Flat Glass Coatings Market - Forecast(2023 - 2028)

Flat Glass Coatings Market Overview

The Flat Glass Coatings market size is estimated to reach US$6.4 billion by 2027 after growing at a CAGR of 18.7% during the forecast period 2022-2027. Flat glass coatings are metal oxide coatings consisting of polyurethane, epoxy and acrylic resins. These coatings are applied on various types of flat glass to provide them with high-performance benefits such as increased durability and scratch & UV resistance. The high applicability of flat glass in various sectors such as building & construction, transportation and solar energy is increasing the demand for flat glass coatings in such sectors. This is having a significant influence on the flat glass coatings market. Automotive production has grown significantly due to the growing demand for fuel-efficient vehicles. According to the International Organization of Motor Vehicles Manufacturer, in 2021, automotive production increased by 14% in Australia in comparison to the previous year. In addition to this, developments in solar energy and building & construction sectors have also become a driving factor for the flat glass coatings industry. However, the growing resin prices have caused certain disadvantages for the market growth of flat glass coatings, thereby negatively impacting the flat glass coatings market size. Due to the COVID lockdown, all industrial activities came to halt resulting in a decrease in the market demand for flat glass coatings in major sectors such as building & construction and transportation. These factors are adversely affecting the Flat Glass Coatings industry outlook.

Flat Glass Coatings Market Report Coverage

The “Flat Glass Coatings Market Report – Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Flat Glass Coatings Market.

By Resin Type: Polyurethane, Epoxy, Acrylic and Others.
By Coating Type: Water-Based, Solvent-based and Others.
By Function: UV & Heat Protection, Shatter Protection, Self-Cleaning, Water Repellence, Insulation and Others.
By Technology: Physical Vapor Deposition and Chemical Vapor Deposition.
By Application: Windows, Windscreen, Headlights & Taillights, Solar Panels, Mirrors, Ovens, Dishwashers and Others.
By End-use Industry: Building & Construction (Residential, Commercial, Industrial and Infrastructural), Transportation [Automotive {Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)}, Aerospace (General, Military and Others), Marine (Passenger, Cargo, Naval and Others) and Locomotive], Solar Energy (On-shore and Off-shore), Electrical and Electronics and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

• Asia-Pacific held the largest share in the Flat Glass Coatings industry owing to the rapid growth witnessed by major end-user of flat glass. This is creating a surge in the market demand for such coatings in the region.
• High demand for sustainable energy sources has increased the production capacity of solar energy, resulting in more usage of flat glass for solar panels. This has created a surge in demand for flat glass coatings in solar energy, thereby positively impacting the Flat Glass Coatings industry outlook.
• Growing resin prices would cause fluctuation in the production volume of Flat Glass Coatings, thereby restraining the market growth and negatively impacting the Flat Glass Coatings market size.

Figure: Flat Glass Coatings Market Revenue by Geography 2021 (%)

Flat Glass Coatings Market Segment Analysis - by Resins Type

Polyurethane resin held the largest Flat Glass Coatings market share in 2021 and is estimated to grow at a CAGR of 18.9% during the forecast period 2022-2027. Polyurethane resin-based coatings applied on various types of flat glass offer mechanical strength, structural stiffness and other benefits such as stable resistance to corrosion, UV, chemicals and weather. Due to its high-performance features, the polyurethane resin-based coatings in comparison to acrylic and epoxy resins have high applicability in the building & construction, transportation and solar energy sectors for mirrors, windows, windscreens and solar panels applications. The growing industrial productivity in these sectors has created a surge in the demand for polyurethane resin-based coatings in flat glasses. This is contributing to the segment growth of the resin during the forecast period.

Flat Glass Coatings Market Segment Analysis – by End-use Industry

The Building & Construction sector held the largest share in the Flat Glass Coatings market share in 2021 and is estimated to grow at a CAGR of 19.2% during the forecast period 2022-2027. In the building & construction sector, flat glass coatings provide UV & heat protection and insulation benefits to types of flat glass used in facades & windows in residential and commercial buildings. The building & construction sector has witnessed significant growth over the years, resulting from growing investments and favorable government policies which are fueling construction activities. According to Eurostat, in February 2022, production in building construction increased by 8.6% whereas civil engineering construction in the Euro area. Furthermore, according to Statistics Canada, in November 2021, investments in commercial construction increased by 1.4% in comparison to 2020. The growing production output and investments would increase flat glass usage for windows & facades in residential and commercial buildings, resulting in more usage of flat glass coatings in the building & construction sector. This will positively impact the Flat Glass Coatings market growth.

