Flat Glass Market Size & Share
Flat Glass Market size was valued at 136.58 billion in 2020 and the total revenue is expected to grow at 6.4% through 2021 to 2029, the Flat Glass market...
Luton, Bedfordshire, United Kingdom, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Flat Glass Market. Market Overview Flat glass is often used to make windows, doors, mirrors, and solar panels.
It is also known as sheet or plate glass. Sand, soda ash, and silica are melted into a liquid and then distributed to the desired thickness. To obtain the required result, the molten liquid is cooled.
To assure structural robustness, flat glass is created by regulated heat and chemical reactions. The demand for flat glass is rising due to the increasing investment towards infrastructure such as construction of eco-friendly green buildings, which aid in minimizing the carbon emissions into the environment. Also, factors such as, increasing urbanization, expanding real estate sector, product innovation, growing use of solar panels, photovoltaic modules, and e-glass are expected to propel the growth of the market during the forecast period.
Moreover, increasing trend of replacing building exteriors with laminated flat glass owing to its toughness and wide usage in offices due to its ability to propagate natural day light inside the office contribute towards the growth of the market. Need to reduce the carbon footprint coupled with initiatives from regulatory bodies is driving the demand for a range of various types of glass such as low emissivity windows and energy saving glass range. Likewise, end-use sectors such as electric vehicles and housing schemes from the government are anticipated to be key drift expanding the global flat glass industry.
In addition, the market is expected to rise due to concerns regarding environmental conservation and waste management and glass recyclability promoting its use in different end-use applications. Glass is a key material for building without which modern high-rise luxury living would not be possible. Get Live Sample Copy of Flat Glass Market-> URL Report CoverageDetailsForecast Period2022-2029Forecast Period 2022-2029 CAGR6.4%2029 Value Projection238.71 billion Base Year2021Flat Glass Market Size in 2021136.58 billionHistorical Data For2019-2021Segments CoveredBy Product, By Application, By Technology, By Type, By Raw Material, By End-User.
Drivers Solar energy is the fastest growing renewable energy across the globe with countries racing for asserting their dominance in the burgeoning market. Expansion of the solar and construction industries is predicted to drive the growth of the flat glass market. In addition, solar panel flat glass has a relative impact on the yield of solar photovoltaic systems and its properties such as low reflection, high transmissibility, and better functioning.
All these properties of flat glass are the major drivers of the market. Rising penetration of solar energy installations along with supportive government regulations are likely to propel the industry value for flat glass during the upcoming years. The surge in per-capita disposable incomes coupled with the hike in automotive production is likely to fuel the demand in the flat glass business. Industry demand may witness significant growth due to large-scale automotive production and technological market developments, and demand for lightweight vehicles around the world.
Flat glass is majorly used in window panels as this transparent and versatile material is gaining traction into the construction of facades, doors, walls etc. Additionally, rapid industrialization is encouraging the installation of this type of glass in commercial buildings for energy conservation by maximizing the use of natural light and it is expected to drive the market. Opportunities The demand for flat glass is rising and expected to rise more during the forecasted period.
With the growing personal disposable income, people prefer appealing and attractive infrastructures which provide growth opportunities for the flat glass market. The increasing demand for luxury construction is another opportunity for the growth of the market. Restraints The demand for the flat glass market is increasing constantly but some factors restrict the growth of the market.
The fluctuations in the price of raw materials are used to hinder the growth of the flat glass market. The increasing pollution during the manufacturing process coupled with high consumption of energy during the manufacturing process hampers the growth of the market. The major restraint of the industry will be the slow rate of automotive sector, due to decline in demand for vehicles.
Furthermore, owing to the high cost of laminated flat glass, the industry is likely to witness decline in growth rate during the forecast period. On the contrary, insulated flat glass is mostly used for industrial and commercial building constructions, thus augmenting the demand for flat glass. A critical challenge hindering the growth of the flat glass market is the regulations imposed by the government on carbon emissions.
The release of harmful gases such as sulfur oxides and nitrous oxides during the decomposition of sulfur and nitrogen compounds contribute to the acidification and formation of smog, becoming a major factor for environmental pollution. Additionally, the evaporation of raw materials and molten glass releases particles in the atmosphere and is harmful to humans as well as animals. Hence, the above factors may inhibit the growth of the market.
Value Chain Analysis The demand for flat glass is increasing tremendously owing to various benefits associated with the use of flat glass in various unique architectural designs. It helps in protection from harmful UV rays and is largely used in kitchen appliances, glass facades, elevators, sliding doors, skylights, showcases, and many others. Flat Glass Market By Product BasicTemperedToughened GlassLaminatedInsulatedExtra Clear GlassCoatedOthers Laminated glass market was surpassed USD 32 billion in 2020 and is projected to grow at a CAGR of 8.5% from 2021 to 2027 owing to the growing construction & automotive industries.
Automakers have long used laminated glass to match their windshields to improve the sound absorption and reflectance of infrared and ultraviolet light. High-end cars use laminated backlights with tungsten wire embedded in the defrost. The COVID-19 pandemic has affected the laminated glass market negatively.
Halt in the construction and infrastructure projects and automobile production during lockdown has mainly affected the market growth. In terms of volume, the insulated product segment dominated the global market, accounting for more than 44.0 % in 2021. The demand for curtain walls, storefronts, overhead glazing, non-vision places, and commercial and operable windows is expected to continue to drive the segment's growth.
Manufacturers have been forced to expand their manufacturing capacities in response to rising demand. Tempered glass is another important product category, with uses in cookware, mobile phone screens, architectural elements, shower doors, and windows, among others. The demand for tempered products is increasing, hence production has increased.
Such glass is known to be three to five times stronger than ordinary glass at the same thickness. Furthermore, the coated segment is showcasing growth due to the properties offered by them, such as enhanced insulation, anti-reflection, hydrophobic, and self-cleaning properties. Coated glass helps in retaining the heat inside the building and improves solar gain, hence supporting the growth of the market.
The rapid increase in the demand for toughened glass in the domestic market has resulted in a cutback in exports by as much as 60% in the last couple of years. By Application ArchitecturalAutomotiveSolar PanelsOthers Rising population, urbanization, and increasing disposable income are the few factors responsible for the rise in construction activities and infrastructural development around the world. In architectural application, this type of glass is prominently used indoors, in windows, and in facades due to its properties such as acoustic insulation, heat insulation, anti-reflection, and transmission of selective solar wavelengths.
Hence, the growth of the market can be owed to the high demand from the construction industry. Additionally, the growing demand from the automotive industry is further fueling the demand, globally. Besides the use of this type of glass in windshields, and mirrors.
Increased spending of the consumers on automobiles acts as a contributing factor toward the growth of the automotive industry, thereby, increasing the demand. By Technology Float GlassSheet GlassRolled Glass Float segment accounted for the largest market share in 2020 and is projected to grow at a CAGR of 5.54% over the forecast period. By Type By Raw Material SandSoda AshRecycled GlassDolomiteLimestoneOthers By End Use Safety and SecuritySolar ControlOthers Get Discount on Report__URL__ -> URL Related Reports-> Recreational Boat Market The global Recreational Boat Market will witness a CAGR of 6.4% for the forecast period of 2022-2029.
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