Fire Resistant Glass Market Analysis, By Product, By Application and Segment Forecasts to 2024

LONDON, Oct. 25, 2016 /PRNewswire/ -- The global fire resistant glass market is expected to reach USD 7.28 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for fire resistant glass owing to the increasing investments by the regional governments on infrastructure development in emerging regions including Asia Pacific and the Middle East is expected to drive the market over the next eight years.

Rising application scope in the marine industry pertaining to increasing demand for fire proof cabins in ships used for commercial and naval applications is expected to drive the demand over the next eight years. Moreover, rising investment in ship manufacturing activities from emerging economies such as China and India are expected to drive the demand over the forecast period.

Increased use of fire resistant automotive glass by the automotive manufacturers, on account of growing demand from consumers to enhance the safety standards of the vehicles is expected to propel the demand. Moreover, growing technological innovations along with rising fire safety standards of the vehicles globally are likely to augment demand over the next eight years.

Ceramic glass accounted for over 40% of the market in terms of volume on account of fire resistant and sound insulation properties. Growing use of the product in fire doors is likely to drive the market demand over next eight years.

Further key findings from the report suggest:

The global fire resistant glass market demand was 13.4 million square meters in 2015 and is expected to reach 30.5 million square meters by 2024, recording a CAGR of 9.6% from 2016 to 2024.

Gel filled glasses are expected to be the fastest growing product segment registering a CAGR of over 15% from 2016 to 2024. Ability to maintain relatively low temperature on the non-fire side of the affected building by acting as a fire shield on account of the heat absorbing capabilities of the gel is likely to fuel the growth of fire resistant glass market over next eight years.

Other applications including automotive, oil & gas and, military & defense are expected to register a CAGR of around 9% from 2016 to 2024 accounting for 19.6% of total market volume in 2015. Rapid growth in the automotive industry in the emerging economies such as Asia Pacific and Latin America owing to increasing demand for automobiles and rising disposable income of consumers is expected to drive the growth over the forecast period.

Ceramic glass held the largest market share, owing to its wide application scope in various end use industries including construction, automotive, oil & gas, and marine. Growing application scope on account of its prolonged fire rating ranging from 20 minutes to 3 hours is expected to drive the market demand for the product over the forecast period.

Asia Pacific accounted for a significant market share of around 19% in 2015. Ready availability of raw material coupled with cheaper manufacturing costs are expected to drive the market growth. The region is also projected to witness the growth of 11% from 2016 to 2024.

The industry is moderately fragmented with the presence of a large number of prominent market participants across the globe. Some leading companies operating in the global market include Saint-Gobain, Pyroguard UK Ltd, Schott AG, NSG Pilkington, and Asahi Glass Co. Ltd. Saint-Gobain SA is a producer and distributor of construction and high-performance materials and packaging headquartered in France. The company operates in four business segments including innovative materials, high performance materials, construction products and building distribution.

In July 2015, Saint-Gobain agreed to buy Oregon-based Structus Building Technologies, a manufacturer of innovative, high-performance drywall corner solutions.