The global building & construction glass market is expected to witness considerable growth over the forecast period on account of the development of green buildings and rising awareness regarding energy efficiency. The product is extensively used in roofs and facades in order to increase the aesthetics of the buildings. Versatility of the product in terms of designing based on different applications is anticipated to drive the market over the forecast period.
Green buildings have been widely adopted across the world with significant growth opportunities in developing economies, including Mexico, Colombia, Brazil, China, India, South Africa, and Saudi Arabia. China has emerged as the leading construction market across the globe. As per China’s 13th five-year plan for Building Energy Efficiency and Green Building Development, by 2020, China aims to enhance the energy efficiency of new buildings constructed in the urban areas by 20% as compared to 2015 levels.
The new green building space in China is anticipated to reach 2 billion square meters by 2025. Supportive initiatives taken by the Ministry of Housing and Urban-Rural Development (MOHURD) in order to establish standards pertaining to the green buildings is likely to fuel utilization of the product over the forecast period.
Upgradation and modernization of existing infrastructure, particularly in the developed economies is also anticipated to positively influence the market growth over the coming years. According to data published by the European Commission, 35% of the buildings in Europe are over 50 years old. Renovation of the old infrastructure can potentially reduce energy consumption by 5% to 6% and CO2 emissions by 5%.
On the basis of strength, the market can be classified into annealed, heat-strengthened, and fully tempered. Annealed glass, also known as basic float, is highly used in construction applications due to its better surface smoothness. However, this product is prone to breakage and can cause safety issues.
High-strengthened and tempered glass are heat-treated, which provides them a higher resistance to breakage. Laminated, insulated, coated, tinted, and wired glass are products manufactured with enhanced quality and performance. Technological advancements in manufacturing are likely to open new opportunities for the industry over the forecast period.
The major glass types are tempered, laminated, insulating, and basic float. Laminated glass is used in exterior curtain walls and windows of the buildings, whereas tempered is mainly used in commercial applications with high exterior load. Insulated glass is expected to emerge highly lucrative on account of its superior thermal and sound insulation.
New construction, refurbishment, and interiors are the key applications of the product. Rising infrastructure spending, growing population, and development of multifamily housing are expected to fuel the product demand over the forecast period.
The building & construction glass market can be segregated based on geography as North America, Asia Pacific, Europe, Middle East and Africa, and Central and South America. Asia Pacific is expected to witness significant growth over the forecast period due to rapid industrialization and the increasing disposable income of the middle-class population.
The U.S. has emerged as the major consumer of the product in North America. The total construction put in place in the economy increased from USD 850,455 million in 2012 to USD 1,246,000 million in 2017. The non-residential sector including commercial spaces, offices, hospitals, and educational institutes accounted for a share of over 57% in the total construction in the same year.
In October 2018, AGC and Panasonic entered into a partnership for the development of Vacuum-Insulated Glass for the construction industry. The aim is to cater to the rising demand for insulated residential replacement windows in Europe.
In September 2018, Guardian launched a new double-silver coated solar control glass for windows and facades. In June 2018, Sisecam Group acquired a flat glass manufacturing facility in Italy and invested USD 18.2 million on it, thereby doubling its production capacity in the economy.
Key players in the building & construction glass market include AGC Inc.; PPG Industries; Guardian Industries; Saint Gobain; NSG Group; Corning Inc.; SCHOTT AG; Central Glass Holdings Limited; and Sisecam Group. Market expansion and new product development are the major strategies adopted by the companies to gain a foothold in the market.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.