SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- The global flat glass market size is expected to reach USD 202.9 billion by 2027, growing at a revenue-based CAGR of 7.3%, according to a new report by Grand View Research, Inc. The market is expected to grow on account of increasing product demand from the global construction sector.
The architectural segment held the major share of the market in 2019 and this trend is anticipated to continue over the forecast period. The product is extensively used in the architecture industry in applications such as windows, partitions, and facades. The product is currently witnessing massive penetration in facades of commercial buildings owing to its aesthetic appeal.
Key suggestions from the report:
Asia Pacific dominated the flat glass market in volume terms with a massive share of 62.5% in 2019 and is estimated to maintain its dominance over the coming years. Southeast Asia, India, and China are the major economies that are estimated to drive future growth in the region
The architectural segment is expected to witness a CAGR of 7.7% from 2020 to 2027, in terms of revenue, on account of booming construction sector in Asia Pacific and Middle East
The insulated segment dominated the market in revenue terms, with a share of 30.2 % in 2019. It is poised to witness considerable growth on account of rising demand for energy efficient low-e and solar control insulated flat glass for windows
The tempered segment is expected to witness a CAGR of 7.2%, in terms of volume from 2020 to 2027 owing to increasing consumer preference for toughened flat glass
In June 2018, AGC, Inc. and Ubiquitous Energy announced about their strategic development agreement to develop transparent and neutral solar coating for making electricity-producing windows. AGC, Inc. will provide environment-friendly flat glass solutions to the company.
The global demand for the product is largely driven by the growth of the construction industry, which also accounts for the largest consumption in terms of volume. However, since the past few years, rapid penetration of solar power in various parts of the world has played a major role in triggering industry growth.
Asia Pacific dominated the market in 2019, in volume terms with a share of 62.5%. The region accounts for the largest share in the global construction industry, with China being the leader. Besides China, India, Indonesia, and Malaysia are predicted to experience considerable growth in the construction industry, thereby fostering market growth in the region.
Besides Asia, Middle East and Africa is also predicted to witness considerable growth owing to an encouraging paradigm shift in their construction sector. Saudi Arabia and UAE are the key players leading the construction spending of the region. Recent trend indicates that Saudi Arabia and UAE governments are shifting their focus from the oil and gas industry to the development of more diversified economy with implementation of various construction projects related to tourism, infrastructure, residential, and commercial buildings. This is expected to provide a lucrative platform for market growth.
The major players in the market include AGC Inc.; Saint Gobain; Sisecam Group; and Guardian Industries. In emerging economies of Asia Pacific, the market is highly fragmented in nature, with major players operating in an organized sector at a global level, while large number of small to medium sized unorganized players are catering at a regional level. For instance, the organized sector accounts for 55% of India's overall flat glass consumption while the remaining 45% is constituted by the unorganized sector.
Flat glass companies are now expanding their business in Middle East and Africa and Asia Pacific as these regions are relatively untapped and therefore represent significant growth opportunities. For instance, in March 2018, the joint venture between AGC Automotive Middle East and Africa and Induver Morocco initiated the construction of its new production plant to provide flat glass products for the region's booming automotive industry.
Grand View Research has segmented the global flat glass market on the basis of product, application, and region:
Webbing Market– Rising production of automotive vehicles and demand for passenger vehicles globally are key factors triggering webbing market growth.
FiberglassMarket– The increasing use of fiberglass for the manufacturing of automobile and aircraft body parts owing to its high strength and lightweight properties is estimated to drive the market growth.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.