The glass insulation market is expected to register a CAGR of over 6% during the forecast period. The major factor driving the market studied is the rapidly growing construction activities in the Asia-Pacific region. On the flip side, stringent regulations regarding carbon dioxide emissions and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Non-residential construction application is expected to dominate the market studied over the forecast period.
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Non-residential Construction Application to Dominate the Demand
- Glass insulation is used in the non-residential construction for roofs, false ceilings, or drywalls.
- It provides thermal, as well as an acoustical insulation in buildings. Additionally, properties such as resistance to moisture, as well as air infiltration, are expected to boost the demand for glass insulation from non-residential construction in the coming years.
- The building and construction industry has been growing from the past few years, owing to the growth due to increasing population, development of new cities, growing migration in urban areas, renewal of old infrastructures in established cities, etc., and it is expected to reach at a revenue of USD 8 trillion, by 2030.
- According to the United Nations, by 2050, two-thirds of the world’s population is expected to live in urban areas, and Asia is likely to be the fastest-growing region. In 2050, Asia is expected to witness urban growth by around 64%.
- There is a continuous increase in the number of hospitals across the world, primarily in North America and the Middle East. In recent years, various regions in the United States, including Florida, San Diego, and Chicago, are breaking grounds for the construction of new hospitals, or expanding their original bases.
- As India is still a developing economy, the construction sector is one of the booming industries in the country. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of an excellent infrastructure in the country.
- Therefore, the growing non-residential construction activities are expected to boost the demand for glass insulation during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is projected to account for the largest market for the glass insulation market during the forecast period.
- The Asia-Pacific construction sector is the largest in the world. Additionally, the sector is growing at a healthy rate, owing to the rising population, an increase in middle-class incomes, and urbanization.
- The emerging economies in the Asia-pacific region, such as China, India, Indonesia, Vietnam, and the Philippines, have been witnessing robust growth in construction activities. Robust economic performance is expected to further accelerate the growth in housing construction activities in the region.
- The key areas of expected growth are social infrastructure, schools, hospitals, government accommodation, defense infrastructure, and water resources.
- The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form.
- Recently, Japan emerged as one of the major construction markets in Asia-Pacific. In Japan, Tokyo is the top market among the regions in the country for investments and development prospects, of which, the residential sector accounted for a major share.
- Apart from these, the impending 2021 Tokyo Olympics is expected to significantly increase construction activities in the region, especially with the need to provide accommodations for the Olympic athletes, with the construction of sports complex and Olympic village.
- Hence, with the rapidly growing construction activities, the demand for glass insulation in the Asia-Pacific region is expected to grow considerably over the forecast period.
The global glass insulation market is partially consolidated. The major companies of the market studied include Owens Corning, Knauf Insulation, Saint-Gobain, and Viracon, among others.
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