According to a new report published by Fast.MR titled, “Advanced Glass Market by Product and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global advanced glass market was estimated at around USD 52.4 billion in 2019 and is expected to grow with the CAGR of 7.1% during forecast period 2020-2027. Rising prominence of high-rise buildings is augmenting the market growth.
The limitation with respect to horizontal expansion in urban centers of the globe has greatly influenced the demand for high-rise buildings in metropolitan cities. Over the last one decade, the global platform has observed significant growth in high-rise buildings. China has appeared to be the front runner and is credited with completing nearly 88 high-rise buildings with an average height of more than 200 meters.
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The rising awareness towards limiting carbon footprint and enhancing energy efficiency in building material products is expected to contribute towards market growth of advanced glass products. The low-e coated advanced glass segment is likely to play a major role in this trend owing to its properties to limit solar radiations and enhancing energy efficiency.
Asia Pacific region is likely to emerge as the dominant regional market over the forecast period. The construction industry of the region is poised to grow at strong rate owing to large construction projects underway across key countries of the region including China, India, and South East Asian Countries. This is anticipated to drive the market growth for advanced glass products over the predicted timeline.
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. Industry participants are focusing on mergers and acquisitions to enhance their market presence.
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