Report: Fire-Resistant Glass Market to Hit $7.28B in Next DecadeNovember 7th, 2016 | Category: Industry News
The global fire-resistant glass market is expected to reach $7.28 billion by 2024, according to a new report by Grand View Research. Rising demand for fire-resistant glass will be driven by increasing investments on infrastructure development by governments in emerging parts of the world, including Asia Pacific and the Middle East.
Ceramic glass accounted for over 40 percent 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 the next eight years.
The global fire-resistant glass market demand was 13.4 million square meters in 2015. It’s expected to reach 30.5 million square meters by 2024. That’s a compound annual growth rate of 9.6 percent from 2016 to 2024.
Gel-filled glasses are expected to be the fastest-growing product segment with a growth rate of more than 15 percent from 2016 to 2024.
Other applications including automotive, oil and gas, and military and defense are expected to register a growth rate of around 9 percent from 2016 to 2024, accounting for 19.6 percent of total market volume in 2015.