LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global flat glass market for the construction industry to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global flat glass market for the construction industry for 2017-2021. The report also lists new buildings and retrofit buildings as the two major end-user segments, of which the new buildings segment accounted for 41%, and retrofit buildings accounted for 39% of the market share in 2016.
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the flat glass market for the construction industry:
- Increased investments in airport construction
- Rising focus on building interiors
- Growing demand for solar thermal panels
Increased investments in airport construction
The rising number of airport construction projects are expected to propel the growth of global flat glass market for the construction industry. Most of this investment is being witnessed in APAC, followed by Europe and North America.
Also, in countries such as France and India, significant investment is being made towards modernization of existing airports. For instance, in 2016, the Port Authority announced and approved a redevelopment plan to build a New Terminal A in Newark liberty international airport. The project is valued around USD 2.3 billion and expected to be finished by 2022.
Rising focus on building interiors
The interior designing industry is an important part of the construction industry. Interior designing as a segment is growing at a significant rate globally due to higher disposable incomes and changing lifestyles. The global interior designing market is dominated by Europe and the US.
Flat glass is replacing traditional interior materials such as stone and wood in the construction of glass floors, glass stairs, glass walkways, and glass bathrooms. It is commonly used in furnitures such as display cases, bookcases, shelf, and tabletops.
“Flat glass comes in many design patterns and with several color options for creative interior design solutions. Owing to its elegant appearance, flat glass products are also used in making furniture. Ease of cleaning and low maintenance factors add to the increased demand for flat glass products in furniture applications,” says Ajay Adikhari, a lead analyst at Technavio for glass and ceramics research.
Growing demand for solar thermal panels
Flat glass is used in solar power plants. It is also used for energy conservation in residential and commercial buildings. Advanced glazing techniques can be used to reduce the requirement for heating and cooling in buildings. Thus, it helps to reduce the energy consumption in buildings.
Countries like the US, China, India, and Australia have initiated the adoption of clean technology. Solar thermal panels are useful in the production of renewable and clean solar electricity from the easily available, and almost free resource, which is sunlight. Therefore, the demand for a clean source of energy will drive the market over the next few years. With the advancement and development of technology, solar thermal electricity is expected to cover 6% of the world.
“Governments across the globe are supporting renewable energy generation, to counter the increasing global warming. On a wider scale, countries are installing solar thermal parks, which not only help in electricity generation but reduce carbon dioxide emissions as well,” says Ajay.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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