The global flat glass market is projected to reach a value of US$ 8.8 Bn by 2032, with the market growing at a standard CAGR of 5.2% from 2022 to 2032. Scaling up from a value of US$ 5 Bn in 2021, the target market will reach an estimated US$ 5.3 Bn in 2022. Elevated demand for durable, energy-efficient, and affordable building products is abetting the growth of the flat glass market. A rising shift in consumer preference for glass in interior and exterior building structures for aesthetic value is further supplementing the growth of the target market during the forecast period.
The rapidly advancing construction sector is the prime growth driver of the flat glass market. The increasing spending on infrastructure projects and the development of eco-friendly green buildings, that is expected to help reduce carbon emissions into the environment, is further aiding the growth of the flat glass market.
Owing to the rising demand for renewable energy all over the globe, the market for flat glass will likely observe a rise in its international sales. This is because flat glass is typically used in photovoltaic modules, e-glass constructions, and solar panels. Hence, a rising demand for renewable energy also pushes the demand for flat glass. This material is increasingly replacing traditional materials like bricks, stone, and wood. In addition, insulated flat glass is transparent and recyclable, which reduces pollution and also increases comfort for building residents.
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Another factor that propels the market growth is the booming automobile industry. Tempered glass is increasingly utilized by automotive manufacturers owing to its shatterproof properties, which can help avoid severe injuries and potential life threats in the course of an accident. Other aspects, like the application of nanotechnology to make lightweight glazing glass and solar control panels, along with growing urbanization and increasing disposable incomes, are fueling to the flat glass market during the forecast period.
“A surge in infrastructure spending on the development of green and eco-friendly buildings will supplement the global growth of the flat glass market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Expanding construction and infrastructure sector drives the market growth.
- Fluctuating raw material prices may hamper the market growth.
- Expanding residential construction sector will propel the target market in the United States.
- The Asia Pacific region is expected to dominate the target market during 2022-2032.
- Infrastructural development in the Asia Pacific region will fuel the flat glass market.
Competitive Landscape
Asahi Glass, Nippon Sheet Glass, Guardian Industries, and Saint-Gobain among others are some of the major players in the flat glass market profiled in the full version of the report.
Key market players are focusing on forming strategic alliances to amplify their market share. These enterprises are employing tactics like partnerships and collaborations to strengthen their market positions.
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More Insights into Flat Glass Market Report
In its latest report, FMI offers an unbiased analysis of the global flat glass market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of glass type (toughened flat glass, laminated flat glass, coated flat glass, extra clear flat glass, mirrored flat glass, patterned flat glass, annealed flat glass), application (flat glass for silicones, flat glass for agriculture chemicals, flat glass for pharmaceuticals, flat glass for chemical intermediates, flat glass for personal care, flat glass for other applications), and region.
According to the latest FMI reports, based on region, the Asia Pacific will offer signification growth opportunities to the flat glass market during 2022-2032. This region is anticipated to account for a major share of the global flat glass market owing to the fact that a vast share of flat glass consumption comes from ASEAN countries, China, Japan, and many others. Infrastructural growth in this region will also foster growth for the target market during this period of observation.
In North America, the flat glass market will expand at a high growth rate due to the rising construction of privately owned housing in the United States. Thus, North America and Asia Pacific are two of the regions likely to offer various lucrative opportunities for the flat glass market during the forecast period.