Glass Manufacturing Market size to exceed $320 billion by 2026
Published Date: February 20, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc, the Glass Manufacturing Market size to exceed USD 320 billion by 2026. Continuous technological advancements in glass manufacturing will enhance the market revenue.
Slew of new construction and improving automotive sales to boost industry growth
Construction activities is experiencing rapid growth and is expected to continue similar trend with increasing housing and renovation activities. Growing urbanization coupled with recovering automotive manufacturing in emerging economies such as China and India will positively influence the industry growth. According to OICA, in 2018, the automotive production grew by over 5% as compared to 2017. The resurgence in automotive industry and rising aftermarket activities will induce significant growth potential in glass manufacturing marketplace.
Browse key industry insights spread across 233 pages with 176 market data tables & 40 figures & charts from the report, “Glass Manufacturing Market Size By Product (Flat Glass, Container Glass, Fiber Glass, Specialty Glass), By Sector (Packaging, Automotive & Transportation, Construction, Telecommunication, Electronics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Aerospace industry to drive fiber glass demand
Fiber glass manufacturing market share will witness over 3% CAGR over the study timeframe with its utilization in aerospace industry for superior weight to strength ratio. Industry participants are increasing their production capability to meet consumer demand. In October 2017, Nippon Electric Glass announced the expansion of fiberglass production facility. The company aims to capitalize on growing regional demand for fiber glass in North America and Europe through subsequently investing USD 27 million and USD 63 million in the U.S. and Netherlands facilities respectively.
Rising adoption of smartphones to give impetus to telecommunication segment
Glass manufacturing market size for telecommunication will witness significant growth with the increasing ownership of smartphones. Increasing average screen sizes in smartphones coupled with improvement in reliance and durability of smartphone glass has drastically increased the glass product demand. Apart from smartphone screens, the products find application in manufacturing fiber optic cables and lenses for cameras.
Construction segment is poised to grow substantially owing to increasing infrastructure investments from APAC and MEA region. The rise in the number of development projects in residential and commercial spaces are driving the glass manufacturing market segment. Lower cost of construction in regions such as China and India have attracted many major players to set up manufacturing facilities. For instance, in April 2018, Saint Gobain announced production capacity expansion of its basic glass products in China through acquisition of 50% stake in local manufacturer, JJG group.
Increasing domestic consumption to enhance growth in Asia Pacific
In 2018, Asia Pacific held over 40% share in glass manufacturing market owing to high consumption of glass in thriving end-use industries including electronics and telecommunication. According to China Ministry of Industry and Information Technology, countries including China and Taiwan account for majority of electronics production, consumption, and exports globally with a share accounting 90%, 90%, and 70% for phones, computers, and televisions respectively. Low production cost and favorable trade policies have enabled manufacturers to shift their manufacturing to the Asian countries for profit maximization.
Industry participants are engaged in partnerships and maximizing business growth avenues
The glass manufacturing industry participants are actively expanding avenues to explore their business operations in glass manufacturing and realizing the potential growth in terms of share and profit. Small and large-scale manufacturers are resorting to expansion activities through expanding their production facility. For instance, in May 2018, Corning announced inauguration of the world’s largest LCD glass substrate facility in China.
Explore More on Related Topics: