Global construction glass market expected to reach $111 billion by 2020
The growth in green building has fueled growth of the glass industry, according to new research.
The construction glass industry is expected to reach $111 billion by 2020, finds a study by research firm Technavio.
The report provides an in-depth analysis of revenue and emerging market trends and includes analysis and forecast estimates for various market segments and geographical regions, according to a press release.
An increase in shopping mall and hotel construction, driven by tourism, will spur the demand for construction glass globally, according to the company. The market study anticipates an increase in tourism in countries such as India, Turkey, Malaysia, UAE, Qatar, the U.S. and Germany.
“The growing prominence of green buildings worldwide is compelling glass manufacturers to come up with unique features. Building owners and construction firms are increasingly focusing on energy saving glass that acts as an excellent insulator to buildings. Solar controlled glass, and double and triple glazed glass are now increasingly being used by architects, particularly in the developed world, whereas in emerging economies the market is still in a nascent stage,” a Technavio spokesman said.
The construction glass market in APAC is the largest in the world, accounting for close to 57% of the total market share. Technavio estimates that the Asian Pacific region will continue to witness huge growth during the forecast period as a result of rising demand for green buildings and growing prominence of skyscrapers in the region.
The global construction glass market is segmented by three end-user types:
- New buildings
- Retrofit buildings
The new buildings segment includes both residential and commercial buildings such as apartments, offices, retail malls, educational institutes, healthcare facilities, and hotels. In 2015, new buildings were the leading end users in the market, accounting for nearly a 50 percent share.
Globally, the building construction sector is witnessing high growth, specifically from the residential construction market. The Asian Pacific region in particular is witnessing a huge demand for new residential units. Countries such as India and Japan are augmenting the demand for construction glass. Rising demand for green buildings in residential and commercial segments is predicted to provide significant impetus to the adoption of energy-efficient glass during the forecast period.
The demand for retrofit buildings also is gaining prominence globally. Buildings (both residential and commercial) account for approximately 40 percent of the energy consumed worldwide. Increased awareness about the carbon footprint is therefore leading to retrofitting old buildings by incorporating energy efficient practices into them. Providing a vital boost to the construction glass market, governments in countries such as India, Germany, Japan, and China plan to invest heavily in retrofitting buildings over the next four years.
Topics: Architectural Firms, Building Owners and Managers, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Engineering Firms, Exteriors, Great Commercial Buildings, Sustainable Communities, Urban Planning and Design, Windows - Glass and Glazing Strategies and Systems