Building and Construction Industry Steering Market Growth
Advanced glass is a special category of glasses which are designed as per the point of application. The product has widely gained prominence across the building and construction sector owing to its enhanced properties such as greater solar control and enhanced thermal insulation.
Building and construction sector is among the primary users of the product. Therefore, the growth of the sector is expected to directly contribute towards the market growth for advanced glass products. For instance, as per the stats released by the Oxford Economics, the global construction volume output is likely to be evaluated around USD 17.5 trillion by 2030. The three countries including India, China, and the U.S. is likely to represent nearly 57% of the overall global construction growth by 2030. Thus, steady growth in the global construction sector is projected to observe numerous opportunities for the advanced glass vendors over the coming years.
Energy Sector - A New Avenue for Market Growth
Solar energy sector is anticipated to emerge as a new market space for the growth for advances glass market over the forecast period. The product assists in safeguarding the solar photovoltaic cells from external environment forces and provides greater efficiency and yield.
The rising prominence of solar energy to produce electricity while protecting the environment is pushing its inception across the globe. China has emerged as a key player in developing and installing solar capacity over the last few years. As per the stats released by the International Renewable Energy Agency (IRENA) in 2019, China's solar capacity installation increased from 28,402 megawatts to 175,032 megawatts from 2014 to 2018. Thus, significant growth in solar installations in China is likely to push the demand for advanced glass products over the predicted timeline.
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On the basis of product, the market is segmented into tempered, laminated, coated, toughened, and others glasses respectively. Within this segment, coated glass segment is projected to observe swift growth over the coming years. The rising popularity of the low-e coated glass products especially in the commercial buildings is likely to propel it's growth over the near future. The product offers enhanced energy efficiency while reducing carbon footprint. Owing to the aforementioned factors the product is widely gaining prominence across European region as the regulators of the region are pushing for energy efficient building products.
Tempered glass segment is projected to observe steady growth rates over the forecast period. The product is widely used across the automotive sector and thus the growth of the automotive sector is directly related to the growth of the product segment. However, declining production rate of automotive vehicles across the European and North America region is likely to hamper the product segment growth over the short term period. Despite the slowdown of automotive sector, the product segment is likely to enjoy favorable demanding from residential construction sector and thereby is expected to observe sturdy growth rates over the coming years.
On the basis of application, the market is segmented into residential construction, commercial construction, automotive & transportation, electronics, and others. Within this category, residential construction segment is projected to observe swift growth over forecast period. The drive to build affordable housing for ever growing population is expected to drive the demand for advanced glass products over the forecast period. Another prominent t factor influencing this segments growth is increasing initiatives to build smart cities. For instance, government of India has planned to build nearly 100 smart cities over the coming years.
The automotive & transportation segment is likely to observe stagnant growth over the forecast period owing to declining production rates of vehicles across North America and European region. Many global experts believe that this trend is likely remain for short term period owing to the breakout of coronavirus and the production rates of automotive vehicles is expected to rebounce by 2022 as the situation due to the global pandemic normalizes again.
The key vendors of the industry are AGC Inc., Saint Gobain, Guardian LLC, Cardinal Glass, Euroglass, Nippon Sheet Glass, Sisecam Group, PPG Industries, Schott AG, Central Glass, and Asahi Glass Co. Ltd.
The industry vendors are focused towards enhancing their market presence by developing dedicated portfolio specific to point of applications. The vendors of the industry are working with regulators to promote and develop guidelines for energy efficient products.
Advanced glass is defined as the specific category of glasses which are designed in line to its point of application.
Global Advanced Glass Market Segmentation
- Residential Construction
- Commercial Construction
- Automotive & Transportation