October 14, 2022 06:46 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The global flat glass market is likely to gain traction from rapid industrialization. It is driving the demand for flat glass as they are being used extensively in commercial buildings to conserve energy. It is done by maximizing the usage of natural light. The report further states that the flat glass market size was USD 98.37 billion in 2018 and is projected to reach USD 153.21 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.
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List of Companies covered in the Flat Glass Market Research Report are;
Rising Government Initiatives to Promote Energy Efficiency will Drive Growth
Flat glass is gaining popularity in the building & construction industry owing to its ability to provide excellent thermal insulation and acoustic insulation. Also, the increasing number of infrastructural development and construction activities would contribute to the flat glass market growth in the near future.
Furthermore, the rising utilization of flat glass in commercial and residential buildings is enabling the usage of natural light and is reducing the consumption, as well as the cost of artificial lights. The governments of various countries are also implementing various stringent norms and regulations to promote energy efficiency. Researchers say that buildings adopting these rules are consuming approximately 40%-60% less energy, unlike the conventional buildings. However, the decomposition of raw materials and the combustion of fuel oil often emit carbon dioxide in the atmosphere. It may obstruct the market growth.
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Ability to Improve Solar Gain will Drive Growth of the Coated Segment
Based on product type, the market is categorized into toughened, laminated, extra clear, coated, and others. Out of these, in 2018, the coated segment held 23.9% flat glass market share. This growth is attributable to the possession of numerous beneficial properties of coated flat glass. These include enhanced self-cleaning, hydrophobic, anti-reflection, and insulation properties. Such glass aids in improving solar gain and in maintaining the heat inside the building. The laminated segment, on the other hand, holds the major share fueled by their upsurging demand from the construction and automotive industries. It is because they are capable of remaining intact when broken.
Asia Pacific to Remain at the Forefront Stoked by Rising Infrastructural Development
Geographically, the market is divided into the Middle East and Africa, South America, Asia Pacific, Europe, and North America. Amongst these, Asia Pacific generated USD 53.41 billion in 2018 in terms of market revenue. This growth is mainly attributable to the rising investments by the governments of various countries in infrastructural development, as well as construction activities.
Besides, China, being the largest contributor to the demand for flat glass, would propel the overall growth in this region. North America is expected to grow considerably backed by the presence of various government regulations on constructing energy efficient buildings.
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Key Players Focus on the Strategy of Investment to Increase Sales
The market consists of many companies. But only five companies out of those account for around 60% of the worldwide production capacity of flat glass. They are adopting strategies, such as the development of state-of-the-art technologies, superior operational efficiency, and diversified product portfolios to strengthen their positions.
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