Flat Glass Market to Surpass US$ 176,748.6 Million Globally by 2027 - Coherent Market Insights
SEATTLE, March 24, 2020 /PRNewswire/ -- The global flat glass market was valued at US$ 100,391.5 million in 2018, and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027).
Flat glass is a type of plane glass, which is manufactured in the form of sheets by spreading out the molten glass in a plane. Therefore, flat glass is also called as sheet glass or plate glass. Flat glass finds application in building and construction industry, where it is used for glass doors, wall mirrors in homes, and glass table tops in living rooms as well as for automotive industry in car windscreens and car mirrors among others.
Statistics:
The global flat glass market was valued at US$ 100,391.5Mn in 2018, and is expected to reach US$ 176,748.6 Mn by the end of 2027, exhibiting a CAGR of 6.6% during the forecast period (2019 to 2027).
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Drivers:
Growth of end-use industries such as automotive and building & construction are expected to drive growth of global flat glass market over the forecast period. For instance, according to the data published by Society of Indian Automobile Manufacturers in 2019, India automobile industry manufactured a total 30,915,420 units vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycle in April-March 2019 which was 29,094,447 units of vehicles in April-March 2018, exhibiting annual growth rate of 6.26%.
Moreover, rising trend of green buildings across the globe is expected to shift the consumer preference towards energy-efficient glass such as solar control glass and lightweight glazing in building and construction industry, which in turn is expected to boost the demand of flat glass over the forecast period. Moreover, shifting consumer preference towards new architectural design using large glazed facades, in order to bring natural light inside the building is also expected to propel the demand of flat glass.
Market Opportunities
Key players are focused on business expansion, which is expected to fuel the market growth over the forecast period. These business expansions generates huge investments in the market which creates growth opportunity for the flat glass key players, globally.
For instance, in February 2019, Saint- Gobain inaugurated a new flat glass facility in India. The company invested around US$ 131 million in the new production line, which is engaged in the production of clear, tinted, and solar control reflective glass for end-use industries such as construction and automotive, as well as fire safety, and others.
Market Restraints
Fluctuations in prices of raw materials such as soda ash, silica sand, and dolomite/limestone required for manufacturing flat glass are expected to restrain growth of the global flat glass market over the forecast period. Moreover, high cost of raw materials are affecting small and medium enterprises (SMEs) in the glass manufacturing sector.
Key Takeaways:
Among glass type, tempered, laminated, & annealed segment is expected to account for the largest revenue share in the global flat glass market over the forecast period, owing to properties offered by it. For instance, laminated flat glass possesses UV filtration capabilities. Laminated glass is therefore widely used in both commercial and residential applications. Moreover, there is rising trend of replacing granite and brick building exteriors with laminated flat glass, thereby providing enhanced protection against severe weather conditions and breaking of the glass.
Market Trends
Key players in the market are focused on launching flat glass with new energy saving technology, which is expected to propel the market growth during the forecast period. For instance, in 2017, AGC Inc. entered into partnership with Toyota Motor Corporation to launch a new energy saving glass structure, 'Ceiling-mounted Double Skin System'. The glass unit is developed to increase energy saving of buildings such as showrooms.
Competitive Section:
Company Names
- Agc Inc.
- Nippon Sheet Glass Co., Ltd.
- Compagnie de Saint-Gobain S.A.
- Guardian Industries
- China Glass Holdings Limited
- Luoyang Glass Company Limited
- Fuyao Glass Industry Group Co., Ltd.
- CSG Holdings Co., Ltd.
- Euroglas GmbH
- Vitro, S.A.B. de C.V.
- Taiwan Glass Industry Corporation
- Central Glass Co., Ltd.
- Cardinal Glass Industries Inc.
- PT.Mulia Industrindo, Tbk.
- KCC Corporation
- Jinjin Group Co. Ltd.
- Kaveh Glass Industry Group
- JSC Gomelsteklo
- Xinyi Glass Holdings Limited
- Kibing Group
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Key Developments:
In July 2019, KCC Corp. announced its plans to establish a new company, in order to achieve long-term growth in the market. The new company is expected to be launched in January 2020 with new three main business divisions such as glass business division, the 'HomeCC Interior' business division, and the flooring business division. This is expected to strengthen the company's position in the global market.
Market Segmentations:
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
By Glass Type
- Tempered, Laminated, & Annealed Glass
- Coated Glass
- Mirror Glass
- Others
By Application
- Automotive Glasses
- Windows & Glass Doors
- Solar Panel
- Facade
- Others
By End-use Industry
- Automotive
- Building and Construction
- Energy
- Others
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