The global flat glass coatings market size is expected to reach USD 7.1 billion by 2028, registering a CAGR of 20.4% over the forecast period, according to a new study by Grand View Research, Inc. Rising demand for mirror and glass facades from the commercial and residential sectors coupled with growing product adoption in the automotive & transportation sector is likely to drive the market over the forecast period
Growing demand for renewable sources of energy and the rising number of solar installations across the globe are likely to increase the adoption of solar panels; thus, augmenting the demand for flat glass coatings. Moreover, favorable government regulations and rising awareness regarding energy scrutiny are anticipated to drive the product demand in architectural applications over the coming years. Countries, such as Italy, the U.K., the U.S., Japan, China, India, and Germany, which are part of the Kyoto Protocol, have been introducing legislation to reduce Greenhouse Gas (GHG) emissions. Such measures across countries are also anticipated to drive the product demand.
The water-based technology segment dominated the global market in 2020 and is anticipated to maintain its dominance over the forecast period. Water-based technology is used widely, owing to its high strength and premium quality. The overall performance of the coating primarily depends on the utilization of raw materials, such as pigments, resins, and additives. However, nano-based technology is expected to ascend at a promising growth rate during the forecast period on account of the growing preference for advanced materials in the manufacturing industry.
The rising need for utilization of sustainable energy & reduction in carbon footprint along with favorable government policies aimed at reducing the consumption of fossil fuel is likely to propel the growth of the solar power sector. The growth in the solar module industry is another major factor driving the product demand in solar projects.
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