CAGR: 6.3%Current Market Size: USD 110.00 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2022-2029Base Year: 2021
The global flat glass market is expected to grow from USD 110.00 billion in 2021 to USD 174.99 billion by 2029, at a CAGR of 6.3% during the Projection period 2022-2029. The growth of the flat glass market is primarily driven by the rising penetration of glass architecture in non-residential as well as residential constructions, along with a growing number of solar energy installations across the globe.
Flat glass is manufactured by spreading molten glass in sheets on a metal plane to form glass as flat as sheets of paper. It mainly refers to all types of glass manufactured in sheets, such as cast glass, float glass, and blown flat glass. This type of glass is produced via controlled chemical and thermal reactions to ensure toughness in the structural formation. Glass made in this way has a significantly smooth surface and is ideal for finishing. The flat glass industry, coupled with the flat glass finishing & processing industry players, is rapidly manufacturing flat glass products for construction, architecture, automotive, and furniture applications.
The most commonly used type of flat glass is float glass, which has now replaced most glass manufacturing processes and is used for the applications such as vehicle safety glass and mirror glass.
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Market Dynamics:
Drivers:
The ongoing trend of environmentally friendly practices across the workplace and domestic settings has led to the adoption of flat glass in large commercial building construction. The building industry has used glass as insulation material, external glazing material, structural components, and cladding material. In addition, the glass is rapidly being used to make delicate-looking fenestrations on conventional windows as well as facades. Hence, the growth of the global construction and infrastructure industry is boosting the growth of the global flat glass market.
High-quality windshield glass in automobiles to protect drivers and passengers from dust, dirt, and debris has driven demand for flat glass. In addition, wide usage of flat tempered glass in city buses and curved windows in coaches and intercity buses is seen across the globe. Therefore, the increasing number of passenger cars and buses across the world is fueling the growth of the flat glass market.
Restraints:
The global glass manufacturing industry produces about 86 million tons of carbon dioxide annually. The source of these emissions in glass manufacturing is high-temperature heat from fuel combustion for melting. However, the government agencies such as the U.S. Environmental Protection Agency (EPA) regulate carbon dioxide emissions. Hence, global environmental protection industries' regulations hamper the global market growth.
Opportunities:
According to the Asian Development Bank report, developing countries in the Asia-Pacific region annually invest about $881 billion in infrastructure. In addition, the infrastructure sector has become the most significant focus area for the countries such as India and China. For instance, India planned to spend about $1.4 trillion on infrastructure development during 2019-to 23 to have a sustainable development of the country. Such investments are expected to create demand for flat glass in the construction sector in developing countries.
Challenges
The global COVID-19 pandemic has forced all industries to change the way of managing assets and workforces. In addition, the global automotive and construction sector saw supply chain disruptions due to large-scale manufacturing interruptions within Europe, the closure of assembly plants in the U.S., and disturbance in Chinese parts exports. Also, the pandemic has caused a decline in construction activities across the globe. Hence, disruption in the supply chain during the pandemic has posed considerable challenges to the flat glass industry.
Segmentation Analysis:
The global flat glass market has been segmented based on product type, technology, end-use industry, and regions.
By Product Type
The product type segment includes basic float glass, toughened glass, coated glass, laminated glass, extra clear glass, and others. The primary float glass segment led the flat glass market with a market share of around 52.71% in 2021. This is attributed to the rising application of float glass for smaller windows in domestic housing. In addition, this type of glass is extremely smooth and distortion-free. Moreover, float glass is considered to be of better visual quality and more accessible to transport and fabricate than sheet manufactured glass. The properties mentioned above of float glass have primarily driven the growth of this segment.
By Technology
The technology segment includes float, rolled, and sheet. The float segment led the flat glass market with a share of around 62.09% in 2021. The glass produced by float technology is considered to be of enhanced visual quality and more accessible to transport and fabricate as compared with the sheet manufactured glass. In addition, the float technology process enables much larger sizes for thinner glass products. The factors above have primarily driven the growth of the floating segment.
