The MRFR analysis reports predict that The Glass market is projected to grow USD 419.48 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2023 – 2032). Increasing spending on residential and commercial building, as well as the expanding usage of recyclable materials in the packaging industry, are the primary market drivers driving market expansion.
The United States is critical to the global market due to expanding building activity in the country and rising demand for flat glass goods in the automobile aftermarket. The primary end-user sector is the building and construction industry. Various architectural developments have increased product demand in recent years.
Greystar’s debut into the booming Brazilian rental housing industry is marked by this investment. However, the worldwide market was hampered in 2020 as a result of the pandemic, which resulted in obligatory shutdowns in manufacturing activities, followed by severe restrictions requiring enterprises to function at minimum capacity, interrupting the demand-supply cycle. The pandemic had a negative impact on the sales of many glass makers. Fuyao Glass Industry Group Co., for example, reported a net loss of 92.1 million yuan (USD 13.4 million) in the first half of 2020.
The growing consumption of beverages is significantly driving market expansion. Soft drinks, bottled water, milk, and alcohol consumption are all on the rise. Furthermore, the food and beverage industry is increasing output to match the growing demand for packaged meals. This is expected to promote market growth in the US throughout the forecast period. PepsiCo. purchased 152 acres of land in Denver, Colorado, in July 2022, with plans to build a 1.2 million square foot production complex. The plant is expected to be operational by 2023. Furthermore, energy-saving measures such as preheating new amounts with furnace waste heat and higher temperature refractories are ushering in a new era in the glass industry. Rising global awareness of global warming, as well as government measures encouraging the use of renewable energy sources, have resulted in the adoption of energy-efficient manufacturing. As a result, such factors are propelling the Glass market revenue.
The global glass container market will be driven by the proliferation of various package sizes, the launch of new goods, and an increase in the consumption of healthy beverages such as bottled water, ready-to-drink (RTD) tea, and non-dairy milk alternatives during the forecast period. Furthermore, as the consumption of wine and effervescent beverages increases, so does the use of glass packaging. These factors will promote demand for glass packaging, which will drive market expansion throughout the forecast period.
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Major companies in the glass manufacturing industry are looking to strengthen their market position by implementing technologically improved solutions. Furthermore, important market development methods followed by players include new product releases, mergers and acquisitions, and collaboration with other organisations. To expand and survive in a more competitive and rising market climate, the glass industry must deliver cost-effective products.
Key Companies in the Glass market include
Fuyao Glass Industry Group Co. Ltd., Guardian Industries, Saint-Gobain, O-I Glass Inc., AGI glaspac, Nihon Yamaura Glass Co., Ltd., Vitro, and 3B- the fiberglass company
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Market Highlights
Glass is a crucial component of solar panels and has emerged as an essential product for green structures, likely stimulating market expansion. Rapid growth in the transportation, energy, defense, and electronics industries will stimulate market expansion.
The product has multiple applications in the construction industry, including facades, windows, doors, and handrails. Manufacturers are compelled to increase production to meet the expanding demand brought on by the increasing use of this product in the industry. In addition, the rising demand for glass containers, such as bottles and ampoules, in the food and beverage and medical industries is stimulating the production of goods.
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Segmentation
The global glass market is segmented on the basis of type, application, and region.
By type, the glass market is segmented into container glass, flat glass, fiber glass, and others. Of these, the container glass segment held dominated share of 30-35% of market revenue and is likely to continue its dominance over the forecast period.
By application, the glass market is segmented into packaging, construction, transportation, electrical & electronics, telecommunication, and others. Of these packaging category segment held largest share in the overall market revenue and is expected to be dominant over the forecast period.
By region, the glass market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Of these, the North America held dominant share in revenue and is likely to be dominant over the forecast period. However, Asia Pacific is expected to expand at a fastest CAGR over the forecast period.
Because of increased investments in the building, food and beverage, and pharmaceutical industries, the North American glass industry will dominate this market. Despite the significant need in the packaging business, demand for jumbo-coated architectural flat Glass has surged in recent years.
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The European Glass market has the second-largest market share. Glass is in high demand in the energy sector for solar power applications. Increased infrastructure investment, government incentives, and aid in implementing high-energy efficiency technologies would help Europe’s market. Furthermore, the German Glass market had the highest market share, while the UK Glass market was the fastest expanding in the European region.
From 2023 to 2032, the Asia-Pacific Glass Market is predicted to develop at the quickest CAGR. Rising demand from end-use sectors stimulates manufacturers to expand output. Furthermore, China is the world’s largest producer of flat glass, with a sizable market share in the region. Many Chinese businesses have adapted to suit Western industrial and environmental norms. Furthermore, China’s Glass market had the biggest market share, while India’s Glass market was the Asia-Pacific region’s fastest-growing market.
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