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Posted by smithmorgan on August 4, 2024 at 5:03am 0 Comments 0 Likes
Posted by smithmorgan on August 4, 2024 at 5:02am 0 Comments 0 Likes
The global Fire-resistant Glass Market size is expected to reach USD 5.92 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Saint-Gobain, AGC, Inc., GlasTrösch, Nippon Sheet Glass Co., Ltd., POLFLAM sp. z o.o., Shandong Hengbao Fireproof Glass Factory Co., Ltd. are some of the key players in this industry. Rising emphasis on improving the fire safety standards owing to increasing instances of fire accidents and the growing development of innovative infrastructure is expected to propel the market growth during the projected period.
Fire-resistant glass is produced for bearing heat and holding high temperatures, as a result, they provide a barrier against smoke, fire, and extreme heat. It is used in various applications like doors, windows, partition walls, and stairways, in numerous end-use industries including building & construction, marine, automotive, aerospace, and others. The rising product consumption in the building & construction industry owing to an increasing number of fire incidents and the imposition of strict norms & regulations for the incorporation of fire-resistant materials in construction activities will support market growth.
Rising disposable incomes, growing preference toward look & appeal in interiors, and increasing awareness about fire safety have augmented the product demand in premium or luxury construction. For instance, in May 2021, TECFIRE had received a contract to provide fire-rated glass for the development of infrastructure for island resorts, marinas, commercial districts, residential areas, and several entertainment districts at Lusail City, Qatar. Thus, increasing spending on the development of infrastructure projects from a safety perspective is likely to fuel the product demand over the forecast period.
The COVID-19 pandemic has impacted the construction sector, with restrictions on construction projects and stagnancy in infrastructure spending resulting in a downfall in global revenue. The major short-term challenges include fluctuation in raw material prices, unemployment, minimal production, mandatory shutdowns in construction projects, and disruptions in logistics. These factors have significantly hampered the market growth during the pandemic.
Related Press Release@ Fire-resistant Glass Market Report
Fire-resistant Glass Market Report Highlights
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