San Francisco, March 21, 2016 (GLOBE NEWSWIRE) -- Global flat glass market was valued at USD 71.98 billion in 2014 and is expected to witness growth over the next seven years owing to the increasing demand for insulation from the construction sector. Growing demand for engineered glass in buildings, especially for use in windshields, transparent walls, and windows, is expected to drive the global market over the forecast period.
Global insulating glass demand was 9,883.9 kilo tons in 2014. China has been taking efforts for energy saving, thus creating major investments in manufacturing capabilities as well as raw material supply of the product. However, lack of awareness regarding the benefits of the product particularly in Latin America is likely to restrict its market over the next seven years.
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Flat glass was the second largest product segment of the glass market accounting for over 30% of the total demand in 2013. Growth of the industry coupled with growing flat glass demand in buildings & architecture and automotive segments is estimated to have a positive impact on market growth over the forecast period. The global glass industry is estimated to grow at a CAGR of over 3% from 2014 to 2020
Construction dominated the global market accounting for 81.1% of the global market in terms of demand in 2014. Increasing project sanctions and construction of green buildings in the U.S., Canada, the UK, Australia, China, and India are anticipated to drive growth. Growing awareness towards LEED-certified buildings has been another significant factor responsible for surge in the demand over the past few years.
Demand for tempered product was 20,375.2 kilo tons in 2014 and is expected to gain share over the forecast period. Increasing construction activities particularly in developing regions including Africa and Middle East coupled with enhanced properties of tempered glass is likely to propel its market over the next seven years.
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Asia Pacific was the largest consumer with major demand centered towards China, which accounted for over 60.3% of the global demand. Increasing demand for solar trackers and PV panels coupled with rising infrastructure spending is expected to result in an escalated growth of the product in Asia Pacific over the next few years.
Major companies operating in this market include AIS, NSG Group, Saint-Gobain, PPG Industries, Xinyi Auto, CSG Architectural, Corning Inc, Central Glass, Schott AG, Sisecam Asahi India Glass and AGC. The market is characterized by mergers & acquisitions to gain a edge over their competitors. For instance, in April 2015, AGC acquired NordGlass, an automotive replacement glass manufacturer in Poland in order to strengthen its market share in Europe. In May 2015, Saint-Gobain acquired ZenPure, a filtration product specialist.
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