Selbyville, Delaware, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According to the latest research report published by Global Market Insights, Inc., glass manufacturing market size was estimated at $238.39 billion in 2018 and is expected to surpass $320 billion by 2026, registering a CAGR of 3.8% from 2019 to 2026. The report offers insights of market estimations and size, provides deep dive assessment on market dynamics, including drivers, trends, opportunities, restraints and competitive insights. Further, the report provides analysis on major investment pockets and business strategies.
Robustly growing end-user sectors such as automobiles, construction, optics and electronics present a positive glass manufacturing market outlook. Soaring real estate sector, upsurge in remodeling and renovation activities in existing infrastructure and flourishing construction activities have instilled confidence among stakeholders who are eyeing to expand their foothold in untapped areas.
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It is worth noting that demand for fiber glass has upped in end-use sectors such as chemical, construction and manufacturing in the wake of properties such as dimensional stability, high mechanical strength, low thermal conductivity, and incombustibility. In terms of revenue, fiber glass manufacturing market is expected to expand steadily at a CAGR of around 3.2% through 2026.
Major drivers triggering growth in glass manufacturing market
- Strong demand from construction, automobile, chemical and manufacturing will trigger growth in the industry.
- Use of glass as a safer alternative to plastic in food and pharmaceutical industries.
- Infusion of investments from governments, especially MEA in large scale construction in tourism and hospitality sector and APAC in electronics and telecommunication.
Packaging segment to grow at an appreciable rate
Given glass has the innate ability to be recycled, its use as packaging solution across end-use sectors has risen dramatically in recent years. Markedly, glass is profoundly being used in food and pharmaceutical packaging industries. Industry forecast alludes packaging segment to hold significant share of over 35% in the glass manufacturing market.
MEA to be a happy hunting ground for stakeholders
With MEA glass manufacturing market size being at the embryonic stage, countries such as the UAE and Saudi Arabia are infusing investments in infrastructure development to shift focus to investment driven economy. Favorable government approach including investments in large scale construction in tourism and hospitality sector will bode well for stakeholders eyeing to expand their footprints.
APAC will also offer revenue opportunities as consumption of glass in countries such as India and China as surged. Industries such as electronics and telecommunication are investing in glass products. APAC, having held over 40% glass manufacturing market share in 2018, is anticipated to emerge as a major investment destination for leading companies in the industry.
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Leading market players: competitive landscape
Prominent companies in glass manufacturing industry such as Nippon Electric Glass, Schott AG, NSG Group, Coolsreck Group, Guardian Glass LLC and China Glass Holdings, among several others are contemplating investment in R&D activities and mergers & acquisitions. Notably, Saint-Gobain invested US$ 8.1 billion in 2018—up from US$ 7.8 billion in 2016.
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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