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East Africa Flat Glass Market to exhibit appreciable growth through 2024

Post Time:Oct 13,2021Classify:Industry NewsView:981

Oct 04, 2021 (Market Insight Reports)--The East Africa flat glass market is poised for robust growth in the wake of burgeoning building and construction projects across the region. Government authorities in the region have aligned their focus towards the development of urban infrastructure projects like smart and energy-efficient cities.

For instance, the government of Kenya announced that infrastructure development will be one of the main pillars of the nation's Vision 2030. There has been quite an improvement in the physical infrastructure facilities in the nation since the last many years, however, there still seems to have been a major deficit in infrastructure. On that note, the Kenyan government plans to implement policy measures so as to address the gap aided by inputs from all stakeholders. The nation has also been investing heavily in renewable infrastructure under this initiative.

This is anticipated to invariably surge the demand for flat glass products in residential and commercial buildings, smart cities, solar plants, etc., leaving a significant impact on East Africa flat glass market outlook over the forecast period.

A study conducted atGlobal Market Insights Inc. suggests that East Africa flat glass market is expected to exceed USD 235 million by 2024.

A gist of drivers accelerating East Africa market business outlook

Burgeoning demand from the automobile industry

The East Africa flat glass market share has depicted quite a surge owing to the latest developments in the automotive industry. In March, Indian automaker Mahindra & Mahindra launched regionally assembled pick-ups that are tailored for the Kenyan terrain, which is one of the biggest economies of East Africa.

Furthermore, Kenya's government is also planning to promote local players in the automotive sector to boost the industrial sector. Last year, the government announced plans to introduce a new automotive policy, which would offer incentives to ensure that regional vehicle assemblies run at full capacity by offering preferential treatment to regionally developed cars.

This will apparently not only reduce automobile costs for customers in the growing economies of the continent but also generate a lucrative growth avenue for the East Africa flat glass market as the automotive sector is one of the biggest end-users of flat glass.

Increasing demand for insulating flat glass for building construction

Flat glass has become the main material expressing the interior as well as the exterior of the modern buildings. It is a rare construction material that is conventional, multifunctional, and constantly evolving. The last decade has witnessed tremendous adoption of several types of glasses like insulating flat glass in the region to improve the functional ability of the structures.

Insulating flat glasses known to reduce heat transfer between environment and structure. As these glasses are coated with low e materials, the usage of these glasses in the building structure further improves heat regulation and enables energy savings, which could boost the product demand over the forecast period. On this note, it is expected that East Africa insulating flat glass market would grow at a rate of over 5.5% through 2024.

Top two trends boosting East Africa flat glass market share

Accentuating demand from Ethiopia

The East Africa flat glass market growth is expected to witness significant growth opportunities from the Ethiopia construction sector. The nation's economy experienced high growth averaging around 9.9% yearly from 2007-08 to 2017-18, compared to a regional average of 5.4%, claims a report from the World Bank.

The report estimates that the construction sector in the region can be mainly credited for most of the growth during this time. New construction and rehousing projects for slum residents have led to an increase in demand for energy-efficient windows, which in turn will drive Ethiopia flat glass market growth. Moreover, product usage for interior applications may accelerate product demand over the forecast period.

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Source: https://www.marketwatch.com/Author: shangyi

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