According to a report released by Global Market Insights Inc., the global glass manufacturing market size will be US$265.6 billion in 2022 and is expected to exceed US$460 billion by 2032, with a compound annual growth rate of 4.8% from 2023 to 2032.
The substantial increase in industrial production will promote the development of the glass manufacturing industry. In recent years, many governments have introduced preferential policies and measures aimed at reducing fiscal deficits and promoting domestic glass production.
Rising demand for flat glass in the building construction industry
In terms of revenue share, the share of flat glass in the glass manufacturing market is expected to exceed $80 billion in 2032.
Flat glass has many key applications in building structures, furniture, construction, and the automotive industry.
This type of glass is mainly produced by the float process and accounts for nearly 95% of all flat glass.
This glass has high luminosity and can be easily produced in various colors to attract consumers.
Float glass manufacturing also offers flexibility in refraction and opacity, making it an ideal component for the building and construction industry.
Major Reasons for Glass Manufacturing Market Growth
It is estimated that from 2023 to 2032, the compound annual growth rate of the automobile and transportation industry will exceed 5.5%. The automotive and transportation industry is one of the largest consumers of glass, with a wide range of applications in windows and windshields of vehicles. Rapidly growing car sales in Central and Latin countries, as well as ASEAN countries, have lucrative demand for automotive glass. Glass manufacturers are also expected to see growth in the aerospace industry.
Strong automotive and aerospace industries across Europe
The size of the European glass manufacturing market will exceed US$115 billion in 2032. The region is one of the largest consumers and producers of glass and is expected to become a hot spot for glass manufacturers. According to the 2021 data published by the European Container Glass Federation, the production growth of the EU container glass business is the highest. In 2021, the region met domestic and international demand, producing more than 23.4 million tons of bottles and cans.
Glass manufacturers in the EU produced more than 13.6 billion glass products for the perfume, cosmetics, and pharmaceutical industries, an increase of 2.2%; in addition, a strong automotive and aerospace presence is expected to boost the glass manufacturing business in Europe.
Strategic expansion plan to facilitate the expansion of the glass manufacturing industry
Saint-Gobain, Asahi Glass, AIS Glass, Vitro, S.A.B.de C.V., Central Glass, SCHOTT, Vetropack Holding AG, CoorsTek Inc., NEC Glass, Kyocera Corporation, Morgan Advanced Materials, Corning, Jiadian Industrial, CSG, and China Glass Holdings is some of the leading companies in the global glass manufacturing market and these players are expanding their production capacity to gain a competitive edge.
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