The global construction glass market is expected to grow at a CAGR of close to 6% during the forecast period, according to Technavio's latest market research.
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Technavio has published a new report on the global construction glass market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the globalconstruction glassmarketfor 2017-2021. The market is further categorized into two end-user segments comprising of new buildings and retrofit buildings, of which the new buildings segment accounted for more than 61% of the market share in 2016.
"The growth of the market is majorly attributed to rapid industrialization and increasing construction activities in developing countries, such as China, Thailand, Malaysia, and Indonesia, where the use of construction glass is increasing. Moreover, the global construction glass market by new buildings is witnessing steady growth in the Americas and EMEA," says Anju Ajaykumar, a lead construction research expert from Technavio.
Technavio's research analysts segment the global construction glass market into the following regions:
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APAC: development in commercial and residential construction to boost growth
The growth of the construction glass market in APAC is mainly attributed to the growth in the construction sector and the region's green building initiatives. Considering China's efforts to reduce its carbon footprint, the construction glass market is expected to witness a huge demand from the country. Australia is one among the countries that have shown increased awareness about green buildings. There is a growing trend of incorporating green technology in the country's high-end projects. On the other hand, the government of Singapore has mandated the building of sustainable infrastructure. This is expected to drive the construction glass market in the region.
Emerging economies are experiencing huge growth in both commercial and residential construction. Construction glass is expected to be the major component in the construction of smart cities. For instance, in India, the government has allocated a sum of USD 7.2 billion for the implementation of the Smart Cities Mission.
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EMEA: emphasis on sustainable development to boost growth
The growth of the construction glass market in EMEA can be mainly attributed to the growing regulations in Europe pertaining to the reduction of CO2 emissions from buildings along with the increasing construction activities in the Middle East. Europe has been the frontrunner in sustainable development across all sectors. Increasing regulations pertaining to sustainable growth in the region is encouraging developers to construct buildings, which are environment-friendly. Germany, the UK, and Poland are three countries in Europe that have set targets for green buildings.
In, the Middle East and North Africa, there has been a rapid growth in the number of green construction projects. Most of the upcoming projects in the region are expected to be sustainable.
"Along with the increasing focus on sustainability in the region, the Middle East is witnessing a surge in construction activities, driven by the need for the countries in the region to diversify their revenue sources beyond the oil industry. The region is also aiming to become a global focal point for tourism, leading to the construction of hotels and malls, which will further fuel the market," says Anju.
Americas: the US and Brazil are the highest revenue contributors
The growth of the construction glass market in the Americas is majorly attributed to the growing residential construction projects, health care facilities, hotel projects, and commercial building projects in the region. The US and Brazil are expected to be the major contributors to the construction glass market in the Americas. The construction sector is showing positive growth after years of slowdown during and after the 2008 financial crisis.
Several foreign investors are investing in the real estate sector in the US. Chinese developers are planning to partner with US construction firms on massive landmark development projects. For instance, Greenland Holding Group, a Shanghai-based real estate development company, has been working toward completing Metropolis, a largest mixed-use development project on the west coast of the US. It is expected to be completed by 2018.
The top vendors in the global construction glass market as highlighted in this market research analysis are:
- Asahi Glass
- Central Glass
- Nippon Sheet Glass
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