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The Low Iron Glass Market size is forecast to reach US$3194.7 million by 2027, after growing at a CAGR of 5.6% during 2022-2027. Low iron glasses are extra-clear glass or optically clear glass which is made from low-iron silica sand, providing significantly high-clarity glass than any other form of glass such as clear float glass. The best possible transparency is originated by detaching the maximum level of iron oxide content used in producing glass. Low-iron glass is responsible for determining brightness and clarity with a high clarity light transmittance compared to traditional clear glass. Applications demanding an unobstructed outlook can see incredible improvement with the utilization of low-iron glass over more traditional options. Owing to its composition, low-iron glass can conduct up to 91% of light than conventional clear glass, allowing it to be used in different applications. Low-iron glass is widely used in the aquarium and display industries, where clarity is valued as increases the flow of natural light and provides seamless continuity between spaces. Due to the super transparency, consumers can view products without the obstruction of green tint. This phenomenon is useful within the areas utilizing glass display cases. Rapid demand from the building and construction industry, the automotive and the increasing adaption of solar power is driving the market growth during the forecast period.
COVID-19 Impact
The COVID 19 outbreak has impacted the development of the low iron glass industry owing to the lockdown measure in various regions such as Asia-Pacific, North America and others. Delay in manufacturing and production of low iron glass which is utilized in industrial, residential, and commercial spaces have experienced downfall as the governments of several countries have imposed lockdowns that have forced people to stay at home, which, in turn, has reduced the physical interaction among people along with the commercial work. The escalating focal point on remote working is expected to restrict the growth of the construction industry, which, in turn, is likely to hamper the growth of the Low Iron Glass Market.
Low Iron Glass Market Segment Analysis – By Types
Float Glass segment accounted for more than 60% of the market share in 2021 and is estimated to grow significantly during the forecast period. Increasing usage of the product in architecture and interior designs has performed a foremost part in escalating the demand which has moved forward towards the ceiling, reflective, flooring, mirrors, coated, tabletops, windows, and insulated glass. Furthermore, the growing use of float glass in automotive applications is estimated to drive the float glass industry. Increasing disposable income combined with industrialization predominantly in developing economies is anticipated to drive the demand of the float glass which directly impact the demand growth of low iron glass market over forecast period.
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Low Iron Glass Market Segment Analysis – By Application
Solar panels segment accounted for more than 15% of the market share in 2021 and is estimated to grow significantly during the forecast period. When tempered, its strength and durability make it the optimal choice for crystalline silicon photovoltaic application as well as for solar thermal collectors. Solar Glass provides a crucial barrier for traditional solar panels by protecting solar cells hostile to harmful external factors, such as air, water, and dirt. To ensure high solar energy transmittance, glass with low iron oxide is typically used in solar panel manufacturing. With the projected growth in photovoltaics, the demand for low iron glass for the solar industry will far surpass the existing supply. Such expansion will provide excellent growth for the low iron glass market in the forecast period.
Low Iron Glass Market Segment Analysis – By End-Use Industry
Building and Construction segment accounted for more than 35% of the market share in 2021 and is estimated to grow significantly during the forecast period. Rapid industrialization and new construction is likely to intensify the market of low iron glass for construction purposes. The construction industry is the major consumer of float glass in the global market. Float glass, owing to its high degree of light transmission, ability to be produced in a range of colors and opacities, and good chemical inertness, among other properties, is widely preferred in the construction industry. In the construction industry, float glass serves a wide range of modern architecture applications, both in commercial and domestic builds. In residential applications, float glass is used for smaller windows in buildings. They are used for windows for both aesthetic and functional purposes, allowing the occupants to see out while at the same time letting in light. Float glass is also extremely popular in commercial applications. It allows structures to be constructed that gives the impression of being outside with the benefits of being inside protected from the elements (with the exception of the sun). Float glass plays an increasing role in buildings where it provides an attractive and easy to maintain exterior surface. From facades to wall panels, their application is rising through the years.
Low Iron Glass Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of 37% in the Low Iron Glass Market in 2021 followed by North America and Europe. The rapid growth in per capita income coupled with high investment in modern construction practices is likely to create opportunities for the market during the forecast period. It is projected that half of the global construction spending is coming from Asia-Pacific countries, with China, Indonesia, Japan, South Korea, and Malaysia showing the greatest potential for expansion. According to International Trade Administration, China is expected to witness increased construction industry revenue value from US$968 billion to US$1.1 trillion in 2019 -2021. The rapid growth in the solar industry is also one of the major drivers for the growth of the low iron glass market, for instance, in India by 2022, solar energy is estimated to contribute 114 GW and National Thermal Power Corporation Limited invested US$7.26 billion to add 10GW solar energy capacity by 2022. The target for renewable energy has been increased to 227 GW by 2022. Such continual expansion of these sectors is anticipated to drive the need for low iron glass over the forecast period in Asia-Pacific.
Low Iron Glass Market Drivers
Growing Construction Industry in different regions
The global construction industry is the world’s largest consumer of raw materials. The construction taking place for the development in the different regions all over the world initiate to boost the Low Iron Glass Market. The European construction industry is growing at a rapid pace due to low interest rates, strong economic growth, and pent-up needs. For instance, 2021 real estate developer Artisan Real Estate announced its new US$78.7 million residential development named Kirkstall Place in UK. On the other hand, the African construction industry has seen rapid growth for instance, Kenya has embarked on the construction of a US$14.5 billion technology city in Machakos County in a bid to attract technology talents and investors to drive its economic growth.
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Low Iron Glass Market Challenges
High Cost of low iron glass
Finest quality low iron glasses are pricier than common glasses. To upsurge the productivity of the low iron glasses, manufacturers are using the finest quality solutions and raw materials in their merchandise, which is a clue to the increased product cost. These high-priced low-iron glasses are ahead of the reach of mass consumers. Thus, cost constraint is one of the key factors hindering the market growth of the low iron glass industry.
Low Iron Glass Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the low iron glass. Major players in the Low Iron Glass Market are FLABEG Holding GmbH, Asahi Glass Company, Rioglass, Schott – Receivers, Corning Incorporated, Nippon Sheet Glass Co., Ltd eSolar, Guardian, ACWA Holding, Shandong Glass Group, Guangfeng Solarglass, Guangdong Golden Glass Technologies, PPG Industries, Inc
Acquisitions/Technology Launches/ Product Launches
In March 2021, Vitro Architectural launched Solarvolt building-integrated photovoltaic (BIPV) glass modules, which combine aesthetics and performance of Vitro low iron glass and other glass products with CO2-free power generation and protection from the elements for commercial buildings.
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Key Takeaways
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