Global Flat Glass Market - 2024-2031

Overview

Global Flat Glass Market reached US$ 114.1 billion in 2023 and is expected to reach US$ 164.8 billion by 2031, growing with a CAGR of 4.7% during the forecast period 2024-2031.

The demand for innovative flat glass products including low-emissivity (low-E) glass, solar control glass, and double-glazed units is driven by modern architectural trends that value energy efficiency and aesthetic appeal. In line with international initiatives to support green construction and environmental conservation, these items assist in lowering energy consumption and enhancing building sustainability.

Rapid urbanization and the growing building sector drive notable growth globally flat glass market. Flat glass is widely used in windows, facades, partitions, and other architectural features due to population migration and the resulting growth in demand for residential, commercial, and infrastructure construction.

Asia-Pacific is among the growing regions in the global flat glass market covering more than 1/3rd of the market. Owing to the region's businesses working together and the quick advancement of Product. Furthermore, the market is anticipated to increase as smart glasses become more and more popular among fitness enthusiasts and athletes in nations like the U.S. and Canada. For example, the Everysight Raptor and Solos Smart Glasses are made especially for runners, cyclists, and triathletes since they enable them to perform to their best by showing real-time data like heart rate and average pace, among other things.

Dynamics

Increasing Investments in the Development of Smart Cities

The rise in expenditures towards the creation of smart cities is a major factor propelling the globally flat glass market's expansion. Innovative construction materials play a critical role in helping smart cities achieve their goals of sustainability, efficiency, and aesthetic appeal. Smart cities incorporate cutting-edge technology to improve the quality of urban living. Because of its superior functionality and adaptability, flat glass plays an important role in this sector.

The glass market is anticipated to grow faster during the forecast period due to expenditures made in creating smart cities. To develop 100 smart cities, for example, the Indian government has started a project named Smart Cities Mission. The government has set aside an amount of US$ 9.62 billion in its 2023-24 budget to improve, renew and expand cities. Ninety percent of the funds allotted have been used as of November 2023, with a total expenditure of US$ 8.55 billion. The changes are projected to increase global product demand during the projection period.

Technological Developments in Glass Solutions for Energy Efficiency

The continuous development of glass technology, particularly in energy efficiency, is another important driver of the global industry. Sustainable and energy-efficient construction methods are becoming more and more important as environmental awareness grows on a global scale. Consequently, this is having a positive effect on the market.

For Instance, in 2022, Saint Gobain unveiled its new highly reflective glass, MIRASTAR REFLECT. The product has a high level of opacity and reflection, with only 0.1% Light Transmission and 55% Light Reflection. It is durable even in high-humidity environments and best suits mirrored wall-fixed applications.

High Cost of Raw Materials

Manufacturing flat glass entails substantial energy costs, significantly constraining the global market. Flat glass production is an energy-intensive process that demands a lot of power and natural gas to melt raw materials to a high temperature. The variations in energy prices, especially as a result of market swings and geopolitical unrest, can significantly raise the cost of manufacturing.

For instance, supply restrictions and geopolitical tensions have resulted in recent surges in energy prices in Europe, which have increased operating costs for glass makers. The greater expenses are frequently transferred down the supply chain, raising final product prices and perhaps lessening the marketability of flat glass products.

Supply Chain Disruptions

The availability of raw materials and the logistics of completed flat glass products are both impacted by supply chain interruptions. In the flat glass business, just-in-time delivery methods are frequently used to save storage expenses and guarantee project completions on schedule. Delivering completed goods to clients can be seriously delayed by disruptions in transportation networks, such as port traffic, shipping hold-ups, or cross-border movement limitations.

Manufacturers and their clients may face financial pressure as a result of these delays, which can also influence project costs, cause delays in construction schedules, and result in contractual fines. Disruptions in the supply chain have an effect on the logistics of completed flat glass goods as well as the availability of raw materials. Just-in-time delivery methods are frequently used in the flat glass sector to save storage expenses and guarantee project completions on schedule.

Segment Analysis

The global flat glass market is segmented based on product, technology, application, and region.

Expansion of the Flat Glass Growth in the Construction & Building Industry

The construction & building segment is among the growing regions in the global flat glass market covering more than 1/3rd of the market. One of the main factors driving the global flat glass market is the expansion of the building and construction industry, which is heavily impacted by urbanization, especially in emerging nations. The need for residential, commercial, and infrastructure development is growing as more people move from rural to urban regions.

The popularity of skyscrapers and high-rise structures, which frequently employ flat glass for both their interior and exterior, further drives market demand. Excellent flat glass is also required in modern architectural designs that place a premium on energy efficiency, natural light, and aesthetic appeal. North America's total residential building industry is mostly dominated by the U.S. The U.S. Census Bureau reports that in 2021, residential building in the country was valued at US$ 802,933 million, up from US$ 644,257 million in 2020.

