Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Flat Glass Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific region witnesses remarkable growth in the flat glass market, driven by robust demand from the construction and automotive industries. A comprehensive analysis of the Asia-Pacific flat glass market size, share trends, and forecast growth highlights significant prospects for industry stakeholders.
The study elucidates a rise from USD 63.42 billion in 2023 to anticipated growth to USD 87.43 billion by 2028, progressing at a compound annual growth rate (CAGR) of 6.63%. This growth trajectory is informed by demand across various sectors, particularly the rigorous expansion in the construction industry and the surge in the electronic display markets within the region.
Market Restraints and Opportunities
While the market navigates through the challenges of fluctuating raw material prices and stringent carbon emission regulations, the Asia-Pacific flat glass market finds promising opportunities through technological advancements in the automotive industry and burgeoning initiatives in the solar energy sector. The latter is especially significant in nations like China, Malaysia, Thailand, and Indonesia.
Rise in Smart City Projects Fuels Demand
The focus on the construction industry dominates market discussions, with smart city initiatives expected to further spur the need for flat glass. The Asia-Pacific region, home to the fastest-growing economies, is exhibiting unprecedented levels of urbanization and infrastructural spending, driving demand for modern architectural applications. As nations like China and India continue to expand their urban landscapes, the application of flat glass in buildings for aesthetic purposes is set to rise.
The introduction of body-tinted float glass emphasizes energy savings and aesthetic enhancement for buildings, addressing both functionality and design requirements. With construction in the Asia-Pacific expected to grow substantially by 50% between 2020 and 2030, reaching a USD 7.4 trillion market, the role of flat glass as a building material is increasingly significant.
China's Market Leadership
China's stronghold on the Asia-Pacific flat glass market is unyielding, with indicators showing it will maintain its lead through the forecast period. The country's sweeping infrastructural projects and the International Trade Administration's projection of substantial investment in energy efficiency and green building development during the 2021-2025 period bolster this sentiment. Moreover, China's prominence in electronics manufacturing and the expanding automotive market, with a domestic production forecast of 35 million vehicles by 2025, catalyze the demand for flat glass extensively.
A selection of companies mentioned in this report includes
- AGC Inc.
- Borosil Renewables Ltd.
- Emerge Glass
- Gold Plus Float Glass
- Guardian Industries Holdings
- Nippon Sheet Glass Co. Ltd
- Qingdao Laurel Glass Technology Co.,Ltd
- Saint-Gobain
- SCHOTT AG
- Sisecam
- TAIWAN GLASS IND. CORP
For more information about this report visit https://www.researchandmarkets.com/r/6tmf39
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