The global flat glass market size was valued at USD 256.12 billion in 2020 and projected to hit around US$ 347 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2030.
|Market Size||US$ 347 billion by 2030|
|Growth Rate||CAGR of 4.1% from 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||By Product, Application, and Region|
|Regional Scope||North America, APAC, Europe, Latin America, MEAN, Rest of the World|
|Companies Mentioned||Central Glass Ltd, AGC Inc, Cevital Group, Euroglas, China Glass Holding Ltd, Fuyao Glass Industry Group Co., Ltd, Xinyi Glass Holdings, Nippon Sheet Glass Co., Ltd, Guardian Industries, Şişecam Group, Saint-Gobain, Vitro|
Rising penetration of solar energy installations along with supportive government regulations are likely to propel the industry value for flat glass during the upcoming years. Solar energy is the fastest growing renewable energy across the globe with countries racing for asserting their dominance in the burgeoning market. As per the statistics revealed by the Global Change Data Lab, the total installed capacity for solar energy across the world in the year 2019 was 580.76 GW and the capacity grew to 707.50 GW by the year 2020. According to the Solar Energy Industries Association (SEIA), solar energy has registered an annual growth rate of 42% in the last decade and the this is anticipated to grow further during the forecast period.
The accelerating growth of solar energy is prominently supported by the growing demand for electricity coupled with reducing cost of solar installations. For instance, average-sized residential system price has fallen from a pre-incentive price of US$ 40,000 in the year 2010 to US$ 20,000 by the year 2020. Hence, the increasing solar energy demand is intent to propel the market for flat glass during the upcoming years.
Apart from drastic rise solar energy installation, rising penetration of glass architecture in non-residential and residential applications in another major factor that drives the growth of flat glass market over the analysis timeframe. Building & construction sector is one of the major end-user sectors in the global flat glass market. This is mainly because of various developments in the architecture segment.
The insulated product captured the majority of market revenue share of approximately half of the total market revenue in the year 2020 and projected to maintain the same trend over the forecast period.
This is mainly attributed to the increasing demand of the insulated product from applications that include storefronts, curtain walls, non-vision locations, overhead glazing, and commercial & operable windows. This growing demand of the insulated product has compelled its manufacturers to increase their production capacity. For instance, in February 2020, Pilkington IGP, announced to expand its manufacturing capacity in Ostroleka, Poland to cater the increasing demand for the product particularly in building and construction industry.
Based on application, architectural segment held the largest revenue share of more than 75% in the year 2020 and the segment estimated register a steady growth over the forthcoming period. This is mainly attributed to the rise in infrastructure developments and increasing construction activities because of rising population as well as rapid urbanization especially in the developing countries.
However, automotive segment witness slow growth in the global flat glass market because of declining sales and production of passenger vehicles across the globe. For instance, the global sale of automobiles witnesses a continuous decline owing to rising trend for shared mobility in order to curb the rate of pollution. Nonetheless, rising demand for electric vehicles along with rising cases of road accidents are likely to propel the market growth in the automotive segment.
Based on geography, the Asia Pacific leads the global flat glass market and accounted for more than 65% of revenue share in the year 2020. This is primarily because of rapid infrastructural development in the developing nations across the Asia Pacific.
Asian Development Bank has quoted that the Asia Pacific region needs to invest US$ 1.7 trillion per year on its infrastructure till 2030 in order to retain its growth momentum. In terms of sectors, power sector accounted for nearly 56% of the total infrastructure investment, transport 32%, water & sanitation 3%, and telecommunications accounted for 9%. Among all Asian nations, Southeast Asia is the most emerging region because of rapid development in the manufacturing, automotive, construction, and various other industries.
Key Companies & Market Share Insights
The global flat glass market is highly fragmented owing to the presence of several large players. All the international market players are largely focused to adopt supportive measures to regain their market position after the disruption from the outbreak of corona virus in the start of the year 2020. The new strategies adopted by the industry participants include merger & acquisition, new product development, partnership, regional expansion, and manufacturing capacity expansion. For instance, in February 2021, JinkoSolar Holding Co., Ltd., a leading manufacturer of solar modules announced that it has signed a contract for solar glass procurement with Flat Glass Group Co. Ltd. and secured nearly 338 million square meters of rolled glass in order to support the production of 59GW for three years from 2021 to 2023.
Some of the prominent players in the Flat Glass Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Flat Glass Market report on the basis of product, application, and region:
By Product Type
By Application Type
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