The market for flat glass, which is extensively used in construction industry replacing conventional bricks, wood and stone, is poised for solid growth with its sales likely to surpass the $130-billion mark by 2024, said a report.
The positive outlook towards growth in infrastructural spending for building airports and residential buildings coupled with strict amendments regarding use of eco-friendly building materials will drive industry growth, according to a new research by Global Market Insights.
Strong outlook towards increase in automotive production meeting the global demand owing to rise in middle class income level and the consumer preference for luxury automobile is set to put the flat glass market on a smooth road with its demand likely to exceed 120 million ton by 2024, it stated.
Raw materials used in manufacturing flat glass include silica, limestone, soda ash and natural gas. Volatile raw material prices along with risk of procurement may challenge industry profitability thereby affecting flat glass market price trend.
However, stringent environmental regulations on using hazardous substances supported by government initiatives pertaining to use of ecofriendly and energy saving building materials should surge product demand, stated Global Market Insights in its latest study.
Strong application indicator in windows, curtain walls, automotive windshield and storefront exterior should impact positively on product demand, it added.
According to the study, flat laminated glass market is poised to top $40 billion in sales in the next six years. The flat laminated glass is prominently used for skylight in construction and as windshield in automotive industry.
Strong R&D (research and development) expenditure to formulate novel products with additional benefits including high insulation, strength, fire resistance, energy efficiency, chemical resistance and safety supported by technological innovations is likely to trigger the flat glass market growth over the forecasted timeframe, said the study.
Leading experts believe flat tempered glass market may witness over a 7 per cent growth owing to extensive use in household and building application.
"These products on impact breaks into small pieces and used in automotive application to reduce risk of injury in case of accidents. Other household application includes table, shelves, partitions and shower enclosures" they stated.
According to experts, a shift in consumer inclination towards green building, mainly due to the rising environmental concerns, may favour industry growth.
Growing awareness pertaining to usage of renewable energy resources to control environmental impact has led to rise in demand for flat glass in domestic applications and electricity generation thereby stimulating industry growth, they pointed out.
Europe flat glass market size led by Germany, Italy and Russia anticipates growth at over 5.5 per cent due to its expanding automotive industry and presence of major automobile manufacturers in the region.
Growing environmental concerns has led to rise in emphasis on use of energy efficient technologies thereby contributing towards flat glass market size, stated Global Market Insights in its study.
On the 2018 outlook, the company said automotive applications from flat glass market is likely to witness strong gains and surpass 1.8 billion sq m in demand. Rising influence on safety owing to high accidental mortality rate may fuel product demand, it stated.
Global flat glass market share is highly competitive and fragmented with major industry participants include Asahi, Guardian Group, GSC, Asahi India, Astro Cam and NSG Group. Companies collaborate with others to expand their regional presence and establish core competencies to strengthen market position, it added.-TradeArabia News Service