The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Glass Manufacturing Market Growth & Trends
The global glass manufacturing market size is projected to reach USD 174.92 billion by 2027, expanding at a CAGR of 4.1%, according to a new report by Grand View Research, Inc. Rising electronics production and expanding residential construction sector in emerging economies of Asia Pacific are anticipated to be the major growth drivers.
Besides the growth in semiconductor and electronics industries, infrastructure development in emerging economies and increasing penetration of glass in automotive and transportation sector are likely to propel the product demand in the forthcoming years. Amid the COVID-19 pandemic in 2020, the industry is likely to witness considerable decline in the respective year, while taking a sharp upward trajectory from second half of 2021.
Asia Pacific is expected to register significant growth over the forecast period as the region is expected to recover quickly from COVID-19 pandemic. To reduce severe impacts of pandemic, key countries in the region including China, Thailand, Malaysia, Indonesia, India, Australia, and Japan have announced plans to unleash massive amounts of fiscal stimulus. For instance, in April 2020, Singapore announced to release third economic package of nearly USD 3.6 billion to tackle pandemic related challenges.
The glass manufacturing industry is largely dominated by China. The country is by far the largest consumer as well as producer of the product. The country has been the subject of dumping accusations since the past 10 years as it has exploited European as well as North American markets by exporting significantly low cost glass products.
Middle East and Africa is projected to witness the fastest growth from 2020 to 2027. The per capita glass consumption in the region is extremely low compared to North America and Europe. As a result, there is significant potential for the regional growth as the region currently benefits from rapid economic growth, rising disposable income, and expanding manufacturing sector.
Some of the top players in the market include AGC Inc.; Saint Gobain; Guardian Industries; and Owens Illinois Inc. The product demand in Asia Pacific is largely served by regional players while the demand in North America and Europe is largely met by major players who operate on a global scale.
Glass Manufacturing Market Report Highlights
- Asia Pacific dominated the market with a share of 39.5% in 2019 in revenue terms, owing to large construction sector and extensive demand from packaging sector in the region
- Fiberglass is projected to witness the fastest CAGR of 3.9%, in terms of volume, owing to growing global construction sector and increasing penetration of the product in the production of automobiles
- Packaging dominated the market with a volume share of 50% in 2019, owing to extensive consumption of the product in pharmaceuticals and food & beverage packaging on account of its non-corrosive nature
- Electronics application is poised to register fastest CAGR of 3.7%, in terms of volume, from 2020 to 2027, on account of accelerating demand for smart electronic devices
- Middle East & Africa is predicted to witness lucrative growth from 2020 to 2027. The per capita glass consumption in the country is among the lowest and as a result, the regional demand is expected to flourish owing to high economic growth and expanding construction sector.