Strong Growth Projected for Fire-Resistant Glass Market
The global fire-resistant glass market is projected to reach $7.4 billion by 2021.
The global fire-resistant glass market is projected to reach $7.4 billion by 2021, at a compound annual growth rate (CAGR) of 12.9%, according to a recent report by Markets and Markets. The market size was 9.57 million sq m in 2015, and is projected to register a CAGR of 10.5% from 2016-2021. This growth is fueled by increasing production capacities, rising development strategies, a growing shift toward ceramic and laminated fire-resistant glass, and growing application sectors globally.
Laminated glass is the largest segment by type, as these glasses have the ability to provide effective glazing solutions with impact resistance, and heat and smoke resistivity. The demand for laminated fire-resistant glasses is higher in applications where the fire safety and impact resistance codes are the highest. The wide application areas, coupled with the growing adoption of development strategies for high-quality and fire resistivity for long durations, are expected to increase demand for laminated fire-resistant glasses in the global market during the forecast period.
Building and construction is currently the largest application of fire-resistant glass. These glasses are used in fire-rated windows and doors, as they allow safe and unhindered passage access for people, firefighters, and rescue workers during fire mishaps. Their ability to prevent smoke and radiant heat from spreading in other parts of the building has made them a preferred option in various commercial and residential building applications such as schools, hospitals, stairs, and passages. Stringent building safety norms and regulations are another key factor contributing to the growth of fire-resistant glasses in this application segment.
Western Europe is estimated to be the largest market for fire-resistant glass globally. This is mainly attributed to the presence of a large number of fire-resistant glass manufacturers; increasing government support; rising foreign investments; and growing demand for ceramic, tempered, and laminated fire-resistant glasses from the building and construction, marine, transportation, and aerospace industries. Germany dominates the market due to its stringent building safety codes and fire safety regulations for commercial buildings, as well as developmental strategies adopted by the manufacturers.
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