MARKET DYNAMICS::
Global growth in the construction sector is a significant market driver for the construction glass market. Nonetheless, the extremely high cost of these glasses restricts the respective market’s growth prospects.
Growing construction market
The construction market is growing exponentially due to the growing population, urbanization, and globalization. In addition, governments and private bodies are investing extensively in commercial structures such as airports, hotels, museums, and hospitals. For instance, in October 2020, the government of Burkina Faso approved a US$139.34 million finance deal for Lot 2A of the new Ouagadougou-Donsin International Airport. Bulgari agreed to develop a new hotel in the center of Rome in July 2020, with an opening date of 2022. The new Roman hotel will be located in central Italy’s Piazza Augusto Imperatore. A new museum will open in Berlin in 2025. The museum is estimated to cost roughly US$30.8 million, with most of the funds coming from private donations. According to the European government, 40 hospitals will be built between 2020 and 2030.
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Since construction glass could boost the safety of buildings, particularly glass such as impact-resistant glass and fire-resistant glass, and enhance the buildings’ aesthetic beauty, the demand for construction glasses is boosted along with the growth of the construction industry. Similarly, specific fire-resistant glasses quickly become a necessary component of commercial structures since fire-certified glass can minimize sound by up to 47 decibels because of its multi-layered structure, making it ideal for business settings where professionalism and little noise interruption are essential. Therefore, the advantages of construction glass in buildings, combined with the construction market’s growth, could also propel the global construction glass market.
High costs associated with construction glasses
Soda ash, iron oxide, limestone, feldspar, and other raw materials required to manufacture construction glass have increased in price in recent years, increasing the price of construction glass. The trona ore, which develops naturally, is mined for soda ash. The excessive use of trona is limiting soda ash’s manufacturing options. The mineral ore trona is suffering due to the depletion of the earth’s natural resources. As trona ore becomes depleted, it impacts the soda ash manufacturing process, raising the cost of the process and, as a result, raising the price of soda ash.
As a result, it could be concluded that the cost of raw materials is constantly increasing or fluctuating due to variables such as transportation and logistics, natural resource depletion, and more, all of which impact the price of construction glass. Furthermore, the cost of construction glass is proportionate to its function and ability to meet building code requirements. It is more expensive because fire-resistant glass is subjected to significant research and testing to guarantee that quality and performance standards are reached. As a result, price volatility and increases in construction glass raw materials are projected to be key issues for the industry’s manufacturers, limiting market expansion throughout the projection period.
COVID-19 IMPACT:
The COVID-19 pandemic affected the construction glass market primarily due to the implementation of lockdown measures to minimize the spread of the pandemic and restrict the movement of products and people. The epidemic has disrupted supply networks, resulting in a significant demand-supply gap due to a lack of raw materials and disrupted manufacturing processes.
Further, the COVID-19 pandemic has impacted the building and construction industry. Construction works have been temporarily halted, postponed, or wholly canceled in several places. Furthermore, the economic slowdown brought on by the COVID-19 epidemic will severely impede the growth of the fire-resistant glass sector.
However, after the beginning of infrastructure building projects and the stabilization of the economy, demand for fire-rated glass doors and other items is likely to skyrocket.
MARKET SEGMENT:
The global construction glass market is classified based on type, manufacturing process, chemical composition, application, and region.
The float glass sector dominates due to its insulation capability without compromising its ability to let light into the buildings
Calcium and sodium silicate are used to make float glass. No additional equipment is required to cut float glass. Furthermore, it is readily available in a variety of thicknesses and weights. Because of its simple utilitarian objectives and ability to allow light into the house, float glass has acquired popularity in the residential sector. Because float glass is an excellent insulator, it is often used in residential windows. As a result, the building glass industry will likely increase the float glass sector.
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GEOGRAPHICAL ANALYSIS:
Advancements in material technologies combined with the increasing spending potential of the population
Asia-Pacific accounted for roughly 40% of global construction glass sales in the last half-decade. This trend is expected to expand in the future. Glass consumption is driven by rising construction activity and industrial growth in China and India. Additionally, an increase in people’s spending power combined with a shift in material and property preferences would move the business forward.
With a focus on reducing CO2 emissions, nations such as China, India, and Japan are substantially investing in the green economy, contributing to the rise of construction glass sales. For instance, in the environmental goods and services (EGS) sector, Japan is a leader in developing resource-efficient technology and greening buildings.
COMPETITIVE LANDSCAPE:
The global construction glass market is highly dynamic in terms of global and local producers’ numbers and strengths. The market is described as fragmented due to the presence of numerous manufacturers such as Asahi India Glass Limited, Central Glass Co. Ltd., Schott AG, DB Glass, AGC Glass North America, Saint-Gobain, RHI Magnesita GmbH, PPG Industries Limited, Nippon Sheet Glass Co. Ltd and ANGORA. Significant market stakeholders employ tactics like mergers, acquisitions, product launches, contributions, and collaborations to gain competitive advantages and recognition in their respective markets.
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