The flat glass market will reach 202.9 billion US dollars in 2027, with a compound annual growth rate of 7.3%.
According to a new report from Grand View Research, the market size of flat glass in most countries will reach US$202.9 billion by 2027. Based on revenue, the compound annual growth rate is 7.3%. The demand for flat glass continues to increase.
The construction segment accounts for the major share of the 2019 market, and this trend is expected to continue during the forecast period. Flat glass is widely used in the construction industry, such as windows, partitions, and curtain walls. Due to its aesthetic appeal, the products are currently penetrating the exterior walls of commercial buildings on a large scale.
In terms of sales volume, the main flat glass market in the Asia-Pacific region accounted for 62.5% in 2019, and it will maintain its dominant position in the next few years. It is estimated that Southeast Asia, India, and China are the major economies driving future growth in the region.
Due to the booming construction industry in the Asia-Pacific region and the Middle East, the compound annual growth rate of construction revenue from 2020 to 2027 is 7.7%.
The flat glass 1
In terms of revenue, the main market for hollow parts accounted for 30.2% in 2019. Due to the increasing market demand for high-efficiency Low-E and solar thermally insulated flat glass windows, this business is expected to see considerable growth.
Due to the increasing consumer preference for tempered flat glass, the compound annual growth rate of the sales of tempered glass is expected to be 7.2% from 2020 to 2027.
In June 2018, AGC and Ubiquitous Energy announced their strategic development agreement to develop transparent and neutral solar coatings for the manufacture of power-generating windows. AGC provides the company with environmentally friendly flat glass solutions.
The demand for flat glass in most countries is largely driven by the growth of the construction industry. However, since the past few years, solar power has rapidly penetrated all over the world and has played an important role in triggering industry growth.
The Asia-Pacific region has a major position in the 2019 market. In terms of quantity, it has a very large share in the construction industry of most countries, and China is the leader. In addition to China, the construction industries in India, Indonesia and Malaysia are also expected to grow substantially, thereby contributing to market growth in the region.
Except for Asia, the Middle East and Africa are also expected to have considerable growth due to the positive changes in their construction sectors. Saudi Arabia and the UAE are the key countries leading the construction expenditures in the region. Recent trends indicate that the relevant authorities in Saudi Arabia and the UAE are shifting their focus from the oil and gas industry to developing a more diversified economy, implementing various construction projects, infrastructure, residential and commercial buildings related to the tourism industry, which is expected Market growth provides a lucrative platform.
The main players in the flat glass market include AGC, Saint-Gobain, SISECAM Group, and Jiadian Industrial. The markets of emerging economies in the Asia-Pacific region are highly fragmented, with several large companies operating in an orderly manner at the world level; and a large number of small and medium-sized enterprises without preparations also provide services in the region. For example, in India, preparatory departments account for 55% of the total consumption of flat glass, while the remaining 45% is composed of some unprepared departments.
Flat glass companies are currently expanding their business in the Middle East, Africa and the Asia-Pacific region, because these regions are relatively undeveloped and therefore represent a huge growth opportunity. For example, in March 2018, a joint venture between AGC Automotive Middle East and Africa and Induver Morocore began to build its new production plant to provide flat glass products for the booming automotive industry in the region.
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