New York (US), May 10, 2023 (GLOBE NEWSWIRE) -- Glass Market Overview
Market Research Future report highlights “Glass Market Information By Product, Application, And Region - Forecast till 2032"; The Glass market is projected to grow from USD 281.77 billion in 2023 to USD 419.48 billion by 2032 at a 5.1% CAGR.
Market Synopsis
Glass, also known as plate glass, is manufactured in the shape of a plane, and is frequently used for transparent walls, windows, doors, and windscreens. Initially produced in a plane shape, glass is frequently employed for openings, transparent barriers, glass doors, and windscreens. Glass is occasionally bent after it has been manufactured for use in contemporary architectural and automotive applications. Sometimes plate glass is bent after it is produced to make it suitable for applications in the automotive and architectural industries. Soda-lime Glass, made with the float process, comprises most plate glass. Compared to container glass, this type of Glass contains more magnesium oxide and sodium oxide and less calcium oxide, silica, and aluminum oxide.
The material used in such situations has several benefits, including the ability to transmit, absorb, and reflect light; to resist weather conditions; to rust; to resist dust; to be more energy and cost-efficient; to provide better insulation; to come in a variety of colors; and to be flexible enough for drawing into any shape. The need for luxury construction has increased due to rising disposable income and an increasing desire for interior design that is expected to support market expansion. This Glass offers sound and thermal insulation and UV radiation protection in buildings. Energy efficiency by maximizing natural light is another benefit of using this Glass in buildings. Government regulations have boosted the demand for green buildings. Additionally, this Glass is increasingly used in solar panels due to its minimal reflection, high strength, and excellent transmissibility qualities. Governments have been compelled to invest in solar energy facilities due to having to harness energy from renewable sources, which is expanding the glass application.
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Market Competitive Landscape:
The leaders in the glass market are:
- O-I Glass Inc.
- Agi Glaspac
- Nihon Yamaura Glass Co., Ltd.
- Vitro
- AGC Inc.
- Fuyao Glass Industry Group Co. Ltd.
- Guardian Industries
- Saint-Gobain
- 3b- The Fiberglass Company
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 419.48 billion |
| CAGR | 5.10% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Market Dynamics | Growing applications Rising demand in the construction sector |
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Market U.S.P. Covered:
Market Drivers:
Over the forecast period, market growth is anticipated to be fueled by a growing amount of solar energy installations worldwide and the increasing use of glass architecture in residential and non-residential constructions. Glass has recently undergone improvements that make it capable of self-cleaning. UV radiation from the sun breaks down organic soil. When it rains, the dirt that has been broken down is cleaned off from the windows, causing almost no streaks. Rather than developing droplets as it would on regular Glass, the water creates a film that covers every inch of the Glass and picks up the dirt as it runs off. In the event of rain, self-cleaning Glass provides better visibility than regular Glass.
The market is expanding due to the decreasing supply of renewable assets, increasing environmental worries, government regulations, lower installation costs for solar energy systems, technological advancements, and rising electricity demand. The increasing need for Glass, which fuels the market's expansion, is directly correlated with the expansion of infrastructure and construction. The recent trend points to a swift shift in building architecture with the incorporation of Glass in exteriors and roofs to maximize natural light.
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COVID 19 Analysis
Due to the pandemic, most manufacturing plants were shut down, severely affecting automotive production, which impacted production facilities for a while due to the lockdown. There were gaps in the global supply chain. As debts mount due to the pandemic outbreak's economic instability, public and private project developers are now reevaluating their plans. As a result, the construction industry is in decline. However, the effects of the global economic downturn and the rebound of COVID-19 in China are likely to impede the development of the examined market. However, developments in the automotive sector and growing solar industry initiatives will probably soon produce prosperous expansion possibilities for the global market.
Market Segmentation
By application, the market includes packaging, construction, transportation, electrical & electronics, and telecommunication. The market includes container glass, flat Glass, and fiberglass by products.
Regional Insights
Due to the developing building market in emerging nations like India and the ASEAN countries, the Asia-Pacific region is anticipated to experience the biggest increase in new homes being built. Over the forecast period, infrastructure improvements in the region's developing economies are anticipated to boost market growth. China and Japan are two nations that have begun investing in Southeast Asia, which is also one of the region's emerging markets. However, due to an increase in residential construction activities, the market in the United States experienced a modest recovery. The Middle East and Africa are anticipated to have some of the fastest market growth rates. However, the pandemic caused the region to grow slowly.
On the other hand, the local market is anticipated to recover quickly. The energy industry demand for Glass is rising for solar power applications. The European market will benefit from increased infrastructure building, government incentives, and support for implementing high-energy efficiency solutions. Additionally, the UK glass market was expanding fastest in the European region, while the German glass market had the largest market share.
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