The global flat glass market size is predicted to be USD 202.9 billion by 2027, as per a new report by Million Insights. It is estimated that the market would register 7.3% CAGR from 2020 to 2027. The rise in product demand from the construction industry is the major factor driving market growth.
In 2019, the architectural segment accounted for the largest share in the market. Further, the segment is projected to continue its dominance over the forecast duration. Flat glasses are widely used in applications such as facades, partitions and windows. Due to the aesthetically appealing design, the product is extensively used in the construction sector.
Apart from the construction industry, some of the other segments such as automotive, solar systems installation and display system are increasingly using flat glass panels. Solar power system in particular, is extensively using flat glass as it helps in increasing the efficiency of the system.
Asia Pacific held the largest share of 62.5% by volume in 2019. Rapidly increasing construction industry in the region is the major factor attributing to the growth of the flat glass market. Countries such as China, India, Malaysia and Indonesia are investing big in the construction sector. Apart from Asia Pacific, the MEA region is estimated to register significant growth due to shifting focus towards construction activities amid growing tourism in countries such as UAE and Saudi Arabia.
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Further key findings from the report suggest:
• In 2019, APAC accounted for 62.5% share in the market and projected to retain its dominance over the next seven years.
• It is estimated that the architectural division would exhibit 7.7% CAGR over the forecast duration.
• In 2019, the insulated category accounted for over 30% share in the market owing to its increasing demand from construction and solar energy system.
• The tempered glass segment is projected to register 7.2% CAGR over the forecast duration.
Million Insights segmented the global flat glass market on the basis of product, application and region:
Flat Glass Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Flat Glass Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Automotive & transportation
Flat Glass Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa