Flat Glass Market

Global Flat Glass Industry Outlook (2022-2032)

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	AGC Inc. Central Glass Ltd. Cevital Group China Glass Holding Ltd. Euroglas Fuyao Glass Industry Group Co. Ltd. Guardian Industries Nippon Sheet Glass Co. Ltd. Saint-Gobain iEcam Group

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.

Demand Analysis of Flat Glass 2015-2021 vs. Market Outlook 2022-2032

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.

What are the specific drivers of the Flat Glass Market?

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.

Country-wise-Analysis

How will the market emerge in the APAC region during the forecast period?

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.

What will be the market scope in the North American region?

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.

Category-wise Insights

What can be expected from the insulated product segment during the forecast period?

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.

Which market will yield the highest revenue share during 2022- 2032?

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.

Competitive Landscape

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.

• Guardian Glass opened its second float glass facility in Poland in September 2020. With the opening of the new facility, the architect and construction markets will have easier access to high-performance products.
• In October 2020, AGC Inc. decided to integrate the Architectural Glass Business in Japan with Central Glass Co. by the fourth quarter of the fiscal year ending December 31, 2021.

Report Scope

Attributes	Details
Forecast Period	2022- 2032
Historical Data Available For	2015- 2021
Key countries covered	U.S Canada Brazil Mexico Germany U.K France Italy BENELUX Nordics China Japan South Korea GCC South Africa Turkey
Key Segments Covered	Product Application Region

Key Segments Covered in the Flat Glass Industry Survey

• By Product

  • Insulated Flat Glass
  • Laminated Flat Glass
  • Tempered Flat Glass
  • Basic Flat Glass
  • Other Flat Glass Products

• By Application

  • Automotive Flat Glass
  • Architectural Flat Glass
  • Other Flat Glass Applications

• By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa