Flat Glass Market - Forecast (2021 - 2026)
As per the findings of this market research report from IndustryARC, the global flat glass market was valued at $12 billion in 2018, and it value is estimated to grow at a CAGR of around 6% during the forecast period 2019-2025. The increasing demand of tempered glass in the automotive industry is currently the primary driver of the global flat glass market, feeding off the economic growth of several developing countries. As many as 97 million automotive vehicles were produced across the world in 2017, according to the Organisation Internationale des Constructeurs d'Automobiles, with 5.83% increment over the previous year in India and 3.19% increment in China. Additionally, the increasing demand for fabricated flat glass products such as solar glass panels and electronic displays also have a positive impact on the flat glass market. Amorphous or non-crystalline solids are used in applications such as automotive, solar panels, aerospace, and some other industries, which propel the flat glass market.
Construction Industry Leveraging Benefits of Flat Glass
The report estimates that the construction industry currently serves more than 50% of the total demand in the global flat glass market, although the end use segment is anticipated for less-than-average CAGR of 4.2% during the aforementioned forecast period, primarily because of the other segments catching up. High rise buildings are mushrooming across emerging economies, with foreign investments pouring in for low-cost skilled labor that is offered by countries such as China and India. The builders have realized the benefits of flat glass as window panes in appearance, cost savings in terms of energy efficiencies, ease of cleaning, and lower maintenance. Consequently, offices, residential apartments, retail malls, healthcare centers, educational institutes, and restaurants and hotels are now being built with significant inclusion of flat glass.
Solar Panels Creating Volumes of Demand in Flat Glass Marketplace
Increasing government investments in renewable energy sources is identified as yet another factor fueling demand in the flat glass market, with solar energy applications fairly ubiquitous across the globe. For instance, investments into clean energy in India rose 22% in the first half of 2018. The newly formed NDA Government in the country has been eyeing the pole position in the clean energy transformation, looking to have at least 175,000 megawatts (MW) of mounted renewable energy capacity by 2022. As many countries are investing in renewable energy, the rising usage of flat glass in solar panels is consistently stroking the market for the same. To increase installation of photovoltaic solar-power plants, the production of flat glass and its raw materials must expand commensurately to eliminate future imports and supply constraints.
Flat Glass Market: Key Drivers and Disruptive Trends
The increasing focus of manufacturers on the recycling of glass waste material in flat glass manufacturing process. The flat glass manufacturing industries are more focused on recycling broken waste glass in the manufacturing process as their raw material. This lessens the carbon dioxide emissions. Furthermore, the recycling of glass waste supports in diminishing the glass content going in the landfills and the cut in production cost by increasing the quantity of cullet in the raw material. These benefits of recycling of glass waste material will enhance growth in the global flat glass market for the construction industry in the coming years.
Technological developments in energy harnessing owing to superior properties such as recyclability and sustainability are expected drive the growth of the market in lucrative energy applications.
Rising demand of flat glass in the automotive sector for manufacturing windshields and windows of vehicles like cars, airplanes, and some other vehicles.
Increasing utilization of photovoltaic modules and solar panels for the requirement of renewable energy is driving the growth of flat glass market.
Global Flat Glass Market: Competitive Landscape
Saint Gobain, Schott Glass, Euroglass, NSG, Asahi Glass AGC Inc., Glass for Europe, and Sisecam are some of the key players ahead of the curve in the global flat glass market.
Construction Industry Leveraging Benefits of Flat Glass
The report estimates that the construction industry currently serves more than 50% of the total demand in the global flat glass market, although the end use segment is anticipated for less-than-average CAGR of 4.2% during the aforementioned forecast period, primarily because of the other segments catching up. High rise buildings are mushrooming across emerging economies, with foreign investments pouring in for low-cost skilled labor that is offered by countries such as China and India. The builders have realized the benefits of flat glass as window panes in appearance, cost savings in terms of energy efficiencies, ease of cleaning, and lower maintenance. Consequently, offices, residential apartments, retail malls, healthcare centers, educational institutes, and restaurants and hotels are now being built with significant inclusion of flat glass.
Solar Panels Creating Volumes of Demand in Flat Glass Marketplace
Increasing government investments in renewable energy sources is identified as yet another factor fueling demand in the flat glass market, with solar energy applications fairly ubiquitous across the globe. For instance, investments into clean energy in India rose 22% in the first half of 2018. The newly formed NDA Government in the country has been eyeing the pole position in the clean energy transformation, looking to have at least 175,000 megawatts (MW) of mounted renewable energy capacity by 2022. As many countries are investing in renewable energy, the rising usage of flat glass in solar panels is consistently stroking the market for the same. To increase installation of photovoltaic solar-power plants, the production of flat glass and its raw materials must expand commensurately to eliminate future imports and supply constraints.
Flat Glass Market: Key Drivers and Disruptive Trends
The increasing focus of manufacturers on the recycling of glass waste material in flat glass manufacturing process. The flat glass manufacturing industries are more focused on recycling broken waste glass in the manufacturing process as their raw material. This lessens the carbon dioxide emissions. Furthermore, the recycling of glass waste supports in diminishing the glass content going in the landfills and the cut in production cost by increasing the quantity of cullet in the raw material. These benefits of recycling of glass waste material will enhance growth in the global flat glass market for the construction industry in the coming years.
Technological developments in energy harnessing owing to superior properties such as recyclability and sustainability are expected drive the growth of the market in lucrative energy applications.
Rising demand of flat glass in the automotive sector for manufacturing windshields and windows of vehicles like cars, airplanes, and some other vehicles.
Increasing utilization of photovoltaic modules and solar panels for the requirement of renewable energy is driving the growth of flat glass market.
Global Flat Glass Market: Competitive Landscape
Saint Gobain, Schott Glass, Euroglass, NSG, Asahi Glass AGC Inc., Glass for Europe, and Sisecam are some of the key players ahead of the curve in the global flat glass market.
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