The global construction glass market was valued at $81.9 billion in 2015, and it is expected to grow at a CAGR of 7.6% during 2016 – 2022. The factors driving the growth of the global market include growth in the global construction market, technological advancement in glass industry and need for energy saving. Additionally, the demand for green buildings and value added glass products are further propelling the growth of the global construction glass market.
Owing to its broad spectrum of properties, construction glass is one of the most commonly used construction material replacing conventional building materials, such as wood, polycarbonate, and brick. Construction glass is generally a translucent glazing material used in external walls, windows and glass doors. Construction glass comprises of chemical and physical properties. For instance, solar protection and temperature control, high resistance to chemical and electricity, least affected by climatic conditions and flexible in moulding makes it most viable building material in construction industry.
In 2015, Asia-Pacific held the largest share (60.7%) in the global construction glass market. The construction glass market in the region is anticipated to witness growth during the forecast period. The major reasons behind the growth of the construction glass market is due to rapid industrialization and increasing construction activities in developing countries, such as India, Thailand, Malaysia, and China, where the consumption of construction glass is increasing. Moreover, the demand for construction glass in North America and Europe is expected to remain stable and witness positive growth during the forecast period. The enhanced properties of construction glass, such as solar control and temperature control, is contributing to the growth of construction glass market in North America and Europe.
Between the two applications, the commercial segment held the larger share in the global market in 2015, and it also expected to witness the faster growth during 2016-2022. The migration of population has also increased from rural areas to urban areas in developing countries, owing to which the demand for new construction, such as residential societies, mall, offices, factories, and manufacturing plants is increasing. The residential application segment is emerging out as the major contributor in the global construction glass market.
News Courtesy: P&S Market Research