According to a new research report by Global Market Insights Inc., the Flat Glass Market size is set to surpass USD 180 billion by 2027.
Flat glass is used to manufacture backlights, windscreens, windows, sunroofs, and other auto parts for cars, ships, and buses. Flat glass used in automotive and transportation applications are specifically designed to withstand chemical reinforcement and thermal tempering.
Rising environmental concerns regarding waste management along with recyclability of glass promoting its use in automotive sector. For instance, demand of insulated glass is increasing in luxury car windows, roof tops and backlights for proper insulation and aesthetic appearance. Significant growth of concrete luxury cars in vehicles, the changing consumer preference from sedans to SUVs or electric luxury cars, and the increase in consumer disposable income is increasing the demand of luxury cars around the world. Supportive regulations led by REACH and EU commission and quality standards defined by ASTM may boost the flat glass market value during the assessment period.
Increasing consumer spending in reconstruction and renovation activities to propel tempered glass market growth
The tempered glass market was valued at over USD 32 billion in 2020 and is expected to grow at a CAGR of over 8.5% through 2027 owing to the growing consumer spending on reconstruction and renovation activities along with the government initiatives of developing public infrastructure. According to the Global Construction Perspectives and Oxford Economics, the global construction market to is expected to grow USD8 trillion by 2030 and the growth is primarily driven by rapid expansion of construction industry in China, US, and India.
Tempered glass or toughened glass poses high strength withstanding capacity and high thermal resistance thus majorly used in building and construction applications. Tempered glasses are increasingly used in a construction of staircases, facades, building entrances, doors, bath and shower enclosures, interior partitions, and other parts. Rising demand for innovative interior infrastructure is projected to accelerate the tempered glass market share over the projected timeframe.
Browse key industry insights spread across 700 pages with 1260 market data tables and 35 figures & charts from the report, “Global Flat Glass Market by Product (Laminated, Tempered, Basic Float, Insulating) and Application (Construction [New, Refurbishment, Interior], Automotive [OEM, Aftermarket]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising number of accidents globally along with availability of insurance deals may surge automotive aftermarket demand
The global flat glass market from automotive aftermarket was valued over USD 2 billion in 2020 and is expected to grow at a CAGR of around 8% over the review period. Automotive aftermarket glass manufacturers offer wide range of windshield, backlite, sidelite, and other replacement parts made from glass to the customer.
Growing disposable income has resulted into the urge of owning a personal vehicle like a car mainly among the middle-class population. However, factors, such as rising fuel prices, high cost, depreciation and others have led to growth of vehicle leasing and car rental services. Thus, the rising trend of leasing, sharing and mobility services is expected to invigorate the global automotive aftermarket glass market.
According to Centers for Disease Control and Prevention (CDC) almost 1.35 million people are killed on roadways each year and nearly 3,700 people are killed in crashes involving cars, buses, and other vehicles every day around the world. The rising number of road accidents along with availability of insurance deals surge into growing demand of automotive aftermarket glass from repair services which further propel the segment growth.
Favorable regulatory scenario and increasing efforts by manufacturers to develop high quality and cost-effective products to boost North America market growth
The flat glass market in North America was valued at over USD 9.5 billion in 2020 and is expected to grow at a CAGR of over 7.5% between 2021 and 2027 due to the favorable regulatory scenario such as the quality requirements of flat, transparent, clear, and tinted glass specified by ASTM C1036-16, improving product quality, enhance health and safety, strengthen market access and trade.
The growing number of commercial and office buildings, as well as the changing preference of builders to glassware for superior aesthetics and increasing natural disasters such as hurricanes and tornadoes in the region can have a positive impact on the flat glass market. It supports government regulations and initiatives related to carbon emissions and promotes the use of glass as a recyclable and environmentally friendly building material. Increased refurbishment and new construction activities should boost product demand in the region.
Moreover, the presence of global market players such as PPG Industries Inc., Guardian Industries, AGC, Cardinal Glass industries offering wide range of products and increasing efforts to develop high quality and cost-effective products used in various application is expected to boost the sales in the region. Extensive R&D and technological collaborations of leading market players with other companies along with the adoption of technologically advanced manufacturing methods will further foster the flat glass market growth in the region over the forecast timeframe.
The prominent players operating in the flat glass industry are also focusing on adopting various business strategies such as mergers & acquisition, production facility expansion to gain competitive edge in the global market and investment in R&D activities to develop innovative products. Asahi Glass, PPG Industries Inc., Guardian Group, Saint-Gobain Glass, NSG Group, Cardinal Glass Industries are some of the major players in the market.