Expansion of the automotive industry, increasing consumer interest in solar products, growth in the construction industry, and rising consumption of electronics are driving the flat glass market growth.
According to the latest research report from Global Market Insights, the global flat glass market is estimated at $105 billion in 2020 and is expected to be worth about $180 billion by 2027, growing at a CAGR of 8% from 2021 to 2027.
Flat glass is commonly used in mirrors, doors, windows, solar panels, and automotive glass. Because glass cannot be bent after being manufactured, it is widely used in construction and automobiles. In various countries such as Brazil, China, and the UAE, the strengthening of government infrastructure development initiatives is expected to drive the growth of the flat glass market over the forecast period.
Laminated glass is mainly used as roof glass in buildings and windshields in automobiles, and the high usage rates in the construction and automotive industries are expected to provide opportunities for the use of laminated glass in the next few years. Driven by growing demand, the flat glass market value in laminated glass products will exceed USD 55 billion by 2027, growing at a CAGR of over 8.5% during the forecast period.
Reasons for the Growth of the Flat Glass Market
1. Widely used in the automotive industry;
2. The rapid development of the construction industry;
3. It is increasingly prominent in home decoration;
4. The utilization rate of solar panel production has surged.picture
The 2027 forecast shows that the "construction" sector retains its dominance.
In terms of application, the flat glass market for the construction industry was valued at over $85 billion in 2020 and is expected to make strong progress in 2021-2027. Rising economic standards, coupled with soaring investment in the construction sector, especially in developing countries, are expected to drive growth in the coming years.
In construction, the refurbishment segment was valued at over $29 billion in 2020 and is expected to grow at a CAGR of around 8% during the analysis period, with improved living standards and increasing demand for renovations during the covid-19 pandemic, expected to grow during the forecast period promote development within.
Figure 1 The global marketing of flat glass 1
The Asia Pacific maintains top position by revenue
Regionally, the Asia Pacific flat glass market is expected to be valued at around $100 billion by 2027. The Asia Pacific holds the largest share of the global market as domestic demand for energy-efficient glass in the construction industry is booming, thanks to safety, environmental protection, and more.
New trends promoting the replacement of cement, brick, and granite facades in commercial and residential buildings are likely to boost regional market expansion. The surge in construction, driven by surging investment in China and India and rising spending on renovation and construction in the Asia Pacific, will further support market growth in the coming years.
Impact of the covid-19 Pandemic on the Flat Glass Market The outbreak of covid-19 has hampered global supply chains due to nationwide lockdowns imposed by governments around the world.
Subsequently, shortages of raw materials have adversely affected almost all industries. However, the flat glass industry is gradually regaining its pre-covid-19 momentum, with widespread vaccination campaigns and government emphasis on accelerating economic recovery.
Figure 2 The global marketing of flat glass 2
Notably, industry players have been investing in product development and innovation to meet prevailing consumer demand, creating significant growth potential for the industry during the pandemic. In addition, rising consumer climate awareness has led to a surge in demand for solar products, which has also benefited the growth of the flat glass business in recent years.
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