Flat Glass Market Size to Surpass Around US$ 347 Bn by 2030

Ottawa, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Ottawa, Sept 23, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the global flat glass market size was valued at USD 256.12 billion in 2020. Flat glass, also recognized as plate or sheet glass and is most frequently used for the manufacturing of mirrors, doors, windows, and solar panels. It is manufactured by melting soda ash, sand, and silica into liquid along with spreading it on the metal base to the required thickness. The final product is obtained by cooling the molten liquid. Flat glass is produced using two methods i.e. chemical reactions and controlled thermal to ensure toughness in the architectural creation. Apart from this, flat glass is extremely customizable and flexible once it is made.

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Growth Factors

Thriving growth in construction industry is one of the key factors driving the growth of flat glass market. Rising investment on infrastructural development particularly for green buildings and eco-friendly construction that helps in reducing the carbon footprint in the environment further drives the market for flat glass in the coming years. Rising disposable income along with increasing preference for aesthetics and good-looking interior augment the demand for luxury construction mainly in the non-residential as well as residential sectors propels the overall market growth.

Additionally, remarkable growth of automotive industry accounts for another major factor that contributes to the market growth. Tempered glass is largely used in the automotive industry because of its shatterproof properties that enhances the security of passengers and drivers during accidents. These above factors create a positive outlook for the market growth in the upcoming timeframe.

Report Highlights

• The Asia Pacific dominated the global flat glass market with a revenue share of nearly 67% in the year 2019 owing to rapid urbanization in the developing nations
• North America witnessed a moderate growth in the global flat glass market sales value because of slow recovery in the construction sector after the attack of COVID-19
• Middle East & Africa is the fastest growing region on the account of fast growing construction activities in the region
• Based on product, insulated product segment captured majority of the market revenue and accounted for nearly 44% share in the year 2019 due to its increasing demand from residential and non-residential construction activities
• Laminated product segment exhibits considerable growth over the forecast period because of significant demand from the automotive industry
• By application, architectural segment held the largest market value share of approximately 75% in the year 2019 attributed to the rising infrastructure development
• Increasing demand for electric vehicles are likely to propel the market growth of automotive application in the global flat glass market
  
  

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Regional Snapshots

The Asia Pacific region emerged as the front-runner in the global flat glass market accounting for more than 60% of value share in the year 2020. The prominent growth of the region is mainly attributed to the rising construction activities in the region. In addition, significant growth in the residential building because of accelerating growth in population also triggers the growth of flat glass market. For instance, Inno Build Asia states that ASEAN countries estimated to witness a CAGR of 7.5% in the construction sector by 2021.

Furthermore, increasing deployment of solar energy panels in the region is another prominent factor that thrives the market growth for flat glass. As per the International Renewable Energy Agency, total installed solar capacity across the world reached 583.5 GW at the end of 2019 and Asia Pacific captured the largest share in the PV capacity of 330.1 GW. China is the leading region in solar PV installations with 205.7 GW of installed capacity. Hence, the aforementioned factors cumulatively excelled the market growth during the upcoming years.

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Key Players & Strategies

Major market players in the global flat glass market experience intense competition because of the presence of large number of globally renowned industry participants. Intense competition among players increases the purchasing power of buyers as well as also triggers the threat of new market entrants. Supportive government laws and regulations for solar energy installation influence various players to invest in the flat glass market.

In order to maintain the competitive edge, major market players adopt various growth strategies that include merger & acquisition, partnership agreement, short-term contracts, new product launch, production capacity expansion, and many others. For instance, in June 2017,AGC Asahi Glass announced its plan to sell all the shares of AGC Flat Glass Philippines, Inc. to TQMP Glass Manufacturing Corp. AGC Group has announced its mid-term management plan that flat glass for architectural business places greater emphasis on high value-added products and divert company’s resource to other locations. Hence, the plan to sell all the shares of AGC Flat Glass Philippines, Inc. led to the growth of the company’s reputation in the global flat glass market.

Some of the key players in the global flat glass market are Central Glass Ltd., AGC Inc., Cevital Group, Euroglas, China Glass Holding Ltd., Fuyao Glass Industry Group Co. Ltd., Xinyi Glass Holdings, Nippon Sheet Glass Co. Ltd., Guardian Industries, Şişecam Group, Saint-Gobain, and Vitro among others.

Market Segmentation

By Product Type

• Tempered
• Basic
• Insulated
• Laminated
• Others
  
  

By Application Type

• Automotive
• Architectural
• Others
  
  

Regional Type

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  
  

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