Geographical Penetration

Increasing Use of Glass-based Architecture in Both Residential and Non-Residential Applications in Asia-Pacific

Asia-Pacific has been a dominant force in the global flat glass market. The demand for flat glass is expected to increase due to the region's growing building activities and the growing use of glass-based architecture in residential and non-residential applications, particularly from the region's rising countries. The need for flat glass is predicted to rise in the area due to factors including the region's strong economic expansion, growing disposable incomes, and the ensuing rise in the demand for residential housing and solar systems.

Glass construction gives structures a more aesthetically acceptable and appealing appearance. There is a chance that glasses will float since they are widely utilized in the construction sector in windows, doors, balustrades, shop fronts, facades, internal partitions, and railings for staircases and balconies, among other building elements.

One of the biggest construction industries in the Asia-Pacific has been expanding steadily because of the region's rapidly developing economy, increasing urbanization, and increased infrastructure investment. Asia-Pacific's construction production is predicted to increase by 50% or US$ 2.5 trillion, between 2020 and 2031, reaching a US$ 7.4 trillion market.

China has the largest building market globally, accounting for 20% of all construction investment. The country is expected to spend around US$ 13 trillion on buildings over the next seven years. According to IBEF, the country planned to spend US$ 1.4 trillion on infrastructure projects from 2019 to 2023 through the National Infrastructure Pipeline (NIP) to ensure India's sustainable development.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly disrupted supply and demand dynamics in the globally flat glass industry. At first, building and automobile manufacturing two main users of flat glass slowed down significantly due to the extensive lockdowns and limitations to stop the virus's spread. It led to a decline in demand and significant financial hardship for flat glass producers.

Restrictions on logistics and transportation also seriously affected supply chains, delaying the delivery of both raw materials and completed products. Production capabilities and efficiency were further impacted by operational issues that factories encountered, such as a scarcity of labor and the requirement to follow safety standards.

The pandemic sped up several tendencies that finally helped the flat glass industry recover to some extent. The need for specialty flat glass products rose as a result of the increased emphasis on healthcare infrastructure, a growing demand for energy-efficient buildings, and the growing interest in solar energy as part of the global move towards sustainable practices.

Furthermore, the spike in house remodeling and remote work during lockdowns led to more residential building and renovation activities, which raised the need for flat glass. Notwithstanding these areas of expansion, the market as a whole saw considerable instability and difficulties; the long-term recovery was strongly correlated with the expansion of the economy and the post-pandemic stabilization of supply chains.

Russia-Ukraine War Impact Analysis

The world market for flat glass, which is necessary for the building, automobile, and solar energy industries, has been severely impacted by the ongoing conflict between Russia and Ukraine. Owing to supply chain interruptions brought on by the conflict, raw resources like soda ash and silica sand which are essential for the manufacturing of glass are becoming more scarce and more expensive.

Additionally, the important providers of these commodities include Russia and Ukraine, whose decreased output as a result of the conflict has put pressure on international supply networks. Sanctions against Russia have also made it harder to obtain raw materials and completed glass goods from the area, which has increased scarcity and raised prices.

By Product

• Annealed Glass
• Toughened Glass
• Laminated Glass
• Coated Glass
• Extra Clear Glass
• Mirrored Glass
• Patterned Glass
• Others

By Technology

• Float Glass
• Rolled Glass
• Sheet Glass

By Application

• Construction & Building
• Furniture
• Automotive
• Electronics
• Solar Applications
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On June 29, 2022, Saint Gobain unveiled its new highly reflective glass, MIRASTAR REFLECT. The product has a high level of opacity and reflection, with only 0.1% Light Transmission and 55% Light Reflection. It is durable even in high-humidity environments and best suits mirrored wall-fixed applications.
• On September 22, 2022, AGC Glass Europe S.A., a subsidiary of AGC, a renowned manufacturer of glass and high-tech materials, revealed plans to create a float glass range with a greatly diminished carbon footprint. The initiative aims for less than 7 kg of CO2 emissions per m2 for clear glass (4 mm thickness).

Competitive Landscape

The major global players in the market include Asahi India Glass Limited, Central Glass Co., Ltd, Guardian Industries Holdings, Saint Gobain, SCHOTT Glass, PPG Industries, Inc., CSG Holding Co., Ltd, Taiwan Glass, Duratuf Glass Industries Ltd., and Sisecam Group.

Why Purchase the Report?

• To visualize the global flat glass market segmentation based on product, technology, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of flat glass market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global flat glass market report would provide approximately 62 tables, 60 figures, and 182 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies