage and saves energy, according to Markets and Markets.
The market for construction glass is driven by the demand from the construction industry. The rising global population has encouraged construction of new buildings, according to the company.
Asia-Pacific DominatesRising per-capita income and the trend of safe and sustainable construction are also accelerating the demand for low-e glass and special glass, the company says.
The Asia-Pacific region is expected to remain the industry’s No. 1 market over the study period.
The region dominated the market with a share of 62 percent in 2013, and accounted for 43.5 million tons in 2014.
Europe was the world’s No. 2 market in 2014, and North America was third, the company said.
Specific details on the growth rate for North America or the U.S. were not immediately available Tuesday (May 18).
The global construction glass market is marked with intense competition due to the presence of a large number of both, big and small companies, Markets and Markets added.
New product launches, mergers and acquisitions, and partnerships and expansions are the key strategies adopted by market players to ensure their growth in the industry.
Companies such as Asahi Glass, Guardian Industries, PPG Industries and Saint-Gobain S.A. are some of the prominent players in the industry, comprising 70 percent of the total market share.