Multiple Applications Set to Drive Moderate Growth for Coated Glass
Worldwide, low-E coated glass demand for commercial buildings may exceed $4 billion by 2024.
The coated glass market is projected to expand at a CAGR of 7.4% to 2024, according to Global Market Insights, Inc., reaching $24.5 billion. The market for soft coated glass, which is used in construction applications as replacement windows for existing homes and glazing applications in conservatories and new houses, is set to cross $2.5 billion by the end of the forecast period. The hard coated glass market will see continued demand from automotive windshield applications and will witness steady gains at over 4.5% from 2018-2024. The growing automotive manufacturing base in the Asia-Pacific region will also positively influence the market for coated glass.
Demand for solar control glass in construction applications will witness gains at over 4% during the projected timespan. The products are used in combination to create multi-functional glazing, which results in noise reduction, low maintenance, enhanced safety and security, and aesthetic appeal. A microscopically thin coating on one side of the glass reflects heat from the sun to the outside and keeps interiors cooler, thereby enhancing the energy efficiency of the building.
In the U.S., the solar control glass market for residential buildings will exceed $50 million by the end of 2024. Increasing expenditures on household remodeling and renovation activities in the U.S, along with the promotion of renewable energy resources, will fuel industry growth. The increasing application of the product in automobile interiors, combined with increasing automotive production output, is anticipated to drive market growth to a certain extent.
The coated glass market in Europe, which is driven by France, Germany, Russia, Poland and UK, will register steady growth at over 3.5%. Increasing numbers of green buildings, hospitals, offices and institutions have enhanced construction output in Europe.
Brazil’s low-E glass demand for automotive windshield is projected to surpass $55 million by 2024. Many international automotive manufacturers are opening or expanding production facilities in the region to boost the local economy.
Worldwide, low-E coated glass demand for commercial buildings may exceed $4 billion by 2024. Increased R&D spending and technological advancements in the product portfolio will drive industry growth.
Additional information is available at www.gminsights.com.