The global flat glass market for the construction industry is projected to grow at a compound annual growth rate (CAGR) of more than 6% from 2017-2021, according to a recent report from Technavio. New and retrofit buildings are the two major end-user segments; new buildings segment accounted for 41% of the market share in 2016, while retrofit buildings accounted for 39%. Three market drivers are contributing to the growth of the flat glass market for the construction industry: increased investments in airport construction, an increasing focus on building interiors, and growing demand for solar thermal panels.

Most of the investment in airport construction projects is being witnessed in the Asia-Pacific region, followed by Europe and North America. In countries such as France and India, significant investment is being made toward modernization of existing airports. In 2016, the Port Authority announced and approved a redevelopment plan to build a New Terminal A in Newark Liberty International Airport. The project is valued around $2.3 billion and expected to be finished by 2022. 

The interior design industry is an important aspect of the construction industry. Interior design as a segment is growing at a significant rate globally due to higher disposable incomes and changing lifestyles. The global interior design market is dominated by Europe and the U.S. Flat glass is replacing traditional interior materials such as stone and wood in the construction of glass floors, stairs, walkways, and bathrooms. Glass is also commonly used in furniture such as display cases, bookcases, shelves and tabletops. 

Flat glass is used in solar power plants, as well as for energy conservation in residential and commercial buildings. Advanced glazing techniques can be used to reduce the requirement for heating and cooling in buildings, helping to reduce energy consumption in buildings. Countries like the U.S., China, India, and Australia have initiated the adoption of clean technology. Solar thermal panels are useful in the production of renewable and clean solar electricity. The the demand for a clean source of energy will drive the market over the next few years. With the advancement and development of technology, solar thermal electricity is expected to cover 6% of the world. 

For more information, visit www.technavio.com.