The market for float glass is expected to witness a CAGR of over 6% during the forecast period. Major factors driving the market are the increasing demand from the construction industry in Asia-Pacific and the rising application in the solar glass. On the flip side, the declining automotive production and unfavorable conditions arising due to the COVID-19 outbreak are the major restraints that are expected to hinder the growth of the market.
- The growing application of float glass in interior designing and infrastructure is expected to offer various lucrative opportunities for the growth of the market.
- By application, the building and construction segment is expected to grow at a significant rate during the forecast period owing to an increase in commercial, residential, industrial, and infrastructure construction projects.
- Asia-Pacific dominated the market across the world with the most substantial consumption from countries like China and India.
Key Market Trends
Increasing Demand from Building and Construction Segment
- The construction sector is the largest application of the market studied. Moreover, the ongoing trend of smart city projects is also anticipated to drive the float glass demand.
- The growing application of float glass in the construction industry, in windows, façade, doors, interior partitions, balustrades, shop fronts, and railings for stairs and balconies, among other building parts, providing potential opportunity to float glasses, which is likely to stimulate the global float glass market demand.
- The growing construction industry in Germany is likely to provide ample opportunities for the float glass market to grow in the European region. The residential construction segment is expected to have moderately high growth in Germany. According to industry experts, it is estimated that 3.6 million migrants are expected to arrive in Germany by 2020, which would require at least 350,000 new dwellings per year. This is expected to boost the construction sector and consequently propel the float glass market in the region.
- The global construction industry is projected to grow at a CAGR of over 4% during the forecast period and is estimated to reach USD 10.5 trillion by 2023. Hence, the demand for float glass is likely to increase in the construction of new buildings and infrastructure, which is expected to boost the float glass market during the forecast period.
- The factors mentioned above are expected to boost the float glass market over the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for float glass during the forecast period. In countries like China and India, owing to an increase in the demand for float glass from various applications in construction and building, automotive and solar cells, the need for float glass is increasing.
- The Asia Pacific construction sector has witnessed steady growth in the recent past, owing to the presence of fast-growing economies, rapid urbanization, and rising infrastructure spending. The increasing presence of foreign companies in the Asia-Pacific region has also created the demand for the construction of new offices, buildings, production houses, etc., thereby driving the growth of the construction sector in the region and consequently stimulating the float glass market in the region.
- Additionally, growing environmental concerns regarding global warming are likely to boost the demand for float glass as it helps in achieving Leadership in Energy and Environmental Design (LEED) certificate for residential and commercial buildings. Also, rising consumer awareness about safety in buildings and emphasis on following building codes issued by the government is expected to increase the demand for float glass further.
- According to the Indian Brand Equity Foundation (IBEF), the Indian real estate industry is likely to reach USD 1 trillion by 2030 and may contribute approximately 13% to the country’s GDP by 2025. This is likely to increase the demand for float glass and propel its market in the region.
- The higher government efforts to boost spending on infrastructure are likely to drive the value of the Chinese construction industry to USD 4.1 trillion by 2023. Hence, the demand for float glass is expected to increase in China, stimulating its market during the forecast period.
- Some of the major companies operating in the Asia-Pacific region are AGC Inc., Nippon Sheet Glass Co. Ltd, and GUARDIAN GLASS LLC.
- The factors mentioned above, coupled with government support, are contributing to the increasing demand for float glass during the forecast period.
The float glass market is fragmented, with the top players accounting for a marginal share of the market. Some of the key companies in the market include AGC Inc., Nippon Sheet Glass Co. Ltd, Saint-Gobain, GUARDIAN GLASS LLC, and SCHOTT AG.
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