SAN FRANCISCO, April 14, 2021 /PRNewswire/ -- The global flat glass market size is expected to reach USD 352.00 billion by 2028, expanding at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is projected to be driven by increasing construction spending and the need to improve energy efficiency in buildings. Rising preference for architecture, which increases natural daylight in the house is propelling the consumption of glass in roofs and facades, which is expected to play a key role in boosting the product demand over the coming years. Moreover, growing emphasis on economic recovery by encouraging investments in infrastructural developments is anticipated to drive market growth over the forecast period.
Key suggestions from the report:
The growing emphasis on the adoption of Electric Vehicles (EVs) is compelling manufacturers to expand their production capacities, which is expected to benefit market growth
The tempered product segment held the largest revenue share of over 36.0% in 2020 on account of increased raw material prices along with high demand for these products in electronics and construction-related applications
In terms of revenue, the insulated product segment is anticipated to register the fastest growth rate of 3.8% during the forecast period
The segment's fastest growth can be credited to the rising usage of insulated products in residential and non-residential buildings in countries like the U.S.
Asia Pacific was the dominant regional market in 2020 and accounted for a volume share of more than 63%
The APAC regional market is estimated to expand further at the fastest CAGR from 2021 to 2028 on account of the rapid growth of the manufacturing sector in developing economies like China and India
Read 115 page research report with ToC on "Flat Glass Market Size, Share & Trends Analysis Report By Application (Architectural, Automotive), By Product (Insulated, Laminated, Tempered), By Region (APAC, Europe), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/global-flat-glass-market
For instance, to substantiate the economic importance of infrastructure, the Department of the Treasury in the U.S. carried out a study of 40 key proposed infrastructure projects. As per this study, the completion or availability of these 40 projects can provide economic benefits of up to USD 500 billion to 1 trillion to the country.
Technological upgrades and product innovation in construction glass applications have positively benefited the market growth in the recent past. However, the market growth was obstructed in 2020 owing to the Covid-19 pandemic resulting in negative sales revenue of key companies. For example, Saint-Gobain's sales declined by around 6% from Q3 2019 to Q3 2020. The pandemic slowed down the customers' investment cycles, which affected all the related activities.
The market is anticipated to recover soon with investments across the solar, construction, and automotive industries. The growth in the end-use industries has compelled product manufacturers to expand their production capacities. For instance, in October 2020, Şişecam invested in its production business in Turkey for capacity expansion to cater to the growing demand from the domestic market.
Grand View Research has segmented the global flat glass market on the basis of product, application, and region:
Flat Glass Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
Flat Glass Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
Flat Glass Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
List of Key Players of Flat Glass Market
Find more research reports on Specialty Glass, Ceramic & Fiber Industry, by Grand View Research:
Flat Glass Coatings Market – The global flat glass coatings market size was estimated at USD 1.03 billion in 2017. It is projected to expand at a CAGR of 20.2% from 2018 to 2025.
Asia Pacific Flat Glass Market – The Asia Pacific flat glass market size was valued at USD 52.49 billion in 2019 and is expected to grow at a compounded annual growth rate (CAGR) of 6.3% from 2020 to 2027.
Insulated Glass Market – Rising demand for high-performance adhesives from automotive and construction sector is anticipated to drive the market growth. Insulated glass is extensively used in windows, doors, and windshield. Adhesives & sealants are used to fix insulated glass unit to an assembly.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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