Automobiles News

Rising Solar Energy Installations and Growing Demand from the Automobile Industry to Boost Growth


DUBLIN, Jan. 21, 2023 /PRNewswire/ — The “Global Flat Glass Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Technology, End-user and Region” report has been added to  ResearchAndMarkets.com’s offering.

Research and Markets Logo

Global Flat Glass Market is expected to grow at 6% CAGR over the next six years (2022-2028) owing penetration of glass architecture in the residential and non-residential construction industry.

Furthermore, increasing solar energy installations across the globe and growing demand from the automobile industry is expected to boost the market growth. The market size is estimated to be ~US$ 110 Bn in 2022. It is further found in the publisher’s study that the market size is expected to reach ~US$ 160 Bn by 2028.

The rising installation of solar panels across the globe is expected to propel the growth of the Global Flat Glass Market. The growing expenditure on the construction industry is further expected to accelerate the growth of the market.

Growth in construction and infrastructure development is directly related to the demand for flat glass, which tends to drive market growth. Recent trends show that the architecture of buildings is changing rapidly, such as the use of flat glass in facades and roofs to optimize natural light. Construction of eco-friendly green buildings, which aid in minimizing carbon emissions into the environment, is also driving the flat glass market growth.

An increase in the cost of raw materials is a major challenge faced by the Flat Glass Market.

The prices of sand, soda ash, and limestone, which are the main raw materials used in the production of glass, have been rising in recent years. This has put pressure on glass manufacturers to increase their prices which in turn affects the end-user industries.

Due to the COVID-19 outbreak, most of the manufacturing plants were closed and automotive production got severely affected. Supply chains around the world had been disrupted. Economic instability prompted both public and private sector developers to pause their projects, which led to the decline of the construction industry.

However, in the medium term, increasing demand for electronic displays, and increasing demand for home appliances such as TVs, smartphones, tablets, laptops, wearables, and other devices boosted the growth of the Flat Glass Market.

Key Trends by Market Segment

By Product Type: The insulated segment dominated the Global Flat Glass Market by product type in 2021 and is expected to continue being the dominant segment during the forecast period

Insulated flat glass is expected to grow as a result of rising demand from residential and non-residential establishments. Products like curtain walls, storefronts, overhead glazing, non-vision locations, and commercial and operable windows are made from insulated flat glasses. Also, this type of glass is used in the manufacturing of photovoltaic modules

By Technology: The float segment is the highest revenue-generating in the Global Flat Glass Market by technology in 2021.

Float glass is manufactured on a floating line where a molten ribbon of glass is made by floating the liquid glass mixture over a bed of molten tin. As it floats over the tin, it is called float glass. The float glass segment requires simple processing. Moreover, the production of float glass can be done on a large scale without compromising on its quality.

By End-user: The construction & infrastructure segment held the largest market share in the Global Flat Glass Market by end-user in 2021 and is expected to continue being the dominant segment during the forecast period.

Due to rapid urbanization and a growing population, construction activities and infrastructural developments are increasing rapidly around the globe. Preference for look & appeal in interiors has augmented the demand for luxury construction which requires usage of glass products in buildings. The use of glass reduces the time taken to construct a structure.

By Region: Asia Pacific accounted for the largest market share in 2021 among all regions within the Global Flat Glass Market and is expected to be the dominant region during the forecast period owing to the expansion of the housing construction market in developing countries.

Asia Pacific regional market is anticipated to grow as infrastructure development in the developing countries of the region is expected to boost the market growth over the forecast period. In residential and non-residential establishments, the use of flat glass is very high.

Southeast Asia is also one of the emerging sub-regional markets, with countries such as China and Japan investing heavily in the region. Various automobile manufacturers and consumer electronics manufacturing plants are concentrated in the Asia Pacific region. Consumer electronics devices such as mobile phones, laptops, computers, TV, etc. requires flat glass for its screen.

Competitive Landscape

The Global Flat Glass Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players.

The leading global companies such as AGC Inc., Guardian Industries, and Nippon Sheet Glass Co. Ltd. highly focus on new product launches and expansion of production to increase their market presence.

Recent Developments Related to Major Players

In September 2020, Guardian Industries inaugurated its second float glass facility in Poland for the production of a technologically advanced new glass coater. The new facility aims at catering to the growing demand for high-performance products in the architectural and construction markets.

In June 2021, Nippon Sheet Glass Co. Ltd. launched its antibacterial and antiviral-coated glass; NSG Purity. These glasses come with antiviral and antibacterial coating and also kill 99.9% of viruses and bacteria and do not allow bacteria to enter homes.

In April 2021, AGC Inc. developed the Smart Inventory System for the automated management of raw materials. The system was fully deployed at its Kansai Plant, Takasago Factory, and Amagasaki Factory. This initiative is expected to promote the handing down of technology & skill among workers and to reduce annual labor hours by 1,000 hours.

Conclusion

The Global Flat Glass Market is forecasted to continue moderate growth, which is primarily driven by increasing glass architecture in the residential and non-residential construction industry. Furthermore, rising solar energy installations across the globe and growing demand from the automobile industry are expected to boost the market growth.

Key Topics Covered in the Report

  • Snapshot of the Global Flat Glass Market

  • Industry Value Chain and Ecosystem Analysis of the Flat Glass Market

  • Market size and Segmentation of the Global Flat Glass Market

  • Historic Growth of the Overall Global Flat Glass Market and Segments

  • Competition Scenario of the Market and Key Developments of Competitors

  • Porter’s 5 Forces Analysis of the Global Flat Glass Industry

  • Overview, Product Offerings, and Developments of Key Competitors

  • COVID-19 Impact on Overall Global Flat Glass Market

  • Future Market Forecast and Growth Rates of the Total Global Flat Glass Market and By Segments

  • Market Size of Application/End-user Segments with Historical CAGR and Future Forecasts

  • Analysis of the Flat Glass Market in Major Regions

  • Major Production/Supply and Consumption/Demand Hubs in Each Major Region

  • Major Region-wise Historic and Future Market Growth Rates of the Total Market and Segments

  • Overview of Notable Emerging Competitor Companies within Each Major Region

Major Players Mentioned in the report

  • AGC Inc

  • Guardian Industries

  • Nippon Sheet Glass Co. Ltd

  • Pilkington Group Limited

  • Vitro S.A.B. de C.V

  • CSG Holding Co. Ltd

  • Taiwan Glass Ind. Corp

  • Turkiye Sise ve Cam Fabrikalari AS

  • Tomakk Glass Partners

  • Flat Glass Group Co. Ltd

  • Compagnie de Saint-Gobain S.A

  • Fuyao Glass America Inc

  • INOVUES, Inc.

  • PyroCore Limited.

  • Gold Plus Float Glass

  • Arabian United Float Glass Company

  • Glass Partners

Scope of the Report

Time Period Captured in the Report

By Product Type

  • Basic

  • Tempered

  • Laminated

  • Insulated

  • Others

By Technology

By End-user

By Region

  • North America

  • USA

  • Canada

  • Mexico

  • Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

  • Rest of Europe

  • Asia Pacific

  • China

  • India

  • Japan

  • Taiwan

  • Indonesia

  • Rest of Asia Pacific

  • LAMEA

  • Latin America

  • Middle East

  • Africa

For more information about this report visit https://www.researchandmarkets.com/r/ugte7b

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo – https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

Cision

Cision

View original content:https://www.prnewswire.com/news-releases/global-flat-glass-market-analysis-report-2022-2028-rising-solar-energy-installations-and-growing-demand-from-the-automobile-industry-to-boost-growth-301726870.html

SOURCE Research and Markets



Source link