One of the most commendable precedents that flat glass market has observed in recent times is the initiative undertaken by the Malaysia based company – Crystal Safety Glass for the enhancement of its product line. Incidentally, the firm has posed quite a challenge to prominent players of flat glass industry by replacing all its outdated components with state-of-the-art technologies, thereby reinforcing its flat glass lamination product pipeline.
Crystal’s efforts to augment its product range has been forecast to have quite a profitable impact on the regional flat glass market landscape. The progressive pathway traversed by flat glass industry can be quite vividly depicted from the recent estimates, which claim the business space to exceed USD 140 billion by 2024. Enlisted below are a couple of major trends that are characterizing the industry outlook presently.
The impact of the expanding automotive sector on Europe flat glass market trends
Europe is chronicled among the most remunerative regional belts of the flat glass market, owing to the soaring construction industry and robust industrialization trend. The Europe flat glass market is also set to accumulate lucrative proceeds on account of the expanding regional automotive sector, that is likely to be the most profitable growth ground ushering Europe flat glass industry to make strong headway in the near future.
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The installation of glass for automobile windows, doors, roofs, backlights, vents, and windshields to reduce the overall vehicle weight have significantly influenced the global automotive glass industry. Increasing application scope of flat glass in various types such as tempered, insulated, and laminated, for automotive safety should promote product demand, in turn favoring the growth of flat glass market share.
Presence of major automobile manufactures in Europe with growing emphasis on the use of energy efficient and environmentally viable technologies have also uplifted the growth of regional flat glass market.
According to 2016 production statistics, Germany recorded a total commercial vehicle sale of 315,754 and total car sale of 5,746,808 units. This goes to prove that, the rising number of automotive sales in the region is likely to fuel flat glass market share. Owing to the soaring regional automotive industry, Germany flat glass market size is likely to record a CAGR of 4.5% over 2017-2024.
The deployment of flat glass is not prominent solely in the Europe automotive industry, but across almost all the global geographies. Powered by the rising demand for safety owing to higher mortality rates on account of accidents and surging demand for this product to reduce automobile weight in accordance with regulatory mandates, flat glass market size from automotive applications is slated to surpass 16.20 million tons by 2024.
The growing construction sector to have an impact on flat glass market share
Flat glass finds extensive application in the construction sector in replacing the conventional bricks, stone, and wood architecture. Growth in the commercial and residential projects along with shifting preferences toward natural insulation, safety & security will quite substantially boost the demand for flat glass products, especially across Europe and APAC.
In effect, it can be professed that the rising construction activities across the globe will serve as a key growth contributor toward the overall flat glass market share. In addition, industry analysts reveal that the recyclable and eco-friendly nature of flat glass products will further catalyze the market growth.
As per estimates, flat glass market size from interior construction applications may record a CAGR of more than 6.5% through 2024. This growth can be attributed to the fact that flat glass is replacing traditional interior materials in the construction of staircases, bedrooms, floors, and more.
Eco-friendly trend to drive the industry outlook
A significant trend proliferating flat glass industry growth lately, is the introduction of green buildings, which constitutes environment friendly and sustainable construction materials. Additionally, intrusion of nanotechnology in manufacturing of hybrid guide plate and solar control glazing glass will further influence the flat glass industry landscape over the coming years.
It is prudent to mention that despite having a highly profitable roadmap in the years ahead, flat glass market share might suffer due to the fluctuating prices of the raw materials used in flat glass manufacturing. The instable prices of soda ash, silica sand and other glass raw materials will have a marginal impact on flat glass market revenue. However, to address the soaring demand from the glass industry, regions such as China, Europe, and North America are emphasizing on bulk production of these raw materials.
Driven by the robust demand form the construction and automotive industry, in tandem with new product developments, flat glass market is touted to traverse alongside a highly profitable growth path over 2017-2024.
Author Name : Paroma Bhattacharya