The global flat glass market is anticipated to grow at an average CAGR of 5.2% from 2022 to 2032, reaching a value of US$ 8.8 billion by that time. The target market will grow from a value of US$ 5 Bn in 2021 to an anticipated US$ 5.3 Bn in 2022. The market for flat glass is expanding as a result of increased demand for building components that are long-lasting, inexpensive, and energy-efficient. During the projected period, a rising change in consumer preference for glass in interior and exterior building structures for aesthetic value will further support the target market’s expansion.
The primary development engine for the flat glass market is the quickly developing building industry. The market for flat glass is expanding as a result of rising spending on infrastructure projects and the construction of environmentally friendly green buildings, both of which are projected to help reduce carbon emissions into the atmosphere.
Flat glass sales will probably increase internationally due to the growing need for renewable energy around the world. This is true because solar panels, e-glass buildings, and photovoltaic modules all frequently use flat glass. Thus, as the demand for renewable energy increases, so does that for flat glass. Traditional materials like bricks, stone, and wood are being increasingly replaced by this substance. Insulated flat glass is furthermore transparent and recyclable, enhancing both environmental protection and occupant comfort.
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Another factor that propels the market growth is the booming automobile industry. Tempered glass is increasingly utilized by automotive manufacturers owing to its shatterproof properties, which can help avoid severe injuries and potential life threats in the course of an accident. Other aspects, like the application of nanotechnology to make lightweight glazing glass and solar control panels, along with growing urbanization and increasing disposable incomes, are fueling to the flat glass market during the forecast period.
“A surge in infrastructure spending on the development of green and eco-friendly buildings will supplement the global growth of the flat glass market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Expanding construction and infrastructure sector drives the market growth.
- Fluctuating raw material prices may hamper the market growth.
- Expanding residential construction sector will propel the target market in the United States.
- The Asia Pacific region is expected to dominate the target market during 2022-2032.
- Infrastructural development in the Asia Pacific region will fuel the flat glass market.
Competitive Landscape
Asahi Glass, Nippon Sheet Glass, Guardian Industries, and Saint-Gobain among others are some of the major players in the flat glass market profiled in the full version of the report.
Key market players are focusing on forming strategic alliances to amplify their market share. These enterprises are employing tactics like partnerships and collaborations to strengthen their market positions.
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More Insights into Flat Glass Market Report
In its latest report, FMI offers an unbiased analysis of the global flat glass market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of glass type (toughened flat glass, laminated flat glass, coated flat glass, extra clear flat glass, mirrored flat glass, patterned flat glass, annealed flat glass), application (flat glass for silicones, flat glass for agriculture chemicals, flat glass for pharmaceuticals, flat glass for chemical intermediates, flat glass for personal care, flat glass for other applications), and region.
According to the latest FMI reports, based on region, the Asia Pacific will offer signification growth opportunities to the flat glass market during 2022-2032. This region is anticipated to account for a major share of the global flat glass market owing to the fact that a vast share of flat glass consumption comes from ASEAN countries, China, Japan, and many others. Infrastructural growth in this region will also foster growth for the target market during this period of observation.
In North America, the flat glass market will expand at a high growth rate due to the rising construction of privately owned housing in the United States. Thus, North America and Asia Pacific are two of the regions likely to offer various lucrative opportunities for the flat glass market during the forecast period.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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