Flat Glass Market size proceeds to growth with CAGR of 9.12% through 2026
Flat glass market growth is estimated to grow at a CAGR of 9.12% over the forecast period 2020-2026, driven by rise in demand for fabricated flat glass products such as solar glass panels and electronic displays.
Moreover, growing acceptance of clean energy coupled with declining costs of solar panels worldwide are projected to boost the solar market and hence contributes to the global flat glass industry growth in coming years.
Various types of flat glasses are increasingly penetrating market growth including tempered, insulated, laminated and others and are in demand across construction, automotive and other leading sectors. Tempered flat glass is witnessing strong growth over the past few years owing to wide adoption in construction sector for roofing applications.
In emerging countries such China and India, the flat glass is replacing standard glass on account of its high strength properties in roofing applications.
However, the flat glass market growth is projected to hamper in coming years due to high initial investment coupled with rise in prices of raw materials and energy costs. In addition, lack of efficient logistics management will also have a negative impact on the flat glass market value.
Construction sector is the major contributor to the flat glass market
The increase in construction and building activities is strongly influencing the flat glass market. According to Global Data statistics, construction industry is estimated to grow by an average of 3.6% per year through 2022.
Construction activities are estimated to enhance the demand for flat glass products in forthcoming years with different standards of flat glass emerging in the market growth application such as roofing, building and others.
APAC emerges with China & India as strong market share holders
Asia Pacific flat glass market size is in leading position owing to rapid urbanization and presence of China, Japan and other countries, where the construction sector have strong growth. Moreover, the market growth is expected to increase in near future as the international players are shifting their manufacturing base to Asia Pacific to avail benefits of cheap skilled labors.
M&A activities and product innovation supports long term market opportunity
The shifts in the product standards such as non-fragile and lightweight nature are stimulating the flat glass OEMs to incorporate advance technological innovative methods for production of high quality flat glass. Therefore, the major companies are undertaking strategic acquisitions with technology companies to expand their product capacities and improve sales.
For instance, in June 2018 AGC, and Kinestral Technologies jointly established two joint venture companies, Halio International (HINT) and Halio North America (HNA) to sell Halio smart-tinting glass for the building industry.
10 companies contributing towards major market share include AGC Inc., Cardinal Glass Industries, Inc, Euroglass S.p.A., Guardian Glass, Nippon Sheet Glass Co., Ltd, PPG Industries, Inc., Phoenicia, Sisecam Group, SCHOTT AG, and Saint-Gobain.