New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Flat Glass Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Flat Glass Market Information by Product Type, Region, and End-Use Industry - Forecast till 2030”, the market is estimated to grow at a 6% CAGR to reach USD 160 Billion by 2030.
Market Scope
A sheet or plate glass primarily produced in plane form is called flat glass. All the glasses are made in sheets, whether cast glass or float glass. Both are kinds of flat glass. Flat glass is widely utilized across the automotive, solar, building & construction, and consumer goods industries. Specifically, flat glass is utilized in furniture made of glass, windshields, glass tabletops, solar panels, car mirrors, building facades, windows, glass doors, wall mirrors, transparent walls, and many others. The demand for flat glass elevates. Not just is the glass utilized for boosting attractiveness. Still, it is also a safety and technical need in certain applications, such as resistance to UV, soundproof glazing, and heat insulation. The global market for flat glasses has demonstrated massive development in recent years. The main parameter supporting the development of the market is the growing number of solar energy installations across the globe.
Furthermore, the growing proliferation of glass architecture in residential and non-residential constructions is also likely to positively impact the market performance over the assessment timeframe. Moreover, the factors such as the growing electricity demand, advancements in technology, depletion of renewable resources, reductions in the cost of solar installations, rising environmental concerns, and government regulations are also projected to influence the development of the market over the coming years. On the other hand, the complexities involved in manufacturing these glasses are likely to impede the development of the market.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 160 Billion |
| CAGR | 6% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Region, and End-Use Industry |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing demand for flat glass in one of its major end-use industry namely the building & construction industry. |
| With the growing personal disposable income, people prefer appealing and attractive infrastructures which provide growth opportunities. |
Competitive Analysis
The catalog for the leading players across the global market for flat glasses includes companies such as:
- GSC GLASS LTD (India)
- AGC Inc. (Japan)
- Fuyao Glass Industry Group Co., Ltd (China)
- Sisecam Group (Turkey)
- Vitro (Mexico)
- Saint-Gobain (France)
- Taiwan Glass Industry Corporation (Taiwan)
- GUARDIAN GLASS LLC (US)
- Changzhou Almaden Co., Ltd (China)
- Nippon Sheet Glass Co., Ltd (Japan)
- SCHOTT AG (Germany)
Market USP Covered
Market Drivers
The global market for flat glasses has demonstrated massive development in recent years. The main parameter supporting the development of the market is the growing number of solar energy installations across the globe. Furthermore, the growing proliferation of glass architecture in residential and non-residential constructions is also likely to positively impact the market performance over the assessment timeframe. Moreover, the factors such as the growing electricity demand, advancements in technology, depletion of renewable resources, reductions in the cost of solar installations, rising environmental concerns, and government regulations are also projected to influence the development of the market over the coming years. In addition, aspects like the rapidly expanding construction sector, various attractive & innovative architectural design, growing personal disposable income, and increasing demand for luxury construction are also projected to boost the market's development over the coming years.
Market Restraints
On the other hand, the complexities involved in manufacturing these glasses will likely impede the market's development. Furthermore, factors such as the volatility in the price of raw materials, high consumption of energy, and increasing pollution during the manufacturing process are also likely to limit the market's growth over the coming years.
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COVID-19 Impact
The global health hazard in the form of COVID-19 has had a huge impact on the majority of industrial areas across the globe. With the rapid pandemic spread, one must fight between health concerns and financial crises. The governments across several global regions implemented partial or complete lockdowns that have led the economies toward forced recession. Given the lockdown condition, most of the manufacturing units of flat glass were closed down, which led to a steep downfall in sales revenues of the flat glass market. On the other hand, it is anticipated that the flat glass market will return from the global pandemic by the end of the second quarter of the review era. The government worldwide is taking all the steps to support this sector to recuperate from the impact of Covid-19 and grow exponentially.
Segment Analysis
Among all the products, the insulated product segment is anticipated to ensure the top spot across the global market for flat glasses over the assessment era. The prime aspect causing an upsurge in the market's performance is the demand from applications like commercial & operable windows, non-vision locations, curtain walls, overhead glazing, and storefronts. Furthermore, the escalating demand has compelled manufacturers to boost their production capacities and is likely to enhance the segment's performance over the coming years. On the other hand, the tempered glass segment is projected to showcase the maximum growth rate over the coming years. the growing area of application is considered the main parameter boosting the development of the segment.
Among all the application areas, the architectural application segment is projected to ensure the top spot across the global market for flat glasses over the coming years. the growth of the segment is ascribed to the aspects such as growing population, rapid urbanization, infrastructural developments, and increasing construction activities. On the other hand, the automotive application segment is projected to observe the maximum growth rate over the coming years owing to the aspects such as the rising cases of road accidents and increasing demand for Electric Vehicles (EVs).
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Regional Analysis
The global market for flat glasses is analyzed across five major geographies: the Middle East & Africa, Asia-Pacific, North America, Europe, and Latin America.
The MRFR analysis reports suggest that the Asia-Pacific region is projected to secure the top spot across the global market for flat glasses over the evaluation era. The segment's growth is ascribed to the aspects such as increasing demand for commercial spaces and increasing growth of various end-use industries.
The European regional market for flat glasses is anticipated to grow considerably during the assessment era, given the increasing investment in the automotive and construction industries.
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