APAC Flat Glass Market to witness exceptional product demand over 2017-2024, Construction applications to favor industry growth
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 Incidentally, the firm has posed quite a challenge to prominent players of flat glass industry by replacing all its outdated components with state-of-the-art technologies, thereby reinforcing its flat glass lamination product pipeline.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 120 million tons by 2024.
Europe flat glass market size, by product, 2015 (Kilo Tons)
Speaking of the regional landscape, Asia Pacific is chronicled among the most remunerative regional belts for construction industry, owing to robust industrialization and urbanization trends. 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 regional demand for flat glass products. With China and Japan at its foray, Asia Pacific is expected to be world’s leading construction market, as per reports.
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Statistics depict China as a major country, accounting for over 47% of Asia Pacific construction industry share in 2014. Asia Pacific region, in terms of the infrastructure and residential construction spending, accounted for 37% and 34% respectively of total construction spending in 2014. In effect, it can be professed that the rising construction activities in this region may serve as a key growth contributor to Asia Pacific flat glass market share. In addition, industry analysts reveal that the recyclable and eco-friendly nature of flat glass products will further catalyze market growth. Reports state that, the overall flat glass market, from the construction application is set to surpass a valuation of USD 100 billion by 2024.
Speaking of another prominent application, the automotive sector, as per reports, is likely to be the most lucrative growth ground ushering flat glass industry to make strong headway in the near future. 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 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 sale in the region is likely to fuel flat glass market share. Thus, with the soaring regional automotive industry, analysts anticipate Europe flat glass market to record an annual growth of 5.5% over 2017-2024.
It its 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.
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. Driven by the robust demand form the construction and automotive industry, in tandem with new product developments, flat glass market size has been slated to surpass USD 130 billion by 2024.
Author Name : Ojaswita Kutepatil
This entry was posted in Polymers and Advanced Materials and tagged Application Potential, By Application, Competitive Market Share & Forecast, Flat Glass Market Size By Product, Industry Analysis Report, Price Trends, Regional Outlook.