The worldwide flat glass market is anticipated to grow at a CAGR of 5.0% between 2018 and 2026. A major factor influencing the market growth is the widening scope of float glasses in construction, automotive, and transportation sectors. In addition, these sectors are also observed picking up growth. Continuous improvement and innovation in flat glass has created immense opportunity for the industry and has also led to an increased variety of application. Flat glass is utilized in maximum things that we come across every day in our life. They can be seen in window panes, windscreens, facades, solar energy panels and photovoltaic modules. Thus, making them ideal for application in interior and exterior applications, such as in furniture, electronics, staircase, walls, and other decorations. Flat glass offers extra quality which is considered as a unique property. They provide clarity to an extent that they are sometimes invisible to the other person.
The industry leaders in the flat glass market are proactively making efforts to introduce innovation in their products. They are continuously striving to launch low carbon-emission products that will help facilitate greener and a cleaner environment. Moreover, governments across the globe are increasingly promoting and setting targets to drastically cut down their carbon emission levels. The flat glass industry is helping pave ways to almost zero emission building and construction stocks. They exhibit high energy balance properties that make them ideal for application for thermal insulation. Moreover, they are expected to witness higher application with the increasing adoption of electric vehicles, as their growing demand is leading to rising need for photovoltaic cells on solid glass roof surfaces.
The global flat glass market is segmented based on technology, application, and product type. The technology segment is further segmented into float, rolled, and sheet. Among them, float technology is anticipated to experience the highest growth, owing to its properties such as toughness, and large application for residential and commercial purposes.
Based on product type, the flat glass market has been bifurcated into basic, coated, extra clear, laminated, and toughened. While, based on application the industry has been divided into automotive, construction, and renewable energy, among others. Currently, the automotive sector is dominating the application segment, due to increasing application of flat glass on windshields, and window panes. However, the renewable energy sector is anticipated to come up as the fastest growing application segment, primarily due to increasing government initiatives and promotion for the adoption of electric, and hybrid vehicles.
Europe region presently acquires the largest market share, primarily owing to the demand for components from the construction sector. However, Asia Pacific region is expected to become the fastest growing sector in the flat glass market due to the presence of emerging nations such as China and India, among others. Moreover, a latest trend of international vendors shifting their manufacturing base to Asia Pacific region has been observed. This can be primarily due to the availability of cheap unskilled and skilled workers in the region. In addition, it serves a strategic purpose to these vendors, as their largest market lies within the APAC region so, it will become easier for them to transport products and also achieve economies of scale.
Some of the leading industry participants currently operating in the flat glass market include Saint Gobain S.A., Xinyi Automobile Glass (Shenzhen) Co., Ltd., SCHOTT North America, Inc., Nippon Sheet Glass Co., Ltd, Asahi Glass Co. Ltd, CSG Architectural Glass Co., Ltd., Corning Inc., Astro Cam, Sangalli Group, Dillmeir Glass Company, PPG Industries, Inc., Cardinal Glass Industries, and Syracuse Glass Company, among others. The industry highly fragmented, due to the presence of a large number of regional, local and international vendors.