Glass Market - Forecast(2023 - 2028)

Glass Market Overview

The glass market size is forecast to reach US$170 billion by 2027 globally growing at a CAGR of 5.2% during 2022-2027. Glass is a non-crystalline and inorganic solid material consisting of silicon dioxide, sodium carbonate, potassium carbonate, and many other substances. Glass finds its extensive use in the construction sector where it is utilized for various functions such as soundproofing, heat insulation, aesthetic purpose, etc. The construction industry globally is expanding with increasing investments for construction projects and this, in turn, will contribute to the market’s growth in the forecast period. For instance, as per the data by India Brand Equity Foundation, FDIs received by India in the construction development sector (townships, housing, built up infrastructure, and construction development projects) accounted for USD 26.14 billion between April 2000 and June 2021. Furthermore, glass is massively utilized in the automobile industry where it is used in the various auto components and parts such as windshields, windows, and mirrors. The automobile industry is booming globally and this will drive the market’s growth in the forecast period. For instance, according to the stats by the China Association of Automobile Manufacturers, the annual sales volume of Chinese new energy vehicles is expected to touch 3 million units by 2025 compared to 1.2 million units in 2019.

COVID-19 Impact 

The glass market was badly affected due to the COVID-19 pandemic as disturbances in the supply chain and the idling of factories created a raw material shortage and slowed down the entire glass businesses ecosystem. Market players adopted new work strategies to keep their businesses running amid the pandemic. Furthermore, the stagnant growth in the construction and automobile industry during the pandemic further affected the market’s growth. Going forward the glass market is projected to witness robust growth due to the increasing activities in the construction and automotive sector. 

Report Coverage 

The report: “Glass Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Glass Industry. 

By Type: Flat Glass, Toughened Glass, Patterned Glass, Laminated Glass, Mirrored Glass, Coated Glass, Tinted Glass, Sandblasted Glass, Others.
By Chemical Composition: Soda Lime Glass, Lead Glass, Borosilicate Glass, Special Glass, Others.
By End Use Industry: Construction, Residential, Commercial, Office, Hotels and Restaurants, Concert Halls and Museums, Educational Institutes, Automobile, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Consumer Electronics, Furniture, Food and Beverage, Chemical, Pharmaceutical, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways: 

• Flat glass is leading the glass market. This is the type of glass that is produced in plane form and possesses uniform thickness, making it suitable for multiple end-use applications.
• The automotive sector will drive the market’s growth in the forecast period. According to the July 2021 data by the European Automobile Manufacturers Association, passenger cars registrations jumped by 25.2% in the first half of 2021 in the European region.
• The Asia-Pacific region will witness the highest demand for glass in the forecast period owing to the expanding construction sector in the region. For instance, as per the 2021 report by India Brand Equity Foundation, demand for residential properties has increased in India owing to increased urbanization.
  
  

  Figure: Asia Pacific Glass Market Revenue, 2021-2027 (US$ Billion)

  

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Glass Market - By Type 

Flat glass dominated the glass market in 2021 and is growing at a CAGR of 5.5% during the forecast period. This type of glass is the basic glass form that offers uniform thickness and makes the base for more high-quality glass through further processing. Flat glass is used in numerous end-use applications such as home windows, windscreens, electronic appliances, bus stops, and many more. Owing to such diverse properties and uses, market players are expanding the production of flat glass in the market. For instance, in January 2019, Saint-Gobain raised the production of its flat glass in Colombia owing to the surging demand for glass in this region. Laminated glass expected to witness significant demand in the forecast period. 

Glass Market - By Chemical Composition

Soda lime glass dominated the glass market in 2021. This form of glass is prepared involving substances such as silicon dioxide, sodium carbonate, lime, and dolomite. Soda lime glass is chemically stable, extremely workable, and inexpensive. These robust properties make soda lime glass an excellent option in the manufacturing of several glass products such as window panes, light bulbs, art objects, bottles, etc. Accordingly, market players and research organizations are focusing on the expansion of soda lime glass. For instance, as per the October 2020 journal by Multidisciplinary Digital Publishing Institute, soda lime glass-based container was produced with antibacterial properties for use in food and pharmaceutical products where bacterial growth is undesirable. Such developments are expected to increase its demand in the forecast period. 

