Flat Glass Market

Flat Glass Market Size 2023-2028:

The  Flat Glass Market was valued at USD 132.12 billion in 2022 and is expected to observe a significant CAGR of over 8.52% to reach USD 198.81 by 2028.

Flat glass is manufactured by floating molten glass on sheets of metal. It can be modified for various applications by changing the concentration of dolomite, limestone, and sodium sulfate. It is widely used in the construction business for windows, doors, solar cells, cabinet closures, tabletops, furniture, and walls. It is also used as windshields & mirrors in the automobile sector and can be easily bent & reused. Moreover, the market is expected to rise due to environmental concerns regarding waste management and the recyclability of glass, promoting its use in various end-use applications.

Market Drivers & Restraints of the Flat Glass Market:

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. It is produced from vacuum-insulated glass technology that ensures heat and sound insulation. The market will witness escalation owing to a rise in insulated glass demand in luxury car windows and rooftops for aesthetic appearance. Flat glass is prominently used in windshields, backlights, and mirrors in the automobile industry. Increasing application in roofs of luxury cars and laminated windows for improved visibility and rising spending in the automobile industry may accelerate the demand in the global flat glass market in the coming years. Industry demand may witness significant growth due to large-scale automotive production and technological market developments, and demand for lightweight vehicles around the world.

Safety and occupational risks associated with glass production, high initial setup investment, and fluctuating costs of materials, together with poor chain leadership, are hindering the market of flat glass from reaching its full potential. Furthermore, the logistic cost is another crucial factor restraining the growth of this industry. 

FLAT GLASS MARKET  REPORT COVERAGE

Market segmentation:

Flat Glass Market  By Product

• Basic

• Tempered

• Laminated

• Insulated

In terms of volume, tempered flat glass controlled the market with a share of 28.9% in 2019. This high share is attributable to the broader availability of various product types, including clear float, extra white, heat reflective, and tinted varieties. It provides high-temperature resistance and mechanical strength. The segment sees rapid growth in the Asia Pacific and the Middle East, and Africa due to rising construction activities.

The basic segment held the smallest share in the flat glass market; however, its importance is significant as it is further processed, and its different forms are used in end-use applications. In 2019, the segment held a meager share of 8.3% in revenue and constituted a share of 23.6%.

Automotive production is the primary end-use of laminated flat glass. Tempered and other products are preferred over laminated in the construction industry due to its high cost. The use of laminated products is increasing in sunroofs due to safety concerns.

Flat Glass Market By Application:

• Architectural,

• Automotive & Transportation 

Architectural application controlled the largest volume share of 80.0% in the market for flat glass in 2019. Increased urban population and rising disposable income of the global population significantly propel infrastructural developments and construction activities worldwide. It is predicted to play a vital role in driving the segment over the coming years.

The automotive and transportation industry is considered as the second most prominent application of flat glass. Its applications are scattered across windows, sunroofs, windshields, and backlights. Laminated and tempered flat glass are the primary products used in the automotive segment. Growing demand for lightweight and electric vehicles is estimated to drive the product's consumption in the long run.

Other applications include solar, electronic equipment, and displays. From these applications, flat solar glass is likely to note the highest growth in the coming years. Governments worldwide are increasingly adopting renewable technologies like solar power to reduce their dependence on fossil fuels and reduce carbon emissions.

Flat Glass Market By Region:

• North America

• Europe 

• Asia Pacific

• Latin America

• The Middle East and Africa 

Asia Pacific market is evaluated to exhibit a CAGR of 7.1% from 2020 to 2027. The region may experience a construction and infrastructure boom in the upcoming years with a healthy dose of construction projects spread between residential, non-residential, industrial, and infrastructural categories. Furthermore, India's construction sector is likely to outpace other countries in the region, thereby propelling the local flat glass market at the highest rate.

North America amassed a revenue share of 17.9% in 2019. The construction industry in this area has observed recovery from the economic recession of 2009 and 2010, leading to an increase in housing projects and expanding residential and non-residential construction spending. It has resulted in improved demand for flat glass.

In Europe, the renovation of residences is predicted to offer numerous opportunities for flat glass merchants. According to the European Parliament report, over 90% of Europe's buildings were built before 1990 and over 40% before 1960; thus, several buildings need renovation and reconstruction. Nevertheless, tightened financial conditions, high economic uncertainty, and unsolved trade tensions have moderately slowed the European market's growth.

The Central and South American market is expected to be propelled by growing construction spending owing to the burgeoning middle-class population, increasing buyer disposable earnings, and increasing awareness regarding sustainable construction materials. The region's economy has expanded since 2018, and the governments in South America are also promoting the real estate market by offering cash incentives for councils to approve new housing developments. It is likely to bolster market growth in the future.

Recent Developments in the Flat Glass Industry:

• Saint-Gobain completed the purchase of Pietta Glass Working, a Romanian-based company that produces insulating glazing systems & glass processing for the industrial and construction end-users. The acquisition helped Saint-Gobain strengthen its manufacturing capacity in eastern Europe and diversify the flat glass product portfolio.

• Guardian Glass spent over USD 1.5 million and approved engineering design spend on expanding glass facilities by 1,000 metric tons in Poland to meet its customer demand in commercial and residential sectors. This investment will help Guardian Glass set a strong foothold in the European market by providing a diversified product portfolio and increasing its distribution network.

Key Players listed in the flat glass market:

• Asahi Glass (Japan)

• Saint-Gobain (France)

• Nippon Sheet Glass (Japan)

• Guardian Industries (U.S.)

• Taiwan Glass (Taiwan) 

Impact of the COVID-19 pandemic on the Flat Glass Market:

The unforeseen outbreak of the coronavirus pandemic has shifted the healthcare industry's focus and subsequently impacted the Guidewires market. The pandemic has disrupted the healthcare spectrum, as screening programs and services have been suspended or decreased in many countries. Also, surgeries and regular hospital visits are postponed or suspended due to lockdowns put in place by governments worldwide. Nevertheless, market players are still focusing on R & D investments, leading to innovations in the flat glass market.