The global flat glass market size is expected to reach USD 124.14 billion by 2022, according to a new report by Grand View Research, Inc., posting a CAGR of 7.1% during the forecast period. Robust growth of the building and construction sector in developing countries is expected to be a key factor propelling the market.
Glass is increasingly being used in construction applications. Tempered glass, in particular, is being employed in roofing applications as well as in the manufacturing of glass windows. In developing countries, tempered glass is replacing standard glass in roofing applications on account of its high strength properties.
Furthermore, numerous car manufacturers employ tempered glass in the production of windows for automobiles. Its increasing adoption can be attributed to its tendency of not breaking into small parts as opposed to standard glass, which leaves back sharp pieces on breakage, which could lead to serious human injuries and possible life threats.
The commencement of 12th Five Year Plan of Civil Aviation Administration of China (CAAC) resulted in the construction of 56 new airports and expansion of 16 airports, thereby boosting the construction sector in the country. China’s sustained demand for industrial, residential, and infrastructural expansion has generated substantial demand for flat glasses.
Strong economic growth coupled with the removal of barriers to foreign investment in India is expected to spur construction demand over the coming years. Vietnam and the Philippines are also becoming increasingly attractive markets owing to rising population, rapid urbanization, and strong economic growth.
Soda ash and silica sand are the key raw materials used in the manufacturing of flat glass. Natural gas is a dominant fuel used in glass production. Turbulence in price and availability of natural gas is a major factor deterring the growth of the market.
Further Key Findings From the Report Suggest:
- The global flat glass market is anticipated to reach 112,445.0 kilotons by 2022, at a CAGR of 6.4% from 2015 to 2022
- In terms of revenue, laminated glass segment is projected to register a CAGR of 7.7% over the forecast period
- Construction application dominated the market with a share of over 79.0% in 2014
- The North America flat glass market is anticipated to exceed 23,725.9 kilotons by 2022
- Europe is projected to witness a remarkable CAGR of 5.9% over the forecast period, owing to increasing demand for construction activities in the region
- Asian countries, especially India and China, are expected to observe remarkable growth over the forecast period
- The market is partially consolidated and competitive in nature, with the presence of global multinational players
- Some of the key companies present in the market are Guardian Industries, AJJ Ltd., Cardinal, Independent Co. Ltd., OldCastle, NSG Group, Saint Gobain, AGC, and PPG Industries.