Ocean View, DE -- (SBWire) -- 05/12/2020 --According to new research report, The Flat Glass Market size was estimated at USD 90 billion in 2018 and is projected to surpass USD 170 billion by the year 2026.
The flat glass market is anticipated to surge at a considerable rate in the years to come. This growth can be credited to the shifting trends across the construction industry that is now focusing on deploying sustainable building materials. Lately, consumer perceptions with regards to energy consumption are also changing, which is increasing the demand for flat glass, as this construction material is highly durable and cost-effective in nature.
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Consumers are increasingly embracing products with high aesthetic appeal and minimalist design over traditional construction material for outdoor applications, which in turn, is proliferating the flat glass market share.
The automotive sector across the globe has been consistently adopting high-quality glass due to stringent regulations imposed by governments with regards to safety measures. This is especially prominent across Europe and North America where automobile accidents are rather prominent and mortality rates are higher.
As flat glass is well-suited for various applications including laminated and photochromatic coatings, the global flat glass market is expected to propel at a rapid pace over the forecast years.
Growth drivers are –
- Asia Pacific: Increasing building & construction spending in Asia Pacific
- Automotive industry penetration in Asia Pacific
In order to sustain in the competitive environment, key players are highly increasingly investing on low cost and durable flat glass. These investments are expected to help the firms gain a wider customer base that may eventually boost the flat glass market growth.
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Growing interest of millennials to hold possession of personal property is tailored by easy availability of housing loans. This in turn, will increase the number of construction and renovation activities, further raising the demand for flat glass. Flat glass also has high tensile strength, which results in high preferability for use as efficient and significant material in construction activities.
Developing economies are, in recent times, backed by the bourgeoning construction industry, and are consequently characterized by high spending on construction and renovation activities. Likewise, for construction in residential setting, the trend of replacing materials such as brick, cement, and granite by glass is being observed. These trends are key drivers for flat glass market expansion over the forecast period.
Rising demand for flat glass in high performance luxury vehicles can also be attributed to the product's compatibility with insulated panels, which will further provide an impetus to the global market outlook.
North America is defined by stringent regulations on automobile manufacturing, enforced by the regional governments for safety purposes. The material is used for manufacturing windshield, taillights, and windows of automobiles, as it possesses high strength and environment resistance features, thereby increasing product demand across the region.
Robust initiatives are taken by key market players, such as R&D, investments, and collaborations, to manufacture flat glass products with high photochromatic protection, UV filtering, and susceptibility to chemicals and acid rain. Aided by these initiatives, companies are likely to gain a competitive advantage and may help impel the flat glass market growth curve in the years ahead.
Read related news @ https://www.globenewswire.com/news-release/2019/12/17/1961424/0/en/Flat-Glass-Market-revenue-to-exceed-USD-170-Bn-by-2026-Global-Market-Insights-Inc.html
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