Flat Glass Market: Current Analysis and Forecast (2022-2028)

Flat Glass Market: Current Analysis and Forecast (2022-2028)

The global flat glass market is likely to showcase a growth of around 6% during the forecast period. The global flat glass industry is highly dependent on the construction and automotive industries. Over the years, the world has witnessed a significant rise in construction activities in both developed and developing worlds. This in turn creates a large demand for flat glass. However, the slowdown in automotive production in the last couple of years is affecting the flat glass manufacturers’ operations. Besides this, increasing investment in the renewable energy sector, especially solar is creating a new growth opportunity for the flat glass industry. Being a commoditized product, the flat glass industry has limited room to increase its margin. In addition to this, limited research & development in the flat glass industry has created resistance to the development of high-margin products. As a result, horizontal diversification like the solar application is gaining market traction among flat glass manufacturers. However, raw material costs play a crucial role in the industry, the industry has a limited margin therefore fluctuating raw material prices creates challenges for the companies to operate in an efficient manner.

Based on type, the market is categorized into float glass, sheet glass, rolled glass, and others. Among these, float glass held the dominant position in the market in 2020 and is expected to retain its solid position in the market during the forecast period. This can be ascribed to the huge demand for float glass for architectural and automotive applications. Further, the float glass production process is less intricate compared to other types, as a result, it is easy for glass manufacturers to expand the production lines to meet the growing demand.

Based on application, the market is categorized into architecture, automotive, and others. Among these, the architecture category accounted for a significant share of the market and is expected to retain its market position over the forecast period. Rising construction activities to accommodate the growing population, urbanization, and increasing people per capita income are some of the major factors driving the market for flat glass in architecture applications.

For a better understanding of the market adoption of flat glass, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. The Asia-Pacific captured a dominant position in the market and is expected to increase its market share over the forecast period. Robust growth in the construction industry and automotive industry especially in China in the last several decades has made the region the largest consumer of flat glass. Further, the increasing construction market in regional economies like India and ASEAN countries along with increasing automotive production facilities in the region is fueling the regional flat glass market.