Flat Glass Market To Hit Value $202.9 Billion By 2027 |Grand View Research, Inc.
The global flat glass
market size is expected to reach USD 202.9 billion by 2027, growing at a
revenue-based CAGR of 7.3%,
according to a new report by Grand View Research, Inc. The market is expected
to grow on account of increasing product demand from the global construction
sector.
The architectural segment held the
major share of the market in 2019 and this trend is anticipated to continue
over the forecast period. The product is extensively used in the architecture
industry in applications such as windows, partitions, and facades. The product
is currently witnessing massive penetration in facades of commercial buildings
owing to its aesthetic appeal.
The global demand for the product is
largely driven by the growth of the construction industry, which also accounts
for the largest consumption in terms of volume. However, since the past few
years, rapid penetration of solar power in various parts of the world has
played a major role in triggering industry growth.
Asia Pacific dominated the market in
2019, in volume terms with a share of 62.5%. The region accounts for the
largest share in the global construction industry, with China being the leader.
Besides China, India, Indonesia, and Malaysia are predicted to experience
considerable growth in the construction industry, thereby fostering market
growth in the region.
Besides Asia, Middle East and Africa
is also predicted to witness considerable growth owing to an encouraging
paradigm shift in their construction sector. Saudi Arabia and UAE are the key
players leading the construction spending of the region. Recent trend indicates
that Saudi Arabia and UAE governments are shifting their focus from the oil and
gas industry to the development of more diversified economy with implementation
of various construction projects related to tourism, infrastructure,
residential, and commercial buildings. This is expected to provide a lucrative
platform for market growth.
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The major players in the market
include AGC Inc.; Saint Gobain; Sisecam Group; and Guardian Industries. In
emerging economies of Asia Pacific, the market is highly fragmented in nature, with
major players operating in an organized sector at a global level, while large
number of small to medium sized unorganized players are catering at a regional
level. For instance, the organized sector accounts for 55% of India’s overall
flat glass consumption while the remaining 45% is constituted by the
unorganized sector.
Further key findings from the report suggest:
·
Asia Pacific dominated the flat
glass market in volume terms with a massive share of 62.5% in 2019 and is
estimated to maintain its dominance over the coming years. Southeast Asia,
India, and China are the major economies that are estimated to drive future
growth in the region
·
The architectural segment is
expected to witness a CAGR of 7.7% from 2020 to 2027, in terms of revenue, on
account of booming construction sector in Asia Pacific and Middle East
·
The insulated segment dominated
the market in revenue terms, with a share of 30.2 % in 2019. It is poised to
witness considerable growth on account of rising demand for energy efficient
low-e and solar control insulated flat glass for windows
·
The tempered segment is
expected to witness a CAGR of 7.2%, in terms of volume from 2020 to 2027 owing
to increasing consumer preference for toughened flat glass
·
In June 2018, AGC, Inc. and
Ubiquitous Energy announced about their strategic development agreement to
develop transparent and neutral solar coating for making electricity-producing
windows. AGC, Inc. will provide environment-friendly flat glass solutions to
the company.
In
terms of volume, tempered flat glass dominated the market with a share of 28.9%
in 2019. This high share is attributable to wider availability of different
types of the product including clear float, extra white, heat reflective, and
tinted varieties. It offers high-temperature resistance and mechanical
strength. The segment is witnessing rapid growth in Asia Pacific and Middle
East and Africa owing to rising investments in construction activities.
The
basic segment held the least share in the flat glass market; however, its importance
is significant as the product is further processed and used in end-use
applications in different forms. In terms of revenue, the segment held a meager
share of 8.3 % in 2019, however, in terms of volume, it constituted a share of
23.6% in the same year.
Automotive
production is the major end-use of laminated flat glass. In the construction
industry, tempered and other products are preferred over laminated owing to its
high cost. The use of laminated products is increasing in sunroofs due to
safety concerns. Companies such as Ferrari, Volvo, and Tesla, use laminated
products in all their cars that have panoramic sunroofs.
Browse Press
Release of this report:
Grand View Research has segmented the
global flat glass market on the basis of product, application:
Flat Glass Product Outlook (Volume, Kilotons; Revenue,
USD Million, 2016 - 2027)
·
Basic
·
Tempered
·
Laminated
·
Insulated
·
Others
Flat Glass Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2016 - 2027)
·
Architectural
·
Automotive & transportation
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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