Recently Published Report on “Glass Manufacturing Market Size, Share, Growth, Trends, Consumption, Production, Segment Forecasts, Regional Outlook 2020 - 2027”.
OTTAWA, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The global glass manufacturing market was valued at US$ 129.2 billion in 2019 and expected to reach US$ 180.94 billion by 2027, with at a compound annual growth rate (CAGR) of 4.3% during the forecast period 2020 to 2027.
Glass manufacturing is basically a fabrication method for producing fiber glass, container glass, flat glass, and specialty glass. The manufacturing technology is largely dependent on the product type. For instance, float glass process is mainly used in manufacturing of flat glass whereas container glasses are produced through blowing process.
Glass has transformed from luxurious decorative piece to a functional material with numerous advancements in different industry verticals. Glasses are a versatile material and witness wide scale of application ranging from construction to aeronautics industry.
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Rising construction activities along with the government initiatives supporting development of infrastructural are accentuating the glass manufacturing market over the projected period. For instance, in December 2019, 16 mega projects for construction sector were announced catering to the commercial and hospitality segments in UAE that provides significant growth potential for the glass industry in the developing and developed economies.
The Asia Pacific witnessed as affront-runner in the global glass manufacturing market accounting for nearly 50% of the total volume share in the year 2019. The remarkable share of the region is mainly due to continuous shift in R&D facilities and production units of various manufacturing sectors in the region. Significant number of manufacturers is shifting towards the Asia Pacific because of the availability of economical land, labor, and raw materials.
In addition, rising awareness among consumers for the usage of glass materials in place of plastics materials projected to augment the market size of glass manufacturing in the region. Besides this, the region is an attractive center for various manufacturers owing to low price of raw materials, low labor cost, and low cost of manufacturing process that collectively accounts for high profit margin as the overall cost of operation decreases.
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Europe experiences strong domestic demand for container glasses that expected to spur the rate of production in the region. As per the European Union, nearly 80% of the manufactured glasses in the region are traded domestically within the European countries. Container glass is the most consumed glass among others due to rise in beer and alcohol industry. The European Commission has stated that container glasses alone contribute more than 55% of total glass output in the region. Further, countries including Germany and France have strong presence of aerospace and automotive industries that again contribute for the increasing demand for specialty glasses in the region.
Asia Pacific encountered was the prime market with nearly 50% of the volume stake in 2019 attributed to the significant presence of consumer base for numerous applications of glass
North America emerged as the third largest market in terms of volume in the year 2019 owing to significant demand for glass materials in packaging sector
Europe experiences strong demand for container glasses because of flourishing growth of beer industry as well as significant rise in the alcohol consumption in the region
Container glass captured the maximum market share in terms of volume accounting for around 50% in 2019 due to the rapid growth of beer industry along with significant demand of alcoholic beverages
Fiberglass estimated to show the fastest growth rate over 4% between during assessment period due to extensive application of fiberglass in automobile industry
Packaging application dominated the global market and accounted for a value share of roughly 45% in 2019 owing to its superior flavor retention capability
Electronics application projected to register the fastest growth of over 5.0% in terms of value over the forecast timeframe attributed to the rapid expansion and rising innovation in the production of consumer electronic devices
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Key Players & Strategies
Global glass manufacturing market is highly competitive owing to prominent market players adopting mergers &acquisition strategy to uplift their market share. For instance, in May 2017, Nippon Electric Glass acquired PPG’s fiberglass to expand and explore fiberglass business in automotive and aeronautics business areas. Similarly, in March 2017, Vitro signed an agreement to acquire PGW to enhance its existence in North American market.
Industry players also invest notable in the research &development (R&D) sector to gain competitive edge in the global market in terms of technology. In September 2017, Saint Gobain launched its new thermal insulation glazing flat glass product. The product aimed at its application in residential and commercial segment by providing unprecedented thermal insulation and higher transparency.
Some of the key players operating in the market are AGC Inc., Heinz Glass, Nippon Sheet Glass Co., Ltd., Saint Gobain, Central Glass Co. Ltd., Nippon Electric Glass Co. Ltd., Guardian Industries, Fuyao Glass Industry Group Co., Ltd., Owens Illinois Inc., NSG Co., Ltd, Koa Glass, Nihon Yamamura, Amcor, and 3B - the fiberglass company among others.
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