Global Fire Resistant Glass Market to Reach Close to USD 7 Billion by 2020, According to Technavio

LONDON--(BUSINESS WIRE)--

Technavio’s market research analysts estimate the fire resistant glass market to record a revenue of around USD 7 billion by 2020, growing at a CAGR of over 12%.

In this report, Technavio covers the present scenario and growth prospects for the global fire resistant glass market 2016-2020. This market research report also includes up to date analysis and forecast for various market segments and all geographical regions.

Technavio lead construction research analyst Navin Rajendra says, “Construction companies across the globe are focusing on providing fire resistant glass in façades. This trend is particularly noticed in projects such as shopping malls, office buildings, stadiums, theatres, and IT parks.”

“Our analysts believe, a growing focus on the use of innovative technologies in the production of fire resistant materials will result in new product innovations of fire resistant glass in the next four years. During this period, big glass manufacturers are expected to launch many new varieties of fire resistant glass and fire resistant glazing products to leverage the opportunity presented by this market,” adds Navin.

Technavio’s market research analysts have listed the following key drivers for the global fire resistant glass market:

Growth in housing industry

Rising adoption of fire regulation norms

Rise in construction of smart buildings

Growth in housing industry

Technavio’s market forecast indicates an increase in the global construction of new buildings in developing countries such as China, South Korea, India, and countries in the Middle East coupled with construction of skyscrapers worldwide to positively impact the fire resistant glass market globally.

The market is also expected to witness a growing demand for tempered fire resistant glass during the forecast period as it not only shields buildings from fire but also filters out the infrared rays coming through the windows, thus providing protection to the people inside the building.

Rising adoption of fire regulation norms

Market trends analyzed by this research report highlights the growing adoption of international standards on fire-safety regulations. For instance, in North America, the fire-resistance rating for building elements and components are required to be in accordance with the test procedures set forth in ASTM (American Society for Testing and Materials). Introduction of fire regulations and building codes are predicted to boost the demand for fire resistant glass across the globe during the forecast period.

Rise in construction of smart buildings

Smart buildings are an innovative concept that provide a sustainable and efficient environment within buildings. These buildings employ various technologies to improve the energy efficiency of the whole system. Countries across the world are focusing on infusing energy-efficiency as a mandatory norm in their building laws so that the concept of energy-efficiency can be used in day-to-day processes. Thus, the demand for fire resistant glass is expected to increase because of the rise in fire safety mechanisms in smart buildings, reports Technavio’s analysis.

In addition, fire resistant glass improves the indoor light quality of the buildings. As glass can be used in various components of buildings such as external facades, internal partitions, staircases, and railings, fire resistant glass can be used as sustainable material along with safety norms for the construction of smart buildings, notes Technavio’s lead research analyst Navin.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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