Stringent regulations around carbon emissions and waste disposal. Substitution threat from emerging hybrid materials.
Kentucky plant to boost production of glass substrates for display applications.
The glass manufacturing market has witnessed significant growth over the past few years owing to increasing construction activities across the globe. Glass finds widespread application in windows, windshields, glass doors and glass facades in residential and commercial construction. The key function of glass in construction is to allow natural light inside the buildings while maintaining indoor temperature. It also enhances the aesthetic appearance of structures.
The global glass manufacturing market is estimated to be valued at US$ 280 Billion in 2031 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 To 2031.
Rapid urbanization and growing home building have propelled the demand for Glass Manufacturing Market Growth in both developing and developed nations. Moreover, glass manufacturers are introducing innovative products such as reflectorized glass, bullet proof glass and energy efficient glass to cater to the evolving needs of consumers.
Key Takeaways
Key players operating in the glass manufacturing market are Corning Inc, Nippon Sheet Glass Co., Ltd., Asahi Glass Co., Saint-Gobain S.A and PPG Industries.
The glass manufacturing industry offers lucrative opportunities in solar photovoltaic glass and vehicle glass segments. Solar photovoltaic glass demand is projected to grow significantly owing to rising installation of solar panels worldwide. Likewise, expansion of automotive industry will augment the sales of automotive glass.
Major glass companies are focusing on global expansion by setting up manufacturing plants in high growth markets such as Asia Pacific, Middle East and South America. For instance, in 2022, Corning inaugurated a new melting tank at its Harrodsburg, Kentucky plant to boost production of glass substrates for display applications.
Market drivers: Rapid growth of construction industry worldwide due to rapid urbanization is a key driver. Growing number of commercial construction projects such as malls, hotels and office spaces is propelling the glass manufacturing market.
Market restraints: Volatility in raw material prices hampers the business continuity of glass manufacturers. Energy intensive manufacturing process of glass increases production costs. These factors may restraint market growth over the forecast period.
Segment Analysis
This Glass Manufacturing Market can be segregated based on type into Float Glass, Container Glass, Specialty Glass and others. Float Glass dominates the market as it accounts for over 50% of total glass production across globe. The key reason for its dominance is its widespread use in architectural and automotive applications owing to its high quality and durability. It has applications in windows, windshields, doors and partitions.
The Container Glass segment is the second largest comprising bottles, jars and other packaging containers used across food & beverage industry. Specialty Glass finds applications in optics, laboratory equipment, electronics display among others.
Global Analysis
On regional front, Asia Pacific dominates Glass Manufacturing Market with China and India as major countries. Factors such as rapid infrastructural development, increasing automobile production and manufacturing hubs boosting the market. North America stands second led by USA. Europe ranks third driven by Germany, UK, France and Italy. Middle East & Africa is emerging market with construction projects driving demand for glass. South America is expected to witness moderate growth over forecast period supported by industrial expansion in Brazil and Argentina.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)