Global Market Insights Inc. Report Predicts Good Days Ahead For Industry
A new research by Global Market Insights Inc. predicts the Flat Glass Market to be worth over USD 130 billion by 2024.
The Global Market Insights Inc. report suggests that a strong outlook towards increase in automotive production meeting the global demand owing to rise in middle-class income level and consumer preference for luxury automobile should propel demand for flat glass. Positive application scope for increasing usage in manufacturing windshields and window panes for cars and in sunroof for aesthetic appearance should drive the product demand, the report says. Flat glass is extensively used in the construction industry, replacing conventional bricks, wood and stone. A positive outlook towards growth in infrastructural spending for building airports and residential buildings coupled with strict amendments regarding use of ecofriendly building materials will drive industry growth, the company claims. Flat laminated glass market is poised to surpass USD 40 billion in sales by 2024, the report says. This type of glass is prominently used for skylight in construction and as windshield in automotive industry. Strong application indicator in windows, curtain walls, automotive windshield and storefront exterior should impact positively on product demand, the report adds. Strong R&D expenditure to formulate novel products with additional benefits, including high insulation, strength, fire resistance, energy efficiency, chemical resistance and safety supported by technological innovations, should drive flat glass market growth over the forecasted timeframe, Global Market Insights Inc. has said. Raw materials used in manufacturing flat glass include silica, limestone, soda ash and natural gas. Volatile raw material prices along with the 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 & energy saving building materials should surge product demand, the company adds. The report suggests that flat tempered glass market may witness growth at over 7% owing to extensive use in household and building applications. 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, it adds. Global Market Insights Inc. says shifting consumer inclination towards green building owing to rising environmental concerns is likely to favour industry growth. Growing awareness pertaining to usage of renewable energy resources to control environmental impact has led to a rise in demand for flat glass in domestic applications and electricity generation thereby stimulating industry growth, it states. The European flat glass market, led by Germany, Italy and Russia, anticipates a growth at over 5.5 per cent due to its expanding automotive industry and the 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, the report claims. Automotive applications from flat glass market should 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 and increasing usage to reduce vehicle weight in compliance with regulatory norms to control carbon emissions should positively favor the industry’s growth, the report suggests. Global flat glass market share is highly competitive and fragmented. 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. About the company Global Market Insights Inc. is a global market research and management consulting company that assists and partner with organizations to make lasting strategic improvements and realize growth targets. The company’s industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.