The global solar control glass market is expected to reach a value of $8.88 billion by 2024, according to a new report from Grand View Research Inc.
The report found that anticipated increasing demand from the construction and automotive industries is expected to propel solar control glass market growth.
Solar control glass allows a significant amount of sunlight to pass through and reflects a large amount of solar heat, making it suitable for green building applications. The growing trend of green buildings constructions with high-energy efficiency and reduced CO2 emissions is expected to drive market demand for solar control glass over the forecast period, according to a release.
The demand is driven by countries such as the United States and Germany, where there is a growing trend of green buildings. Favorable government policies in China and Japan are expected to boost demand for the product.
The growing usage in the automotive industry aims to reduce operators’ air conditioning costs, the release said.
Further key findings from the report suggest:
Commercial buildings will witness the fastest growth at an annual rate of 9.1 percent in terms of volume from 2016 to 2024 as a result of increasing projects that are energy efficient, coupled with government regulations promoting energy efficient buildings.
The European market was valued at $1.74 billion in 2015 and will show significant rise owing to growing demand for commercial buildings, with provisions to reduce the CO2 emissions resulting from the air conditioning in the building. Growing automotive industry in Germany is expected to propel demand for this product.
The Middle East and Asia will witness significant revenue growth at an annual rate of 10.1 percent from 2016 to 2024 in light of the increasing construction projects and arid climatic conditions in that region.
Key participants include:
• NSG, AGC Glass Europe and Saint-Gobain, which collectively accounted for a majority of the market share in 2015. Other prominent players include PPG Glass Industries, Guardian Glass, Sisecam Flat Glass and Euroglas GmbH.
Companies are focusing on increasing their footprint within the global solar control glass industry through various strategic initiatives. For instance, in June 2016, PPG announced the sale of its European fiberglass operations to Nippon Electric Glass Co. to focus on growing the market of low emissivity solar control glass. In July 2016, AGC introduced Ipasol neutral 70/37 and Ipasol light gray 60/33 solar control glass products in the market to meet the growing demand.
The full report is available at http://www.reportlinker.com/p04230346-summary/view-report.html.