Market Overview

The flat glass market is expected to reach at a CAGR of over 9%, over the forecast period. Insulated flat glass is witnessing increasing deployment, as it reduces pollution, saves energy, and improves the comfort inside the building. The enhanced properties of acoustic insulation and thermal insulation provided by these products are expected to drive the demand.

  • Factors, like increasing urbanization, rise in the real estate sector, usage of solar products, and product innovation, in terms of characteristics, are further driving the growth of the market.
  • The growing solar energy market, due to the increasing dependency on renewable energy sources, along with the subsidies available for energy storage, is to propel the growth of the market studied.
  • As there are only a few products that are involved in the production of flat glass, they cannot be substituted by others. However, fluctuating raw material prices, coupled with weak supply chain management, have a considerable effect on the overall price of flat glass products, challenging the market growth.



Key Market Trends

Automotive Industry to Drive the Demand for Flat Glass

  • Flat glass has two major routes for application in the automotive industry, which are original equipment (OE) (supplied to manufacturers for new vehicles) and automotive glass replacement (AGR) product (supplied to the aftermarket for retrofit purposes and damages).
  • According to the OICA, 91.54 million commercial and passenger vehicles were produced globally. Increasing vehicle penetration, due to the growing spending power of consumers accelerated the flat glass market.
  • Additionally, the significant growth in luxury cars that include double-thick glass in interiors is also one of the factors driving the sales of the automotive flat glass market.
  • Moreover, the increased spending by major automobile players is also driving the market. For instance, Ford is planning to double its EV spending, which has led to the total investment in EVs to USD 90 billion.
  • Such positive factors are expected to drive the market for flat glass in the automotive industry.



Asia-Pacific to be the Fastest Growing Market

  • Owing to the presence of emerging countries, such as India, China, and South Korea, among others, the Asia-Pacific region is expected to become the fastest growing sector in the flat glass market.
  • Moreover, international vendors are shifting their manufacturing base to the Asia-Pacific region. This can be due to the availability of cheap unskilled and skilled workers in the region.
  • Rapid industrialization and urbanization in India, China, and other countries in the Asia-Pacific region, combined with the adoption of smart and energy efficient technology as advanced construction practice have a positive influence on the flat glass demand.
  • Increase in applications, such as window and windshield, in countries, such as India and China, may also drive the market. For instance, in India, according to the IBEF, 24.97 million vehicles were sold in the recent past.



Competitive Landscape

The flat glass market is highly consolidated, with the top four players constituting more than half the market share. Dynamic shifts in the product standards, like lightweight and non-fragile nature, are driving the flat glass manufacturers to incorporate the latest innovative methods. Some of the key players include Saint-Gobain, SCHOTT AG, OGIS GmbH, Nippon Sheet Glass Co., Ltd, Asahi Glass Group, and PPG Industries, Inc, among others.

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