The Global Flat Glass Market slated to exceed USD 180 billion by 2027, Says Global Market Insights Inc.
The growth of the flat glass market is propelled by the expanding automotive sector, surging consumer interest in solar energy products, growing construction industry, and mounting consumption of electronics, says this report.
SELBYVILLE, Del., Jan. 10, 2022 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the global Flat Glass Market was estimated at USD 105 billion in 2020 and is expected to be valued at around USD 180 billion by 2027, registering with a CAGR of 8% from 2021 to 2027. The report gives an in-depth analysis of drivers & opportunities, market size & estimations, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Flat glass is commonly applied in mirrors, doors, windows, solar panels, and automotive glass. It is widely used in architectural and automotive applications as the glass cannot be bent after it is fabricated. Increasing government initiatives for public infrastructure development in different nations, such as Brazil, China, and the UAE, among others, is anticipated to drive the flat glass market growth over the forecast period.
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Laminated glass is mainly utilized as roof window glass in construction applications and in the manufacturing of vehicle windshields. High uptake in the construction and automotive sectors is anticipated to fuel adoption of laminated glass in the upcoming years. Driven by its growing demand, the flat glass market from the laminated product segment is poised to be valued at more than USD 55.0 billion by 2027, progressing at above 8.5% CAGR through the study timeframe.
Key reasons for flat glass market growth:
- Prevalent usage in automotive industry.
- Burgeoning uptake in construction sector.
- Soaring prominence in home refurbishment.
- Surging utilization in solar panels production.
2027 forecasts show 'construction' segment retaining its dominance:
In terms of application, the flat glass market from the construction segment exceeded a valuation of USD 85.0 billion in 2020 and is slated to witness robust progress over 2021-2027. Rising economic standards, coupled with soaring investments towards the construction sector, particularly in developing nations, are foreseen to impel segmental growth in the coming years.
Under construction, the refurbishment segment attained a valuation of over USD 29 billion in 2020 and is estimated to grow at a CAGR of approximately 8% through the analysis period. Improved standards of living and escalating demand for renovation during the COVID-19 pandemic are primed to facilitate segmental development over the review timespan.
Asia Pacific to maintain top status in terms of revenue:
On the regional spectrum, the Asia Pacific flat glass market is projected to garner a valuation of about USD 100 billion by 2027. APAC holds the lion's share in the global market due to the booming domestic demand for energy-efficient glass in the construction industry boosted by various benefits like safety, natural insulation, and environmental protection, among others.
Emerging trends that promote the replacement of cement, brick, and granite facades in commercial and residential construction are likely to augment regional market expansion. The proliferating construction industry, which is driven by soaring investments in China and India as well as increased expenditure on refurbishment and construction in APAC, is set to further support market growth in the forthcoming years.
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Impact of COVID-19 pandemic on flat glass market:
The onset of COVID-19 hampered the global supply chain because of government-imposed nationwide lockdowns worldwide. Subsequently, raw material shortage adversely impacted virtually all industries. However, with widespread vaccination drives and prominent government emphasis on expediting economic recovery, the flat glass industry is gradually regaining its pre-COVID momentum.
Notably, industry players have been investing in product development and innovation to cater to prevalent consumer demands, which has created massive growth potential for the sector during the pandemic. Moreover, rising climate consciousness among consumers has seen an upsurge in demand for solar energy products, which has also been favorable for the growth of the flat glass business in recent years.
Leading market players:
Key players functioning in the global flat glass industry include Asahi Glass, Saint-Gobain Glass, PPG Industries Inc., NSG Group, and Corning, among others.
Related Reports:
Glass Manufacturing Market Future Business Strategies and Revenue Impact Analysis – 2027
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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