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Glass Manufacturing Market Estimated Growth Curve, Trends, Size, Share And Analysis Report 2024-2033
Glass Manufacturing Market Growth
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According to The Business Research Company's, The glass manufacturing market size has grown strongly in recent years. It will grow from $171.64 billion in 2023 to $181.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to rise of glass recycling, cultural and decorative trends, innovations in insulation and energy efficiency, health and safety regulations, glass in electronics and displays.
The glass manufacturing market size is expected to see strong growth in the next few years. It will grow to $224.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to smart glass evolution, energy efficiency and green materials, urbanization and infrastructure development, electronics and displays market expansion, advancements in automotive glass. Major trends in the forecast period include consumer preferences and decor trends, rise in automotive sector, customization and design flexibility, urbanization and infrastructure growth, electronics and display industry demand.
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Market Drivers and Trends:
Increasing demand for consumer electronics and large-scale investments in infrastructure development is expected to propel the glass manufacturing market. The current digital revolution is causing an increase in the use of electronic devices. The country's growing middle-class population, rising disposable incomes, and falling electronics prices contribute to the market's growth. Additionally, there has been an upsurge in infrastructure activities due to the relaxation of lockdown and this elevates economic growth quality by enhancing innovation capacity and improving the industrial structure. For instance, in April 2022, a report published by India Brand Equity Foundation stated that the consumer electronics and appliances industry is expected to grow more than double to $21.18 billion by 2025, from $9.84 billion in 2021. In addition, a report by India Brand Equity Foundation, by 2022, India is expected to be the third biggest construction market. Therefore, increasing demand for consumer electronics and large-scale investments in infrastructure development is driving the glass manufacturing market.
Technological innovation is a key trend gaining popularity in the glass manufacturing market. Major companies operating in the glass manufacturing market are focused on providing technologically-advanced solutions to strengthen their market position. These companies are implementing next-generation glass manufacturing technologies into their manufacturing processes, such as VRT and plasma technologies, white paper, laser, Radiation-induced glass coloring, solarization, IT, AI and others. For instance, in February 2021, O-I Glass, a glass container manufacturing company, introduced a technology named MAGMA (Modular Advanced Glass Manufacturing Asset) glassmaking process, a flexible, modular, standardized glass production line that will allow for rapid mobile capacity expansion in smaller increments.
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.
Major Key Players of the Market:
Pilkington Group Limited, Saint Gobain, ThermoFisher Scientific, Nippon Sheet Glass, PPG Industries, Kyocera Corporation, Corning Incorporated, NSG Group, O-I Glass, Smart Glass Country, Fuyao Glass Industry Group, Schott AG, Vitro, Pella Corp., Libbey Inc., Anchor Glass Container Corporation, China Glass Holdings, Viracon, Borosil Glass Works Ltd., Sichuan Shubo Group, Cornwall Glass, Gardner Glass Products, Guardian Glass LLC, Belletech Corp, Fenton Art Glass Company, MCGRORY GLASS INC., Nathan Allan Glass Studios Inc., Pegasus Glassworks Inc., Technical Glass Products Inc., Beijing Glass Group, Wuhan Changli Glass
Glass Manufacturing Market 2024 Key Insights:
• The glass manufacturing market size is expected to see strong growth in the next few years. It will grow to $224.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Consumer Electronics Boom And Infrastructure Investments Fueling Glass Manufacturing Market Growth
• Technological Advancements Transforming The Glass Manufacturing Landscape
• Asia-Pacific was the largest region in the glass manufacturing 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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