The global glass manufacturing market is expected to expand positively through 2032 owing to the recent improvements in economic and political stability. In addition, the surging automobile sales are further anticipated to foster the market growth.
Increasing construction activities as well as foreign investments have primarily contributed to the market expansion. Major government initiatives to promote infrastructural development in emerging nations will likely propel industry expansion through the upcoming timeline.
Stronger car sales in developed countries, along with a rapid increase in vehicle sales in small emerging economies, are expected to shift the glass production dynamics toward growing Asian nations. Moreover, manufacturers are increasingly recognizing the possibilities of expanding Asian regions and setting up production facilities in the region.
Leading companies in the industry are looking to expand in the overseas market with the help of strong partnerships and acquisitions. This move can further help the key industry players in expanding their product portfolio. For instance, in January 2019, Tecnoglass announced the acquisition of a minority stake in its Colombian affiliate, Vidrio Andino.
To address the region’s rising glass demand, Vidrio Andino will establish a new float glass facility in Colombia as per the new deal. Initial production of the expanded capacity, which began in 2021, was expected to increase the firm’s daily production of glass for regional architectural projects by 750 metric tons.
The glass manufacturing market has been divided in terms of product, sector, and region.
Based on product, the fiberglass segment is slated to grow at more than 5% CAGR from 2023 to 2032. One of the main factors influencing the demand for the product is the material’s structural advantages. Fiberglass utilized in a variety of end-user industries, including construction, chemical, and manufacturing, are increasingly exhibiting characteristics including high mechanical strength, incombustibility, dimensional stability, and low thermal conductivity.
Depending on the sector, glass manufacturing market size from telecommunication sector is poised to be valued over USD 32 billion during 2023-2032.
From the regional perspective, the North America glass manufacturing industry is estimated to surge considerably over the review period. The electronics and construction sectors are expected to be the main drivers of growth in the glass production business in North America. Various North American countries are promoting remodeling and renovation operations, spurring the demand for flat glass and thereby influencing the market growth.
The demand for electronics in the area is also anticipated to grow quickly, which will complement the demand for specialty and fiberglass even more.