Flat Glass Coatings Market Share & Trends Analysis, By Application (Flat Glass Mirror Coatings, Flat Glass Coatings for Solar Power Generation, Others), By Resin (Polyurethane Flat Glass Coatings, Epoxy Flat Glass Coatings, Others), By Technology & By Region Forecast, 2021-2031

Market Snapshot

According to a recent report on the flat glass coatings by Fact.MR, a market research and competitive intelligence provider, demand is set to accelerate at an impressive 15% CAGR over the tenure 2021 to 2031, following massive demand from the construction industry. As per the study, the flat glass coatings market is set to expand 4x and be valued at US$ 4 Bn by the end of 2031.

Revenue from Flat Glass Coatings Industry from 2016 to 2020 Compared to Demand Outlook from 2021 to 2031

In recent years, comprehensive sales of flat glass coatings reached expanded at an impressive 12% CAGR. Owing to its extensive application in building construction-both in commercial and residential sectors, the market exhibited tremendous growth potential and expanded at an annual rate of 14% between 2016 and 2020.

Prospects nosedived significantly during the coronavirus pandemic, attributed to cessation of industrial manufacturing operations in the wake of stringent lockdowns. American coatings manufacturer PPG Industries, for instance, reported a decline of approximately 7% compared to 2019 (US$ 3.4 billion) in Q1 2020. Other manufacturers noted a similar downswing. However, prospects eventually rebounded from Q4 2020, as restriction began to ease. 

Huge investments by prominent manufacturers and rapid advancements in infrastructure development with regard to architecture, automotive and energy generation have largely sustained this growth. Prospects took a significant dip during the pandemic crisis, as global infrastructure projects took a temporary backseat. However, future prospects appear bright, with an anticipated CAGR of over 15% from 2021 to 2031.

How is Rising Demand for Durable Material Spurring Flat Glass Coatings Sales?

Durability remains a prime driver of exterior coating purchases in all market segments where coatings are exposed to severe conditions, including wood decks, all types of siding, industrial metals that are more susceptible to damage in harsh environments, and many others. Further, incorporation of flat glass coating in the manufacturing of photovoltaic cells and other solar equipment fosters flat glass coatings market demand.

The advancements in the amount of ordinances on confining plastic content is also projected to hinder the flat glass coatings market in the forecast period. Despite this, progress in analysis projects to inflate the fine content of polyurethane by employing solvent-based coatings is assumed to implement profitable opportunities to entrepreneurs shortly. Rapid urbanization and population expansion in emerging countries like India & China is spiking the global demand for flat glass coating in housing industry.

Will Sustainability Concerns Influence Future Demand for Flat Glass Coatings?

As the world becomes increasingly conscious about the perils of relying on conventional energy sources, efforts are underway to transition towards more eco-friendly alternatives, providing stimulus to international efforts to promote sustainable consumption & production.

A major application area for flat glass coatings is expected to be across solar power generation. Worldwide, countries such as China, the U.S, Japan and South Korea are investing in the production of solar energy infrastructure such as photovoltaic cells and panels, which extensively utilize flat glass coatings for efficient energy flow.

How is Rapid Infrastructure Development Heightening Flat Glass Coating Demand?

Large-scale urbanization in the wake of a rapidly expanding population has boded well for the global infrastructure sector. As per Oxford Economics, global infrastructure investment is likely to reach US$ 94 trillion by 2040, representing a 19% surge compared to current levels.

Majority of this expansion is likely to be driven by increased spending on housing projects, which is expected to significantly widen prospects for flat glass coatings. This is because residents will spend on various interior architectural accessories such as mirrors and glass coverings.

Country-wise Analysis:

Why is the U.S an Attractive Market for Flat Glass Coatings?

Owing to a burgeoning construction sector, the U.S is projected to witness augmented sales of flat glass coatings throughout the forecast period. Under the National Infrastructural Plan of Mexico, the government planned an approximate investment of US$ 650 Bn from 2018 to 2020. This is anticipated to promote construction for residential and commercial structures. Population growth, urbanization, and rising disposable income in Mexico are expected to play important regional growth drivers.

Sales of flat glass coatings across the U.S. were estimated to be valued at over US$ 4 Bn in 2020. Snowballing demand for sustainable construction material and rising awareness about green initiatives is pivoting sales across the region. Fact.MR projects a revenue share worth 40% until 2031.

