San Francisco, Nov. 30, 2015 (GLOBE NEWSWIRE) -- Global flat glass market is expected to reach USD 124.14 billion by 2022. Rising awareness regarding benefits of glass usage in building & construction including safety, security and energy savings is expected to drive flat glass market over the forecast period. Product innovations in terms of improved characteristics coupled with introduction of smart and low-e glasses in the global market is expected to further propel flat glass demand.
Tempered glass along with laminated and insulated glass is expected to gain popularity over the next seven years on account of increasing applications in construction and automotive industries. Increasing dependence on renewable energy sources coupled with introduction of subsidies for energy storage is expected to propel the solar energy market thus augmenting insulating glass demand in PV installations.
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Further key findings from the study suggest:
• Tempered glass was the largest product segment of the flat glass market accounting for over 30% of the share as of 2014 on account of increasing demand from automotive and construction industries. Increasing usage in construction applications including doors, windows and facades is expected to propel market growth over the forecast period. Tempered glass breaks into small shards instead of pointed fragments and is increasingly being used as a safety glass.
• Laminated glass is expected to witness the highest growth rate on account of growing use for vehicle windscreen growing at a CAGR of over 6.5% from 2015 to 2022. The market is anticipated to witness growth on account of low weight coupled with increasing focus on vehicle weight reduction in order to increase the fuel economy.
• Construction was the largest application of the flat glass market owing to increasing use of tempered, laminated and insulating glass for safety and energy savings. The segment was valued at over USD 57.09 billion in 2014 and is expected to grow at a CAGR of 7.2% from 2015 to 2022. Growing application of glass for aesthetic purposes is also expected to fuel flat glass market growth over the forecast period.
• Asia Pacific dominated the global flat glass market owing to high demand from countries including China, India, Japan, Malaysia and Indonesia. China being the largest producer and consumer of flat glass accounting for over 50% of the global market was responsible for high demand from the region. Presence of major manufacturers including the NSG group, AGC and Guardian Industries in the region coupled with easy raw material availability is expected to result in high growth over the forecast period.
• Global flat glass market is highly concentrated with NSG Group, AGC and Guardian Industries holding a lion's share. Other companies including Cardinal Glass, OldCastle, AJJ Group are engaged in continuous R&D for development of improved glass products to sustain market competitiveness. The market is characterized by frequent M&A's by key participants including AGC and Saint-Gobain resulting in further consolidation of the market.
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For the purpose of this study, Grand View Research has segmented the global flat glass market on the basis of product, application and region:
Flat Glass Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
• Basic Float
Flat Glass Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• New Construction
Flat Glass Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
• Latin America
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