Vacuum Insulated Glass Building Construction Market Size Worth USD...

Vacuum Insulated Glass Building Construction Market Size Worth USD 21.10 Billion By 2032

Posted 2023-08-23 09:35:58

Market Synopsis: The Vacuum Insulated Glass Building Construction Market was valued at USD 7.31 Billion in 2022 and is projected to reach USD 21.10 Billion by 2032, growing at a CAGR of 12.5% during the forecast period.

The surge in market revenue can be attributed to the increasing demand for energy-efficient building materials and the growing public awareness regarding reducing carbon footprints. Vacuum Insulated Glass (VIG) technology is an innovative and cutting-edge glazing technology gaining popularity in building construction due to its exceptional insulation properties and energy efficiency.

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Factors Driving Market Growth:

1. Demand for Energy-Efficient Building Materials: The need for materials that reduce energy consumption and costs has risen with global energy consumption. VIG technology offers higher insulation performance compared to conventional glazing materials, resulting in lower energy usage and reduced carbon footprints in buildings.

2. Increased Awareness of Carbon Footprint Reduction: The focus on reducing environmental impact has led to the adoption of energy-efficient building materials. VIG technology's significant energy savings and reduced carbon footprint make it a preferred choice in the construction sector.

3. Green Building Design Trend: The trend towards sustainable and environmentally friendly construction has driven the demand for VIG technology. Its superior insulation capabilities and energy efficiency make it a suitable option for green building development.

4. Government Regulations: Government policies promoting energy efficiency and sustainable building construction have encouraged the use of VIG technology in the industry. Incentives and rewards for adopting energy-efficient building materials have further boosted the demand for VIG in building construction.

Challenges in the Market:

1. High Cost of VIG Technology: The cost of manufacturing VIG glazing is significant, making it more expensive than conventional glazing materials. This cost barrier poses a challenge for developers and builders, especially in developing countries.

2. Limited Supply of VIG Products: The VIG market is still in its infancy, and there are only a few producers of VIG glazing products. The limited supply can cause delays in construction projects as developers struggle to find suitable VIG products.

Regional Perspectives:

1. Asia Pacific: The region leads the global market due to factors like urbanization, increased disposable income, and growing awareness of energy-efficient building techniques. China and India dominate the market due to their large populations and expanding construction industries.

2. North America: The region is experiencing high revenue growth with the rising adoption of energy-efficient building materials, driven by the LEED certification program and the demand for energy-efficient windows in both residential and commercial buildings.

3. Europe: The market is expected to expand at a moderate rate, with countries like France and Germany leading the way. The demand for energy-efficient building materials and adherence to strict energy efficiency requirements contribute to market growth.

Key Players: Some of the key companies in the VIG building construction market include AGC Inc., Nippon Sheet Glass Co., Ltd., Schott AG, Guardian Industries, Saint-Gobain S.A., PPG Industries, Inc., Vitro Architectural Glass, Central Glass Co., Ltd., Thermoseal Group Limited, and Viracon, Inc.

Strategic Developments:

Nippon Sheet Glass Co., Ltd. developed VIG technology for curved glass applications, expanding the market's architectural applications and design options.
Guardian Industries launched SunGuard® SuperNeutral™ 75/68, a VIG product providing excellent thermal insulation and maximum light transmission for high-performance facades.
PPG Industries, Inc. acquired Tikkurila Oyj to strengthen its position in the European decorative coatings market and explore new opportunities for VIG applications in construction.
AGC Inc. introduced Fineo, a lightweight, high-performance VIG product suitable for various architectural applications such as windows, facades, and skylights.

Segments Covered in the Report: The market is segmented based on product type (double pane and triple pane) and end-use (residential and commercial). Geographically, the report covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions.

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