The Asia-Pacific flat glass market is estimated to witness a significant growth, at an estimated CAGR of over 9%, over the forecast period. Increasing housing construction activities in the emerging economies of Asia-Pacific are expected to drive the market during the forecast period.
- Fluctuating raw material prices are likely to hinder the market's growth in the coming years.
- By end-user industry, the construction segment is expected to dominate the market in the region.
- China is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.
Key Market Trends
Construction Industry to Drive the Demand for Flat Glass
- The construction industry is the largest end-user segment of the market studied. Moreover, the ongoing trend of smart city projects is also anticipated to drive the flat glass demand.
- Flat glasses are made of sodium silicate and calcium silicate, and are available from 2mm to 20mm thickness ranges, for several applications. They have a weight range of 6kg/m2-36 kg/m2. These glasses are often considered as building blocks for several types of architectural and interior applications.
- Glasses are being used extensively in the construction industry, in windows, facade, doors, interior partitions, balustrades, shop fronts, and railings for stairs and balconies, among other building parts, providing potential opportunity to float glasses.
- The body-tinted float glass is a new type of glass, in which, melted colorants are added for coloring and solar-radiation absorption properties. This type of glass saves energy, reduces heat penetration into buildings, and provides a striking visual effect.
- Previously, flat glass was used for smaller windows in domestic housing, since larger windows required toughened glasses. Currently, flat glass can also be toughened by putting it through a heating process, which very nearly melts it, and then cools it to ambient temperatures, using a jet of cold air. This glass requires a greater pressure to break. This characteristic makes the glass suitable for use in building applications.
- Owing to all the aforementioned factors, the market for flat glass is projected to grow during the forecast period.
China to Dominate the Market
- In the Asia-Pacific region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.
- The continuous improvements in economic conditions in the region have enhanced the financial status of the consumers, in turn, boosting the demand for buildings and other infrastructural activities in the country.
- China's 13th Five Year Plan started in 2016 as it was an important year for the country's engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
- Moreover, restrictions on foreign investment on land development, high-end hotels, office buildings, international exhibition centers, and construction and operation of large theme parks have also been lifted. The growth in commercial and residential sectors is expected to boost the flat glass market in the country, over the forecast period.
The Asia-Pacific flat glass market is consolidated in nature. Key players in the market include AGC Inc., Nippon Sheet Glass Co. Ltd, Saint-Gobain, and SCHOTT AG, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support