Flat glass coatings are expected to surge in demand majorly for mounting on solar panels. As per SAUR Energy International, solar power generation has inclined massively in previous years, comprising 26% Y-o-Y increase in 2020, producing just under 91 Bn KwH of solar thermal and photovoltaic power.

How is China Capturing a Lucrative Share in the Flat Glass Coatings Landscape?

Based on market contribution, flat glass coatings accounted for nearly 55.3% share in 2020 across China. Demand is estimated to record stellar growth, with an anticipated CAGR of over 20% through 2031. According to Fact.MR, a valuation of approximately US$ 1 Bn is predicted for the Chinese market.

As per the IEA Renewables 2020 report, China by far comprises of the world’s largest installed solar energy fleet, measured at 205 GW in 2019. That same year, power generation from solar energy totalled 223.6 terawatt hours in the country. Hence, uptake across solar power generation is the maximum. Additionally, uptake across the automotive sector is equally high.

According to the International Trade Association, China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025. Therefore, the upsurged demand for automobiles will foster demand for flat glass coatings in upcoming future.

Category-wise insights:

Why are Acrylic Flat Glass Coatings Surging in Demand?

By resin, acrylic flat glass coatings are expected to surge at a record CAGR of over 15% until 2031, having accounted for a market share of nearly 40% as of 2020. Bio-based acrylic resins are the most widely used due to high demand for eco-friendly products.

Acrylic resin is synthesized by acrylate or methacrylate as the main monomers and exhibits strong light, heat, and chemical stability. Therefore, the coating prepared by acrylic resin has excellent low cost, weather resistance, pollution resistance, as well as acid and alkali resistance. 

Will Flat Glass Mirror Coatings Capture Bulk of Global Demand?

Based on the application, flat glass mirror coatings are anticipated to generate bulk of the total revenue, generating more than 2/5th sales as of 2020. Extensive application of mirrors across prominent industries, including automotive, personal care and architecture are stimulating demand.

Applications are also heightening amid adoption of smart mirrors over the forecast period. These act as effective substitutes for rear mirrors in automobile applications by offering integrated GPS navigation and other features. However, the industry nowadays offers glass with customised technical data for every application possible.

Which is the Most Emergent Flat Glass Coatings Technology?

In terms of technology, water-based flat glass coatings are likely to tower over others, capturing a revenue share exceeding 50% as of 2020. These coatings offer high resistance to temperature changes and impact resistance and provide better adhesion. Adoption of water based flat glass coating in adhesive manufacturing will positively influence the market growth during the forecast period.

Waterborne paints and coatings also contain pigments, rheology modifiers, wetting agents, dispersants, surfactants, biocides, and defoamers. In a finished waterborne paint, use of surfactants and dispersants to incorporate the pigments can remain in the dry film which may lead to some adverse effects. In recent years, high-performance paints and coatings are attracting attention from end users and researchers in nanotechnology.

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their base.

• In December 2020, Plastics manufacturer Trinseo acquired specialty chemicals company Arkema S.A‘s polymethyl methacrylates and activated methyl methacrylates (PMMA) businesses for an estimated $1.36 billion (€1.137 billion). This acquisition became a catalyst for portfolio transformation toward becoming a higher margin, less cyclical solutions provider for Trinseo.
• In August 2021, Apogee Enterprises Inc. made an announcement to close the Viracon facility in Statesboro, GA to focus the architectural glass segment on emphasizing premium, high-performance products. Work currently performed in Statesboro will be transitioned to the facility in Owatonna, Minnesota

Report Scope:

Key Segments Covered

• Application

  • Flat Glass Mirror Coatings
  • Flat Glass Coatings for Solar Power Generation
  • Flat Glass Coatings for Architectural Applications
  • Flat Glass Coatings for Automotive Applications
  • Flat Glass Coatings for Other Applications

• Resin

  • Polyurethane Flat Glass Coatings
  • Epoxy Flat Glass Coatings
  • Acrylic Flat Glass Coatings
  • Other Resin Flat Glass Coatings

• Technology

  • Solvent-based Flat Glass Coatings
  • Water-based Flat Glass Coatings
  • Nano Flat Glass Coatings