With Increasing glass architecture in the residential and non-residential construction industry, rising solar energy installations across the globe, and growing demand from various end-user industries such as the Automobile industry, and Consumer Electronics Industry, the Global Flat Glass Market is Forecasted to reach ~US$ 160 Bn by 2028 says Ken Research Study.
Flat glass is made by dissolving sand, soda ash, and silica in a liquid and spreading it to the required thickness. The molten liquid is then cooled to obtain the desired product. Most flat glass is soda-lime glass, most commonly manufactured using the float glass process, but it can also be rolled or formed by sheet metal. After manufacturing, the flat glass can be bent for various types of applications. Flat glass is most commonly used for manufacturing windows, doors, mirrors, photovoltaic modules, and e-glass structures among others.
“Ken Research shares 3 key insights on this high-opportunity Global Flat Glass Market from its latest research study.”
1. Flourishing Construction Industry and Demand from Automobiles and Solar Energy Sectors are the Key Factors Driving the Growth of the Market
Flat Glass is widely used in various end-user industries. These are widely utilized in residential and non-residential construction such as tabletops, mirrors, windows, coatings, flooring, ceiling, and the manufacturing of various automobile parts, etc. Additionally, Flat glass is widely used in photovoltaic modules, e-glass structures, and solar panels due to the rising need for clean energy across the globe.
According to Ken Research estimates, the Global Flat Glass Market – valued at ~US$ 85 Bn in 2017, is estimated to reach ~US$ 110 Bn in 2022 – and is expected to showcase ~US$ 160 Bn opportunity by 2028.
2. World has Seen Exponential Growth in the Flat Glass Market Due to the Opportunity to Replace Petroleum-based Products
Fossil fuels, specifically, petroleum is hazardous to our environment. Governments are imposing rules for the limited use of petroleum. Flat Glass is a great alternative to chemicals made from petroleum. Further, Flat Glass is sustainable and eco-friendly hence causing less pollution. Biofuel produced from flat glass is gaining popularity as it has several environmental benefits when compared to petroleum-based diesel fuel. Due to these reasons, the Flat Glass Market is experiencing stable growth and is expected to grow during the forecast period.
According to the USA Census Bureau report published in October 2022, the total yearly value of construction in the USA was US$ 1,067.373 Billion in August 2021, and in August 2022 it jumped almost 10.9% reaching US$ 1,183.838 Billion. Due to increasing investment in the construction industry, the requirement for flat glass is expected to increase and this is expected to propel the growth of the Flat Glass Market.
3. Increase in the Cost of raw materials is a Major Concern Which Impedes the Growth of the Global Flat Glass Market
The prices of sand, soda ash, and limestone, which are the main raw materials used in the production of glass, have been rising in recent years. This has put pressure on glass manufacturers to increase their prices which in turn affects the end-user industries. Thus, continuous increase in the price of raw material is affecting the seamless growth of the Flat Glass Market.
As per Trading Economics, in China, the price of soda ash in 2020 was around 1568 Chinese yuan and in 2021 it reached 1751.08 Chinese yuan. In 2022 price increased to around 2595 Chinese yuan. Soda ash is an alkali chemical that is mostly produced from sodium chloride and limestone. The compound is used in the manufacturing of glass.
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Ankur Gupta, Head Marketing & Communications