Glass Market - By End-Use Industry

The construction industry dominated the glass market in 2021 and is growing at a CAGR of 5.9% in the forecast period. Glass is an integral element in the construction sector where it serves multiple purposes. A wide range of glasses is used for several applications in the construction sector, ranging from heat insulation to aesthetic purposes. The construction sector is expanding globally and this will contribute to the market’s growth in the forecast period. For instance, as per the August 2021 stats by Eurostat, the building construction sector in the Euro Area and the European Union increased by 3.1% and 3.8% respectively in June 2021. Similarly, as per the stats by India Brand Equity Foundation, the Indian residential sector is expected to grow significantly in the forecast period as the central government will build 20 million affordable homes in the country by 2022. This expanding construction sector will increase the use of various glasses in construction activities and this will drive the growth of the market in the forecast period. The automobile industry is projected to drive the market’s growth robustly in the forecast period. 

Glass Market - By Geography

The Asia-Pacific region held the largest market share in the glass market in 2021 with a market share of up to 34%. The high demand for glass in the region is attributed to the expanding construction industry. Glass is massively utilized in both residential and commercial buildings in the region for serving various functions such as safety applications, solar protection, heat insulation, and soundproofing. According to the stats by trade.gov, the Chinese construction industry revenue value is expected to touch US$ 1.1 trillion in 2021 which was US$ 968 billion in 2019. Similarly, as per the data by India Brand Equity Foundation, India’s construction sector is anticipated to become the world’s third-largest by 2022. Such a massive expansion in the region’s construction sector will augment the higher utilization of glass in the forecast period. The European region is expected to witness significant demand for glass owing to the booming automobile sector in the region. For instance, as per the data by European Automobile Manufacturers Association, in June 2021, registration in the passenger car segment increased by 10.4% compared to the same month last year. 

Glass Market Drivers

Booming automotive industry will drive the market’s growth 

Various types of glasses are broadly used in the automobile sector where they are implemented in the manufacturing of windshields, windows, mirrors, etc. The automobile industry is booming globally with increasing production and sales and this will drive the market’s growth in the forecast period. For instance, according to the stats by the China Association of Automobile Manufacturers, the Chinese automobile industry will stay on a progressive track in the forthcoming years with new energy vehicles expected to witness the highest demand. Similarly, according to the data by European Automobile Manufacturers Association, electrically-chargeable vehicles witnessed a surge in sales as the segment made up 10.5% of total car sales in 2020 which was 3% in 2019. Such massive growth in the global automobile industry is expected to increase the use of glass and this will drive the market’s growth in the forecast period.

Expanding construction sector globally will drive the market’s growth 

Glass finds its uses in the construction industry where it is implemented in several applications that include heat insulation, soundproofing, aesthetic purpose, and many other applications. The construction industry is expanding globally and this will drive the market’s growth in the forecast period. For instance, according to the 2021 Statistical Report by European Construction Industry Federation, in 2020, the construction sector witnessed a growth of 1.5% in real terms in total investment. Similarly, as per the stats by Federal Reserve Economic Data, total spending in residential construction in the US was US$ 657,608 in September 2020 compared to US$ 642,031 in August 2020. The construction industry in India is also projected to witness positive growth in the coming years. As per the data by India Brand Equity Foundation, FDI’s received construction (infrastructure) activities stood at USD 25.38 billion between April 2020 and June 2021. Such expanding construction sector globally is expected to increase the utilization of glass and this will drive the market’s growth in the forecast period.

Glass Market Challenges

Price fluctuation of raw materials might hamper the market’s growth 

Glass is manufactured with the use of different raw materials that includes silicon dioxide, sodium carbonate, potassium carbonate, etc. The price of silicon is fluctuating and this has been a major challenge that might hinder the market’s growth in the forecast period. As per the data by Shanghai Metals Market (SMM), the price of silicon dropped in May 2017, accounted between 2274.11 dollars/mt to 2305.55 dollars/mt. In October 2021, the price of silicon increased briefly and in November 2021, the price again dropped more than 4629.26 dollars/mt. This fluctuation in the price of silicon might hinder the market’s growth in the forecast period. 

Glass Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the glass market. Major players in the glass market are: 

1. Saint-Gobain
2. Sisecam
3. Nippon Sheet Glass Co., Ltd
4. AGC Inc.
5. Guardian Industries
6. Asahi India Glass Ltd.
7. Taiwan Glass Ind
8. CSG Holding
9. Dillmeier Glass
10. Others 

Recent Development 

In July 2019, Turkey-based Sisecam launched Extra Strong Laminated Glass that offers high-quality safety. The development will contribute to the market’s growth in the forecast period. 

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