From 2021 to 2028, the global flat glass market is predicted to rise at a CAGR of 3.6 percent, from USD 265.85 billion in 2020 to USD 265.85 billion in 2028. Over the projected period, rising solar energy installations around the world, together with increasing penetration of glass architecture in residential and non-residential building, are expected to fuel market expansion. Factors such as the depletion of renewable resources, technological improvements, government regulations, environmental concerns, cost reductions in solar installations, and rising energy consumption are driving solar capacity growth, which benefits the flat glass industry.
Because of increased building activity in the country and rising demand for flat glass goods in the automotive aftermarket, the United States plays a critical role in the global market. Despite the fact that the Covid-19 outbreak had a significant negative impact on the entire economy, construction was seen as a necessary service in many places of the United States. As a result, overall construction investment in the country increased in 2020, which is a huge plus in the epidemic.
The largest end-user sector is the building and construction industry. Over the last few years, various architectural advancements have boosted product demand. The material utilised in these applications has a number of benefits, including light transmission, absorption, and refraction; weather resistance; rust resistance; dust resistance; cost and energy efficiency; greater insulation; a variety of colour possibilities; and the ability to be shaped into any shape.
The demand for luxury building has increased as a result of rising disposable income and a growing desire for aesthetic appeal in interiors, which is expected to support market growth. Greystar Real Estate Partners, LLC, for example, partnered CPP Investments and Cyrela in the development of the Brazilian Multifamily Property Sector in So Paulo in September 2020. Greystar has made its foray into the growing Brazilian rental property industry with this investment.
The worldwide market, however, was hampered in 2020 due to the pandemic, which resulted in forced factory shutdowns, followed by severe restrictions requiring enterprises to work at minimum capacities, upsetting the demand-supply cycle. The pandemic had a negative impact on the sales of several glass makers. For example, in the first half of 2020, Fuyao Glass Industry Group Co.'s U.S. subsidiary reported a financial loss of 92.1 million yuan (USD 13.4 million).
In terms of volume, the insulated product segment dominated the global market, accounting for more than 44.0 percent in 2020. The demand for curtain walls, storefronts, overhead glazing, non-vision places, and commercial and operable windows is expected to continue to drive the segment's growth. Manufacturers have been forced to expand their manufacturing capacities in response to rising demand. Pilkington IGP, for example, showed interest in expanding its production unit in Ostroleka, Poland, to meet increased demand for highly specialised goods in the architectural and construction industries in February 2020.
Tempered glass is another important product category, with uses in cookware, mobile phone screens, architectural elements, shower doors, and windows, among others. The demand for tempered products is increasing, hence production has increased. For example, Tomakk Glass Partners announced the opening of a tempered glass production factory in Shreveport, Louisiana, in August 2020 to meet the growing demand from commercial, residential, and architectural applications.
The need for laminated glass in the automobile industry is driving the laminated product category. It is recommended in windshields because it breaks in the shape of a spider-web in the event of an accident and none of the pieces fall off, lowering the danger of passenger injuries. This has increased its use in sunroofs as well. Automobile manufacturers such as Ferrari and Volvo have used laminated glass in their panoramic sunroofs. Skylight glazing and photovoltaic (PV) cells also use it.
https://www.coherentmarketinsights.com/market-insight/flat-glass-market-3303
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