According to a recently published report by Fortune Business Insights The global flat glass industry is likely to gain traction from the rapid industrialization. It is driving the demand for flat glass as they are being used extensively in the commercial buildings to conserve energy. It is done by maximizing the usage of natural light. Fortune Business Insights™ provided this information in a recent report, The report further states that the flat glass industry share 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.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Drivers & Restraints-
Rising Government Initiatives to Promote Energy Efficiency will Drive Growth
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 combustion of fuel oil often emit carbon dioxide in the atmosphere. It may obstruct the market growth.
Segment-
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.
Regional Analysis-
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 2018in 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.
