New York, May 12, 2020 (GLOBE NEWSWIRE) -- The global Flat Glass market is forecast to reach USD 189.65 Billion by 2027, according to a new report by Reports and Data. Insulated flat glass is experiencing increasing deployment because it reduces pollution, saves energy, and improves comfort inside the building. The improved properties of sound insulation and thermal insulation provided by these products are expected to stimulate demand. Factors such as growing urbanization, the increase in the real estate sector, the use of solar products, and product innovation are providing substantial stimulus for market growth. The growth of the solar energy market, due to the growing dependence on renewable energies, as well as the subsidies available for energy storage, will propel the growth of the studied market. As there are only a few products involved in the production of flat glass, they cannot be replaced by others. However, fluctuating commodity prices, coupled with weak supply chain management, have a significant effect on the overall price of flat glass products, which undermines market growth.
The Asia-Pacific region is projected to account for ~43% of the global increment in flat glass area demand in 2027. Growth will be primarily from broad advancements in industrialization and urbanization throughout the region. Several other Asia-Pacific countries like India, Indonesia, and Vietnam are expected to rank amongst the world's fastest-growing flat glass markets. India is forecasted to become the world's largest net importer of flat glass has fueled investment in production in several other Asia-Pacific countries. Malaysia is the leader, where massive investments are driving substantial capacity expansions which could make Malaysia the second largest Asia-Pacific flat glass producer behind China.
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The COVID-19 impact:
The COVID-19 pandemic is expected to have a massive downward impact on the global flat glass market in 2020, the reason being the reduction in construction activities, which were responsible for 82% of total demand in volume terms in 2018. After the pandemic, however, trends discussed in the study of the Global Flat Glass Market do hold ground, as a significant change in the long-term outlook is not expected.
Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the automotive and solar energy market, which will have short-term impacts on flat glass sales that could have lasting effects. Deep losses are expected in nonresidential constructions, where weeks or months of lost sales activity will curb spending on new projects. Demand in the OEM automotive market is expected to remain weak through 2020 and into 2021. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last. The solar energy market expected to perform strongly in 2020 has been hit by the COVID-19 crisis, mostly due to supply chain issues as the majority of the world's solar panel market is dependent on production in China.
Further key findings from the report suggest
- The construction industry is the most-significant end-user segment in the market studied. Besides, the current trend of smart city projects should also stimulate demand for flat glass. Glasses are widely used in the construction industry, in windows, facades, doors, interior partitions, railings, and storefronts, among other parts of the building, thus offering the possibility of floating glasses.
- Body-tinted Float glass is a new type of glass, in which molten dyes are added for coloring having solar radiation absorption properties. This type of glass saves energy, reduces the penetration of heat into buildings, and offers a striking visual effect.
- The Asia Pacific construction sector has grown steadily in recent times due to the presence of rapidly growing economies, rapid urbanization, and increased infrastructure spending. The growing presence of international companies in the Asia-Pacific region has also generated demand for the construction of new offices, production houses, buildings, etc., thereby driving the growth of the construction sector in the region.
- Moreover, international suppliers are moving their manufacturing base to the Asia-Pacific region. It may be due to the availability of inexpensive unskilled and skilled workers in the area. Fast-paced industrialization and urbanization in India, China, and other countries in the Asia-Pacific region, combined with the adoption of smart and energy-efficient technologies as advanced construction practices have a positive influence on the request for flat glass.
- Key participants include Saint Gobain, Asahi Glass Company, Corning, China Glass Holding, Nippon Sheet Glass, Vitro, Guardian, Euroglass, Cardinal, and Schott, among others.
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For this report, Reports and Data have segmented into the global Flat Glass market based on the product, technology, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Toughened Glass
- Basic Float Glass
- Laminated Glass
- Insulated Glass
- Coated Glass
- Extra Clear Glass
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Sheet Glass
- Rolled Glass
- Float Glass
Application Outlook (Revenue, USD Billion; 2017-2027)
- Architectural
- Automotive
- Solar Energy
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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