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Flat Glass Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)
Flat Glass Market Scope,
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According to The Business Research Company's, The flat glass market size has grown strongly in recent years. It will grow from $37.73 billion in 2023 to $40.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing industrialization and manufacturing and growth in solar energy installations.
The flat glass market size is expected to see strong growth in the next few years. It will grow to $51.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to the global population growth and urbanization, growth in the construction industry, growing demand for electronic displays and increasing investments. Major trends in the forecast period include focus on partnerships and collaborations, focus on artificial intelligence in flat glass manufacturing, focus on product innovations, focus on use of advanced digital camera systems in glass production and increasing focus on solar glass.
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Market Drivers and Trends:
The rising number of solar energy installations is expected to propel the growth of the flat glass market going forward. Solar energy refers to the energy that comes from the sun and is converted into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source. Flat glass is an essential element that is used in solar units, which helps in converting solar energy into electricity. For instance, according to the Indian Brand Equity Foundation, an India-based government agency, in December 2021, the Indian government allocated a budget of $2.57 billion to boost the manufacturing of high-efficiency solar plants. In addition, for the year 2021, India produced 49.3 GW (gigawatts) of renewable solar energy. Therefore, the rising number of solar energy installations is driving the growth of the flat glass market.
New product innovations have emerged as the key trend gaining popularity in the flat glass market. Major companies operating in this market are focused on new product innovations to reinforce their position. For instance, in June 2021, Nippon Sheet Glass, a Japan-based company that manufactures different types of glass, launched its antibacterial and antiviral coated glass, called NSG Purity. These glasses come with an antiviral and antibacterial coating, kill 99.9% of viruses and bacteria, and do not allow bacteria to enter homes. These glasses help keep homes more hygienic.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Kerry Group plc, Dow Inc, Palsgaard A/S, Evonik Industries AG, Ingredion Incorporated, Koninklijke DSM N.V, Stepan Company, Mitsubishi Chemical Corporation, Estelle Chemicals Pvt Ltd, Fine Organic Industries, Savannah Surfactants Limited, Riken Vitamin Co. Ltd., Foodchem International Corporation, Jeevika Yugchem Pvt. Ltd., Global Specialty Ingredients, Qingdao Haixingyuan Biotechnology Co. Ltd., Sisterna, Puratos Group, LECICO GmbH, Avril Group, Lasenor Emul, Tate & Lyle, Lonza Group AG, Corbion N.V., DuPont de Nemours Inc, Tyson Foods, Bunge Limited, Royal DSM, Frutarom, Eshbal Functional Food, Future Meat Technologies, Vitachem NG, ChemSystems, Fourchem
Flat Glass Market 2024 Key Insights:
• The flat glass market size is expected to see strong growth in the next few years. It will grow to $51.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Flat Glass Market Surges As Solar Energy Installations Reach New Heights
• Innovative Solutions Take Center Stage As Flat Glass Market Witnesses Surge In New Product Developments
• Asia-Pacific was the largest region in the flat glass market in 2022
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