By End-Use Industry
The end-use industry segment includes construction & infrastructure, automotive & transportation, solar energy, and others. The construction & infrastructure segment led the flat glass market with a market share of around 61.01% in 2021. Rapid urbanization and a growing population have led to a surge in construction activities and infrastructural developments across the globe. This has primarily driven the growth of the construction & infrastructure segment. In addition, the rising investment in infrastructural developments across developing countries further fuels the growth of this segment.
By Regional Analysis
The regions analyzed for the flat glass market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region dominated the flat glass market and held the 53.01% share of the market revenue in 2021.
Global Flat Glass Market- Country Analysis:
Germany's flat glass market size was valued at USD 8.80 billion in 2021 and is expected to reach USD 13.79 billion by 2029, at a CAGR of 6.1% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, according to the Germany Trade & Invest, the economic development agency of the Federal Republic of Germany, this country is the leading automotive market in Europe, accounting for about 25% of all passenger cars manufactured in the region. Hence, the rising demand for flat glass from the automotive sector in the country fuels the growth of the flat glass market.
China's flat glass market size was valued at USD 28.60 billion in 2021 and is expected to reach USD 44.48 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. China is the world’s largest light-vehicle manufacturer. In addition, this country is a leading automotive producer, consumer, and exporter. In addition, the country is significantly investing in construction and infrastructure development. For instance, China’s 14th Five-Year Plan (2021-2025) is a well-calibrated layout for developing the country's new infrastructure. The above factors have driven demand for flat glass in the automotive and the country's construction sectors.
India's flat glass market size was valued at USD 7.37 billion in 2021 and is expected to reach USD 12.79 billion by 2029, at a CAGR of 7.5% from 2022 to 2029. India is one of the strongest growing economies in Asia. In addition, the emerging popularity of flat glass in this country is expected to create lucrative growth opportunities for the flat glass market. On the other hand, in the past few years, the Indian construction industry has become an attractive destination for foreign investment. Hence, the growth of the country's construction sector is opportunistic for market growth.
Key Industry Players Analysis:
To increase their market position in the global flat glass business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year considered |
2021 |
CAGR (%) |
6.3% |
Market Size |
110.00 billion in 2021 |
Projection period |
2021-2029 |
Projection unit |
Value (USD) |
Segments covered |
Product Type, Technology, End-Use Industry, and Region |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Asahi Glass, Saint-Gobain, Nippon Sheet Glass, Guardian Industries, Taiwan Glass Ind. Corp., Sisecam Group, Fuyao Glass Industry Group, Vitro, S.A.B. De C.V., CSG Holding Co., Ltd., Central Glass among others |
By Product Type |
|
By Technology |
|
By End-Use Industry |
|
Regional scope |
|
Scope of the Report
Global Flat Glass Market by Product Type:
Global Flat Glass Market by Technology:
Global Flat Glass Market by End-Use Industry:
Global Flat Glass Market by Region:
Global flat glass market Size is USD 110.00 billion in 2021 and will Grow To USD 174.99 billion by 2029, at a CAGR of 6.3% Throughout the Projection period 2022-2029
End-user are construction & infrastructure, automotive & transportation, solar energy, and others. Rapid urbanization and a growing population have led to a surge in construction activities and infrastructural developments across the globe. This has primarily driven the growth of the construction & infrastructure segment. In addition, the rising investment in infrastructural developments across developing countries further fuels the growth of this segment
Asia-Pacific region dominated the flat glass market and held the 53.01% share of the market revenue in 2021
The global COVID-19 pandemic has forced all industries to change the way of managing assets and workforces. In addition, the global automotive and construction sector saw supply chain disruptions due to large-scale manufacturing interruptions within Europe, the closure of assembly plants in the U.S., and disturbance in Chinese parts exports. Also, the pandemic has caused a decline in construction activities across the globe. Hence, disruption in the supply chain during the pandemic has posed considerable challenges to the flat glass industry
In May 2022, NSG Group launched a new "High-Performance Materials Website", a communication platform for promoting the unique values and functions of its different functional glass products.
