Flat Glass Market 2023-2033

The Global Flat Glass Market size was valued at USD 138.55 Bn in 2023 and is projected to reach USD 265.01 Bn by 2032, a CAGR of 6.7% for forecast 2023-2033

NEW YORK,CITY, NEW YORK, UNITED STATES, January 16, 2023 /EINPresswire.com/ -- The Global Flat Glass Market size was valued at USD 138.55 Bn in 2023 and is projected to reach USD 265.01 Bn by 2032, exhibiting a CAGR of 6.7% during the forecast period.

Due to the increased automotive industry demand, flat glass demand has been on the rise in recent years. Global Flat Glass Market Report provides an in-depth analysis of the market. This report provides a comprehensive analysis of the market's key segments, drivers, restraints, and competitive landscape.

Flat glass is used in the construction and automotive industries, among other things, for sunroofs, backlights, and windscreens. Flat glass can also be used in interior decoration, mirrors, and greenhouses. The flat glass market can further be segmented by glass type into tempered glass, laminated and annealed glass as well as coated glass, mirror, and others.

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Growth Demand

The flat glass will see a rise in popularity due to increased penetration of solar energy systems and supportive government regulations. The fastest-growing renewable energy in the world is solar energy. Countries are racing to be the first in this rapidly growing market. Global Change Data Lab statistics show that the global installed solar energy capacity was 580.76GW in 2019, and it will grow to 707.50GW by 2020. According to the Solar Energy Industries Association, (SEIA), solar power has experienced an annual growth rate (of 42%) over the past decade. This is expected to continue during the forecast period.

The growing demand for solar energy and the decreasing cost of solar installation are two of the main reasons why solar energy is growing at an accelerating pace. The average residential system price, which was US$ 40,000 before incentives in 2010, has dropped to US$ 22,000 by 2020. The flat glass will continue to grow in the coming years due to the rising demand for solar energy.

The flat glass market has seen a significant increase in solar energy installations. However, the rise in glass architecture for residential and non-residential applications is another factor driving the market growth. The global flat glass market is dominated by the construction and building industry. This is due to various developments in architecture.

Market drivers:

Market Progression Driven by Growth in Construction & Infrastructural Activities

Flat Glass is in high demand due to the growth in construction and infrastructural developments. Flat Glass can be used in roofs, windows, and facades. Flat Glass can also be used as an architectural feature for interior partitions. It has excellent thermal and acoustic insulation properties that can be used to insulate buildings. These properties have led to a rise in demand for flat glass products in construction and building. This type of glass is also being used in commercial buildings to reduce energy consumption and maximize the use of natural sunlight. It is expected that this will drive the market.

Key Market Segments:

Type

Ordinary Flat Glass
Float Glass
Rolled Glass

Application

Achitechive(Building Products)
Automobile

Key Market Players :

NSG
AGC
Saint-Gobain
Guardian
Taiwan Glass
China Southern
Sisecam
PPG
Cardinal
Euroglas
Xinyi
Qibing
Central
SPY

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Market Restraints:

The Government regulates carbon emissions to stop the growth

The government's carbon emission regulations are a major obstacle to the growth of flat glass. Carbon dioxide is produced by the combustion of fuel oil and the decomposition of raw materials during melting. Smog is a result of the release of harmful gases like sulfur oxides and nitrogen oxides from the decomposition process of sulfur and other compounds. Evaporation of raw materials, molten glass, and other substances can also release harmful particles into the atmosphere. These factors could hinder the growth of the market.

Market Trends

The global flat glass market is forecast to grow due to the increasing adoption of energy-efficient glass. One such innovation is Low-E glass, which is quickly being used by many end-use industries like the building and construction industry. Low-E glass is being offered by many market leaders. Sisecam Group, for example, offers Sisecam Low E Glass. This flat glass is energy efficient and helps to control heat. It also protects against Ultraviolet radiation by 68% and reduces condensation. The company's glass is used in small and medium-sized commercial buildings as well as residential projects.

Based on the type of glass used, the tempered, laminated, and annealed segment was the most valuable segment in 2021 at 62.5%. It was followed by coated, mirror, and other segments.

The nationwide lockdown meant that both the construction and automotive industries were restricted from operating during the COVID-19 pandemic. This negatively affected the Flat Glass Market's growth.

Recent Developments

In June 2021, South Korea-based flat glass producer KCC Glass Corporation started construction of a new float glass plant in Central Java, Indonesia worth US$ 350 million site. The new glass plant is expected to be operational by 2024.

In May 2022, Compagnie de Saint-Gobain S.A., a France-based multinational corporation manufacturing glasses and other construction materials, announced that the company achieved zero carbon production of flat glass by using recycled materials and green energy. This initiative is expected to support the company’s strategy to target carbon neutrality by 2050.

In April 2021, AGC Inc., a Japan-based manufacturer of glass, chemicals, and high-tech materials developed the Smart Inventory System. It is being deployed at the Kansai Plant, Takasago Factory, and Amagasaki Factory for the automated management of raw materials. It is expected to reduce annual labor hours by 1,000 hours. Glass plants require procurement planning, inventory checks, ordering, and other manual tasks which are time-consuming.

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