In 2028, the flat glass market will exceed US$300 billion.
According to a new report by Grand View Research, the world flat glass market is expected to reach US$352 billion by 2028, with a compound annual growth rate of 3.6%.
Increasing construction expenditures and the need to improve building energy efficiency will drive market growth. People's increasing preference for natural lighting in buildings and houses has promoted roof and curtain wall facade glass, which is expected to play a critical role in increasing demand for flat glass products in the next few years.
Technical upgrades and product innovations in the application of architectural glass have produced positive benefits for the recent market growth. However, due to the decline in sales revenue of major companies due to the Covid-19 pandemic, the development of the flat glass plate in 2020 has been hampered.
For example, Saint-Gobain's sales fell by approximately 6% from the third quarter of 2019 to the third quarter of 2020. The Covid-19 pandemic has slowed the investment cycle of customers and affected all related activities.
With investments in the solar energy, construction, and automotive industries, the market is expected to recover soon. The growth of the end-use sector has forced product manufacturers to expand their production capacity. For example, in October 2020, Şişecam invested in the production business in Turkey to expand production capacity to meet the growing demand of the domestic market.
The prominent players in the flat glass market:
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