The economic factor for any business includes recession, inflation, growth in GDP, population growth, etc. rise in raw material prices increases the cost of the final product, and to maintain profitability, the organization has to increase its prices. The organization can leverage this trend by expanding its product range and targeting new customers. For instance, according to the Asian Development Bank report, developing countries in the Asia-Pacific region annually invest about $881 billion in infrastructure. In addition, the infrastructure sector has become the most significant focus area for the countries such as India and China. For instance, India planned to spend about $1.4 trillion on infrastructure development during 2019-to 23 to have a sustainable development of the country. Such investments are expected to create demand for flat glass in the construction sector in developing countries.
Political Factors- The global glass manufacturing industry produces about 86 million tons of carbon dioxide annually. The source of these emissions in glass manufacturing is high-temperature heat from fuel combustion for melting. However, the government agencies such as the U.S. Environmental Protection Agency (EPA) regulate carbon dioxide emissions. Hence, global environmental protection industries' regulations hamper the global market growth.
Economical Factors- The economic factor for any business includes recession, inflation, growth in GDP, population growth, etc. rise in raw material prices increases the cost of the final product, and to maintain profitability, the organization has to increase its prices. The organization can leverage this trend by expanding its product range and targeting new customers. For instance, according to the Asian Development Bank report, developing countries in the Asia-Pacific region annually invest about $881 billion in infrastructure. In addition, the infrastructure sector has become the most significant focus area for the countries such as India and China. For instance, India planned to spend about $1.4 trillion on infrastructure development during 2019-to 23 to have a sustainable development of the country. Such investments are expected to create demand for flat glass in the construction sector in developing countries.
Social Factor- Increasing infrastructural developments across the developing economies such as India and China, substantial automotive production, and increasing installation of solar panels have primarily driven the growth of the Asia-Pacific flat glass market. For instance, this region will remain the critical construction and real estate industry, accounting for about 40% of the global construction industry’s output value by 2030. The market growth in this region is mainly driven by increasing applications of flat glass in commercial and residential construction due to the need for enhanced flexibility, fire protection, noise protection, self-cleaning, and insulation properties.
Technological Factors- Float glass is considered to be better visual quality and more accessible to transport and fabricate than sheet manufactured glass. Several research and development activities are being conducted to enhance the features of the float glass. The glass produced by float technology is considered to be of enhanced visual quality and more accessible to transport and fabricate as compared with the sheet manufactured glass. In addition, the float technology process enables much larger sizes for thinner glass products. The factors above have primarily driven the growth of the floating segment.
Environmental Factors- The ongoing trend of environmentally friendly practices across the workplace and domestic settings has led to the adoption of flat glass in large commercial building construction. The building industry has used glass as insulation material, outer glazing material, structural components, and cladding material. In addition, the glass is rapidly being used to make delicate-looking fenestrations on conventional windows and facades. Hence, the growth of the global construction and infrastructure industry is boosting the growth of the global flat glass market.
Legal Factors- The multiple legislations and laws are prevailing in the region must be followed by manufacturers. To set up a business, the manufacturer must pass the stringent regulations by regional agencies. Thus, companies should extensively focus on the legal factors of the country. Moreover, the laws related to employment laws, import and export, and labor laws must be taken care of. A lawful and legal organization can effectively survive in the long run. For instance, in June 2021, Cardinal Glass Industries signed a contract to acquire the assets of AGC Glass in Churchill, Tenn.; Abingdon, Va.; and Spring Hill, Kan. This acquisition is expected to expand the float, coating, and tempering capacity of Cardinal Glass Industries, allowing it to stay responsive to the needs of its increasing customer base. In May 2022, NSG Group launched a new "High-Performance Materials Website", a communication platform for promoting the unique values and functions of its different functional glass products.
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