Flat Glass Industry Overview
The global flat glass market size was valued at USD 273.43 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.
The rising number of solar energy installations across the globe coupled with the increasing penetration of glass architecture in residential and non-residential constructions is anticipated to drive market growth over the forecast period. Factors, such as the depletion of renewable resources, government regulations, rising environmental concerns, reductions in the cost of solar installations, advancements in technology, and the growing electricity demand, are propelling solar capacities to increase, which, in turn, is benefitting the market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Flat Glass market
The U.S. holds vital significance in the global market on account of increasing construction activities in the country coupled with the rising demand for flat glass products in the automotive aftermarket. Although the outbreak of COVID-19 severely impacted the overall economy, construction activities were deemed as an essential service in many parts of the U.S. As a result, the country’s overall construction spending increased in 2020, which is an extremely positive aspect in the pandemic. The building & construction industry is the major end-user sector. Various developments in architecture have augmented the product demand over the past few years.
The product used in these applications provides various advantages, such as transmission, absorption, and refraction of light; weather resistance; rust resistance; dust resistance; efficiency in terms of cost and energy; better insulation; various color options; and flexibility to be drawn into any shape. Rising disposable income coupled with a growing preference for look & appeal in interiors has augmented the demand for luxury construction, which is anticipated to benefit the market growth. For example, in September 2020, Greystar Real Estate Partners, LLC joined CPP Investments and Cyrela in the development of the Brazilian Multifamily Property Sector in São Paulo.
The investment marks Greystar’s entry into the burgeoning Brazilian rental housing market. However, the global market was obstructed in 2020 owing to the pandemic that resulted in mandatory shutdowns in manufacturing operations, followed by strict norms compelling companies to work at minimal capacities, disrupting the demand-supply chain. The pandemic adversely affected the sales of various glass manufacturers. For example, Fuyao Glass Industry Group Co.’s U.S. subsidiary reported a net loss of 92.1 million yuan (~USD 13.4 million) in the first half of 2020.
Browse through Grand View Research's Specialty Glass, Ceramic & Fiber Industry Related Reports
Asia Pacific Flat Glass Market - The Asia Pacific flat glass market size was valued at USD 52.49 billion in 2019 and is expected to grow at a compounded annual growth rate (CAGR) of 6.3% from 2020 to 2027. The growth is attributed to the increasing construction activities across the emerging economies of the region such as India, China, and Indonesia.
Fire-resistant Glass Market - The global fire-resistant glass market size was valued at USD 4.25 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028.
Market Share Insights
December 2020 - A Dubai-based investment bank allocated a sum of USD 1 billion to finance the active construction projects across the Middle East and Africa region. This is a positive sign for the overall market growth in the region.
September 2020 - Guardian Glass inaugurated its second float glass facility in Poland. The new facility aims at catering to the growing demand for high-performance products in the architectural and construction markets.
Key Companies profiled:
Some prominent players in the global Flat Glass market include
- AGC Inc.
- Euroglas
- Guardian Industries
- Nippon Sheet Glass Co., Ltd.
- Saint-Gobain
- Şişecam Group
- Vitro
Order a free sample PDF of the Flat Glass Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment