Glass Insulation Market - Global Forecast To 2021
The global glass insulation market is projected to reach USD 58.71 billion by 2021, at a CAGR of 7.6% from 2016. This growth is mainly attributed to growth in the construction industry, rising demand for value-added glass products, increasing demand for green buildings, increasing cost of energy, and stringent government regulations.
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Glass insulation covers all products that use glass as a raw material for the purpose of insulation. The three major types-insulating glass units, glass wool, and cellular glass-are primarily used in the construction sector to provide energy-saving building insulation solutions. They can be used in a variety of applications such as non-residential construction, residential construction, industrial, and HVAC.
On the basis of type, the insulating glass units segment is expected to grow at the highest CAGR during the forecast period, in terms of value. Insulating glass units help in increasing the thermal performance of windows by reducing heat gain or loss. The demand for this type will grow, due to increasing construction activities across developing and developed countries. Various government regulations and building codes will also drive this market.On the basis of application, the non-residential construction segment of the global glass insulation market is expected to grow at the highest CAGR during the forecast period, in terms of value. Large commercial buildings built today are energy-efficient and are able to save light & energy due to advancements in glass technologies. Growth of this insulation segment has been fueled by changes in building codes for increased energy efficiency.
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The Asia-Pacific glass insulation market is projected to grow at the highest CAGR of 9.9% between 2016 and 2021. The rising middle-class population of the region, with high disposable income, and the demand for sustainable construction are increasing the demand for glass insulation.
The Europe region was the second-largest regional player in the glass insulation market in 2015, in terms of value. Among all countries in the European region, its market in the U.K. is projected to grow at the highest CAGR between 2016 and 2021. Increasing construction spending in the U.K. is expected to supplement its growth. .
The U.S. is the largest consumer of glass insulation in North America. The recent requirement to bring renovated buildings up to new code standards represents a big opportunity for suppliers and distributors of the glass insulation market.