Flat Glass Coatings Market Segment Analysis – by Geography

The Asia-Pacific held the largest Flat Glass Coatings market share of up to 45% in 2021. The high applicability of flat glass coatings in major sectors in the region such as transportation, building & construction and solar energy is strongly influencing the demand for such coatings. Due to rapid urbanization, growing investment inflows and government policies for industrial developments, such major sectors have shown significant growth. According to the report published by Asia Europe Clean Energy Advisory, in May 2022, China added 6.83 GW of solar capacity, showing an increase of 86% month-over-month. Also, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in April 2022, construction orders in Japan increased by 30.5%. Furthermore, according to the International Organization of Motor Vehicle Manufacturers, in 2021, India’s automotive production stood at 4.39 million, showing a 30% growth in comparison to 2020. Such rapid development in the major end-users of flat glass would propel the demand and usage of Flat Glass Coatings in Asia-Pacific, thereby stimulating the Flat Glass Coatings market growth in the region.

Flat Glass Coatings Market Drivers

Bolstering Growth in Automotive Production:

Flat glass is largely used in windscreen, headlights, taillights and flat glass coatings applications in the automotive sector. Technological upgradation, coupled with growing demand for fuel-efficient automobiles, has increased automotive production. According to the International Organization of Motor Vehicles Manufacturers, in 2021, the global automotive production stood at 80.1 Million units, showing a 3% increase, whereas production in the African region saw an increase of 16%. With such an increase in automotive production, the demand for flat glass coatings has also accelerated. This is boosting the growth of the Flat Glass Coatings industry during the forecast period.

Increase in Solar Capacity:

In the solar energy sector, high-quality flat glass is used in solar panels due to their rich mechanical strength and unique build. This enhances the storage of solar energy. Flat glass coatings are majorly used in such solar panels for corrosion, weather and scratch resistance. The growing demand for a renewable form of energy for various industrial purposes, especially in electricity generation, has increased the volume of solar capacity. The US Energy Information Administration forecasted that solar energy would grow in the US by 21GW in 2022 and 25GW in 2023. Furthermore, according to the Ministry of New and Renewable Energy, in 2021, India installed 10GW of solar capacity showing a 210% increase in comparison to the 2020 installed capacity. Such an increase in solar capacity has accelerated flat glass usage in solar panels, thereby accelerating the usage of Flat Glass Coatings in the solar energy sector. This would stimulate the growth of the Flat Glass Coatings industry during the forecast period.

Flat Glass Coatings Market Challenge

Increase in Resin Prices:

Flat Glass Coatings have high-performance features and involve the usage of various resins such as polyurethane, acrylic and epoxy. The increase in resin prices has caused a disadvantage to the market growth of flat glass coatings. Industrial demand for major resins such as epoxy and polyurethane has grown significantly, thereby increasing their prices, both at a regional and global level. For instance, from November 2021, Huntsman increased the price of epoxy resin products by 0.50 USD/lb for North America. Also, in March 2021, Allnex increased the price of waterborne and solvent-borne acrylic resin by 0.17 USD/lb for Europe, the Middle East and Africa. Such an increase in resin prices would impact the production volume of flat glass coatings which is anticipated to pose a challenge for the market growth of flat glass coatings. Thus, it is negatively impacting the Flat Glass Coatings market size during the forecast period.

Flat Glass Coatings Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Flat Glass Coatings market. The top 10 companies in the Flat Glass Coatings Market are:

1. Arkema S.A.
2. Sherwin-Williams Company
3. 3M
4. NanoTech Coatings
5. Nippon Paints Holding Co. Ltd
6. Hesse GmbH & Co. KG
7. PPG Industries Inc.
8. Bee Cool Glass Coating
9. Fenzi Spa
10. Unelko Corporation

Recent Developments

• In April 2022, Prince International Corporation acquired Flat Glass Coatings manufacturer Ferro Corporation for US$2.1 billion. The acquisition would increase the Flat Glass Coating product portfolio of the company.
• In February 2020, Bostik launched a thermal smooth and high-performance coating product for flat glasses which contains hollow glass beads, a thermal barrier and remarkable insulating properties.
• In March 2019, Grenzebach opened its new Flat Glass Coating manufacturing laboratory in Hamlar. Such an establishment would increase the production capacity of the company for Flat Glass Coatings.

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