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Glass And Glass Products Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Glass And Glass Products Market
According to The Business Research Company's, The glass and glass products market size has grown strongly in recent years. It will grow from $217.03 billion in 2023 to $230.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to architectural boom, automotive industry growth, consumer electronics expansion, industrialization and manufacturing needs, renewal and replacement..
The glass and glass products market size is expected to see strong growth in the next few years. It will grow to $283.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to green building initiatives, smart glass technologies, electric and autonomous vehicles, increased focus on safety, advancements in display technologies.. Major trends in the forecast period include growing preference for recycled glass, digital transformation in glass manufacturing, expanding use of glass in electronics, safety and security considerations, global urbanization trends..
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Market Drivers and Trends:
Demand for solar energy is expected to propel the growth of the glass and glass products market going forward. Solar energy is the conversion of sunlight into thermal or electrical energy. It uses energy to generate electricity, provide light or a warm indoor atmosphere, and heat water for household, commercial, or industrial purposes. Glass is used in solar panels because it can transfer sunlight without absorbing it, it works as a mirror with a reflecting coating on one or both sides that helps concentrate sunlight, and most solar panel glasses are tempered to endure harsh weather conditions. For instance, in September 2022, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, solar PV power output grew by 179 terawatt hours (TWh) in 2021, reaching 1,000 TWh, representing a 22% increase over 2020. Moreover, it is predicted to attain an annual solar PV generation level of around 7,400 terawatt hours by 2030. Therefore, the demand for solar energy is driving the growth of the glass and glass products market.
Product innovation is a key trend gaining popularity in the glass and glass products market. Major companies operating in the glass and glass products market are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2021, Vitro Architectural Glass (Vitro, S.A.B. de C.V.), a US-based glass manufacturer, introduced VacuMax Vacuum Insulating Glass (VIG), which can be readily integrated into traditional and advanced glazing systems to give high R-values and insulating performance. The new device includes an 8.3mm tempered VIG unit, which is made up of two completely tempered glass lites separated by a non-leaded metal seal and a vacuum void. Its thin design and light weight enable it to be integrated into practically any traditional glazing system or window frame. This product is unique as it may improve the performance of any insulating glass unit by dramatically enhancing thermal efficiency, offering insulation performance that is two to four times greater than ordinary insulating glass and six to ten times better than standard monolithic glass.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Guardian Industries Corp.; Central Glass Co. Ltd.; Nippon Sheet Glass Co. Ltd.; Schott AG; China Glass Holdings Ltd.; Compagnie de Saint-Gobain SA; Asahi Glass Company; Corning Incorporated; Vitro S.A.B. de C.V.; Kyocera Corporation; CoorsTek Inc.; Morgan Advanced Materials plc; Asahi India Glass Limited; Cardinal Glass Industries Inc.; Dillmeier Glass Co.; Cornwall Glass Ltd.; McGrory Glass Inc.; Owens-Illinois Inc.; Fuyao Glass Industry Group; Pilkington Group Limited; Viracon Inc.; Oldcastle Glass Inc.; AGC Inc.; Euroglas GmbH; Sisecam Group; PPG Flat Glass Inc.; Saint-Gobain Glass Inc.; Trulite Glass & Aluminum Solutions LLC; Gentex Corporation
Glass And Glass Products Market 2024 Key Insights:
• The glass and glass products market will grow to $283.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Solar Energy Surge Ignites Growth In Glass And Glass Products Market
• Innovative Advancements Propel The Glass And Glass Products Market
• Asia-Pacific was the largest region in the glass and glass products market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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