The global flat glass market size is projected to hit around USD 202 billion by 2027, according to a new report by Vision Research Reports.
The global flat glass market was valued at USD 115.9 billion in 2020 and is expected to witness a considerable revenue-based CAGR of 7.5% from 2020 to 2027.
The market is expected to grow on account of increasing product demand from the global construction sector. The recent trend indicates a rapid transition in building architecture that maximizes natural daylight through the usage of flat glass in facades and roofs. This is expected to play a key role in propelling product demand over the coming years. Moreover, innovations such as triple silver insulated low-e products, are the major drivers of the market for flat glass. Low-e flat glass contributes to the energy savings of a building and is likely to experience significant growth owing to the rising installation of green buildings across the globe.
In terms of volume, tempered flat glass dominated the market with a share of 29% in 2020. This high share is attributable to the wider availability of different types of the product including clear float, extra white, heat reflective, and tinted varieties. The segment is witnessing rapid growth in Asia Pacific and Middle East and Africa owing to rising investments in construction activities.
The basic segment held the least share in the flat glass market; however, its importance is significant as the product is further processed and used in end-use applications in different forms. In terms of revenue, the segment held a meager share of 8.6 % in 2020, however, in terms of volume, it constituted a share of 23.4% in the same year.
Automotive production is the major end-use of laminated flat glass. In the construction industry, tempered and other products are preferred over laminated owing to its high cost. The use of laminated products is increasing in sunroofs due to safety concerns. Companies such as Ferrari, Volvo, and Tesla, use laminated products in all their cars that have panoramic sunroofs.
Insulated flat glass which is mostly used in residential and commercial buildings for windows and facades is made by double glazing method, wherein sheets of window panes are separated by gases or vacuum, in order to minimize heat transfer. The segment is expected to register a strong CAGR over the coming years as the product, when installed with low-e or solar control, flat glass exhibits superior performance in conserving energy by reducing air conditioning as well as heating costs.
Architectural application acquired the largest volume share of 80.5% in the market for flat glass in 2020. Increasing urban population and rising disposable income of the global population are the factors significantly propelling the growth of infrastructural developments and construction activities across the globe. This is predicted to play a key role in driving the segment over the coming years.
The second largest application of the product is the automotive and transportation industry. Its applications are spread across windows, sunroofs, windshields, and backlite. Laminated and tempered flat glass are the major products used in the automotive segment. Increasing demand for lightweight and electric vehicles is anticipated to propel the consumption of the product in the long term.
Other applications include solar, electronics equipment, and displays. From these aforementioned applications, solar flat glass is likely to note the fastest growth over the next few years. Global governments are increasingly adopting renewable technologies like solar power in order to reduce their dependence on fossil fuel and reduce carbon emissions.
Asia Pacific is expected to exhibit a CAGR of 7.3% in terms of volume from 2020 to 2027. The region is set to experience construction and infrastructure boom in the coming years with healthy dose of construction projects spread between residential, non-residential, industrial, and infrastructural categories. Moreover, India’s construction sector is likely to outpace other countries in the region and thereby driving the market for flat glass at the fastest rate.
North America garnered a revenue share of 18% in 2020. The construction industry in North America has witnessed recovery from the economic recession of 2009 and 2010, leading to an uptick in housing projects and boosting residential and non-residential construction spending. This has resulted in improved demand for the product.
In Europe renovation of dwellings is anticipated to create numerous opportunities for flat glass vendors. As per the European Parliament report, over 90% of the buildings in Europe were built before 1990 and over 40% before 1960, thus, several buildings require renovation and reconstruction. However, tightened financial conditions, high economic uncertainty, and unsolved trade tensions have moderately slowed down the growth of European countries.
The market for flat glass in Central and South America is predicted to be driven by rising construction spending owing to the burgeoning middle-class population, rising consumer disposable income, and growing awareness regarding sustainable construction materials. The region’s economy has picked up since 2018 and the governments in South America are also encouraging real estate market by offering cash incentives for councils to approve new housing developments. This is likely to bolster market growth in future.
Global flat glass market share in highly competitive due to presence of major players such as Saint-Gobain Glass, Ashai Glass, Dillmeier Glass Company, Astro Cam, Guardian Group, PPG industries, Corning, and Cardinal Glass Industries. The market way witness consolidation in the form of joint ventures, acquisitions, and mergers which may strengthen product portfolio and increase geographical presence.
Automotive & transportation
Central & South America
Middle East & Africa
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