A recently released report by Fortune Business Insights unveils promising prospects for the global flat glass market, primarily propelled by rapid industrialization. The escalating demand for flat glass is particularly notable in commercial buildings, where it is extensively utilized to optimize energy conservation by maximizing natural light utilization. Fortune Business Insights™ highlights this trend, revealing that the flat glass industry was valued at USD 98.37 billion in 2018 and is anticipated to soar to USD 153.21 billion by 2026, demonstrating a noteworthy CAGR of 5.7% throughout the forecast period.
Key Drivers and Challenges:
Government-led initiatives aimed at promoting energy efficiency are poised to drive market growth. Flat glass is increasingly favored in the building and construction sector for its exceptional thermal and acoustic insulation properties. Moreover, the surge in infrastructural development and construction activities is expected to further bolster market expansion in the foreseeable future.
Additionally, the widespread adoption of flat glass in both commercial and residential structures facilitates the harnessing of natural light, thereby reducing the reliance on artificial lighting and associated costs. Various countries' governments are implementing stringent regulations to incentivize energy-efficient practices, with buildings conforming to these standards typically exhibiting 40%-60% lower energy consumption compared to conventional structures. However, concerns persist regarding the carbon dioxide emissions resulting from raw material decomposition and fuel oil combustion, potentially hindering market growth.
Segmentation:
The market is segmented by product type into toughened, laminated, extra clear, coated, and others. In 2018, the coated segment accounted for a significant 23.9% share of the flat glass market. This growth can be attributed to the myriad advantageous properties of coated flat glass, including enhanced self-cleaning, hydrophobicity, anti-reflection, and insulation capabilities. Coated glass is particularly valued for its ability to enhance solar gain and preserve heat within buildings. Conversely, the laminated segment commands a considerable share driven by robust demand from the construction and automotive sectors, thanks to its capacity to remain intact upon breakage.
Regional Outlook:
Asia Pacific emerges as a prominent market, boasting USD 53.41 billion in revenue generated in 2018. This growth is chiefly fueled by substantial government investments in infrastructural development and construction endeavors across various countries. Notably, China stands out as a major contributor to flat glass demand in the region, thereby propelling overall market expansion. Meanwhile, North America is expected to witness significant growth, supported by the presence of stringent governmental regulations mandating energy-efficient building practices.
Source:https://www.fortunebusinessinsights.com/flat-glass-market-102720
