The global flat glass market size is expected to reach USD 409.49 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% during the forecast period. The market is projected to be driven by increasing construction spending and the need to improve energy efficiency in buildings. The rising preference for architecture, which increases natural daylight in the house is propelling the consumption of glass in roofs and facades, which is expected to play a key role in boosting the product demand over the coming years. Moreover, a growing emphasis on economic recovery by encouraging investments in infrastructural developments is anticipated to drive market growth over the forecast period.
For instance, to substantiate the economic importance of infrastructure, the Department of the Treasury in the U.S. carried out a study of 40 key proposed infrastructure projects. As per this study, the completion or availability of these 40 projects can provide economic benefits of up to USD 500 billion to 1 trillion to the country. Technological upgrades and product innovation in construction glass applications have positively benefited the market growth in the recent past. However, the market growth was obstructed in 2020 owing to the COVID-19 pandemic resulting in negative sales revenue of key companies.
Gather more insights about the market drivers, restrains and growth of the Flat Glass Market
For example, Saint-Gobain’s sales declined by around 6% from Q3 2019 to Q3 2020. The pandemic slowed down the customers’ investment cycles, which affected all the related activities. The market is anticipated to recover soon with investments across the solar, construction, and automotive industries. The growth in the end-use industries has compelled product manufacturers to expand their production capacities. For instance, in October 2020, ÅžiÅŸecam invested in its production business in Turkey for capacity expansion to cater to the growing demand from the domestic market.
Flat Glass Market Report Highlights
- The growing emphasis on the adoption of Electric Vehicles (EVs) is compelling manufacturers to expand their production capacities, which is expected to benefit market growth
- The tempered product segment held the largest revenue share in 2023 on account of increased raw material prices along with high demand for these products in electronics and construction-related applications
- In terms of revenue, the laminated product segment is anticipated to register the fastest CAGR during the forecast period due to the rising usage of laminated glass in the construction and automotive industries
- North America dominated the market and accounted for a 16.1% share in 2023 and accounted for the maximum share of the global volume
- The APAC regional market is estimated to expand further at the fastest CAGR from 2024 to 2030 due to the rapid growth of the manufacturing sector in developing economies like China and India
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List of Key Players in Flat Glass Market
- AGC Inc.
- Cevital Group
- Euroglas
- Guardian Industries
- Saint-Gobain
- ÅžiÅŸecam Group
- Vitro
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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