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I AgreeAnalysis of Flat Glass market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global flat glass market was valued at US$ 274 Bn in 2021, and is expected to gain a significant position in the market with a steady CAGR rate of 4.5% during the forecast period, 2022- 2032. With this rate, this industry is projected to reach a market size of worth US$ 445 Bn by 2032.
Report Attributes |
Details |
Market Value for 2021 |
US$ 274 Bn |
Expected Market Size in 2022 |
US$ 286.33 Bn |
Projected Market Valued in 2032 |
US$ 445 Bn |
Growth Rate (2022-2032) |
4.5% CAGR |
Market Share of APAC during 2022 |
62% |
Revenue Share of insulated product segment |
45% |
Key Companies Profiled |
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By the end of 2022, this market is poised at achieving a global market valuation of US$ 286.33 Bn. With the growing number of solar energy installations across the globe and the increased penetration of glass architecture in residential and non-residential constructions, the market is expected to grow over the forecast period.
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Demand for flat glass increased significantly between 2015 and 2021, inclining at approximately 4% CAGR. Growth is attributed to an expansion of the solar energy market amid rising environmental concerns, cost reductions for solar installations, advancements in technology, and the growing demand for electricity. Solar cells especially make extensive usage of flat glass in various forms.
The global economy was hampered in 2020 by the COVID-19 pandemic, inducing mandatory shutdowns of manufacturing operations and strict norms requiring companies to run at minimum capacities, disrupting the supply-demand chain. As a result of the pandemic, various glass manufacturers experienced decreased sales. As an example, Fuyao Glass Industry Group Co.'s U.S. subsidiary reported a net loss of US$ 13.4 Mn in the first half of 2020.
Demand for flat glass is directly linked to the growth of construction and infrastructure development. In recent years, building architecture has undergone rapid change, with flat glass used in roofs and facades to maximize natural daylight. These architectural enhancements along with various electronic innovations will increase the demand for the flat glass during the forecast period on a global scale. At the end of 2022, the insulated products segment is expected to hold more than 45% market share.
Construction and building industry will bolster the growth
Among the major end-user sectors is the building & construction industry. In 2021, the global flat glass market for new construction application systems was valued around US$ 40 Bn. It is predicted to grow to over US$ 85 Bn by 2032. The material is used in the construction of windows, doors, solar cells, cabinet locks, tabletops, furniture, and walls. A rise in the standard of living and increased investments in the construction sector have led to an increase in residential and non-residential construction projects.
Industrialization and urbanization are accelerating rapidly, especially in China, India, Brazil and the United Arab Emirates. Government regulations on energy efficiency and smart glass technology are also likely to create revenue opportunities for the flat glass industry.
Increasing disposable income to accelerate Market Growth
The trend of people is slowly shifting towards innovative preferences for decorating their homes and workplaces. Flat glass, along with various kinds of benefits, is being used in different domains meant for decorating and uplifting the decor of the houses and offices.
Various advantages are provided by the product used in these applications, including light transmission, absorption, and refraction; weather resistance; corrosion resistance; dust resistance; better insulation; various color options; and the ability to be drawn in any shape. The population is adopting these trends especially because of their rising incomes and better lifestyles.
A growing preference for look & appeal in interiors along with rising disposable incomes are expected to drive demand for luxury construction, which is expected to benefit the market. As an example, Greystar Real Estate Partners, LLC joined forces with CPP Investments and Cyrela in September 2021 to develop the Brazilian Multifamily Property Sector in So Paulo.
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The Asia Pacific region has been the market's biggest contributor and is projected to account for more than 62% of the global revenue in 2022. Over the forecast period, infrastructure developments in developing economies of the region and the expanding housing construction market in developing countries, such as India, are expected to propel market growth.
Several countries, including China and Japan, have started investing in Southeast Asia, one of the emerging regional markets. For the improvement of Southeast Asia's infrastructure, Japan has financed around USD 230 billion worth of projects while China has invested around USD 155 billion, as reported by OECD.
During the first half of 2020, North America faced a lot of challenges in its construction activities. The U.S. market, however, has seen a moderate recovery in the second half of 2020 due to a spike in residential construction.
For example, as per the U.S. Census Bureau, the number of privately-owned housing units completed in the Southern U.S. increased by 6.7% over the last year. This upward trend is expected to continue in the coming years, which is expected to drive product demand. A CAGR of 5% is expected for the market in North America.
The insulated product segment will hold the largest volume share of over 45% in 2022 and will dominate the global market. Curtain walls, storefronts, overhead glazing, non-vision locations, and commercial and operable windows are among the applications that are likely to drive the industry's growth in the future.
This increased demand has prompted manufacturers to expand their production capacity. Pilkington IGP, for example, expressed interest in expanding its Ostroleka, Poland manufacturing facility in February 2020 to meet the growing need for highly specialized products in the architectural and construction markets.
By 2022, the architectural application segment will hold the largest revenue share of more than 73%. This segment will continue to grow steadily from 2022 to 2032, driven by increased construction activities and infrastructural developments in response to rapid urbanization and population growth worldwide.
The product has a wide range of applications in the automotive industry, including windows, doors, automotive windshields, side panels, and sunroofs. As a result of a decline in global vehicle production, the automotive application segment has seen slow growth over the past couple of years.
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Due to the presence of several major players, the market is highly competitive and fragmented. The companies are taking various strategic initiatives to recover losses resulting from the pandemic and to strengthen their market positions.
Attributes |
Details |
Forecast Period |
2022- 2032 |
Historical Data Available For |
2015- 2021 |
Key countries covered |
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Key Segments Covered |
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The global flat glass market was estimated to gain a global market size worth US$ 274 Bn in 2021.
The flat glass market is likely to acquire a global market share of US$ 286.33 Bn by the end of 2022.
According to Fact.MR, flat glass sales experienced a CAGR of 4% from 2015 to 2021.
During the forecast period, the Flat Glass Market is expected to grow with a 4.5% CAGR and reach US$ 445 Bn by 2032.
The insulated product segment is projected to hold the largest share of revenue at over 4% in 2022.
The APAC market will be leading the market during the forecast period with a 62% global market share.
Fact.MR expects the market for flat glass in North America to grow at a 5% CAGR
The architectural application segment is also expected to gain almost 75% share of the global market.