Float Glass Market Projected To Reach USD 67.30 Billion By 2031

 San Francisco, 19 April 2024: The Report Float Glass Market Size, Share & Trends Analysis Report By Product (Clear, Reflective, Tinted, Mirror), By End-use (Building & Construction, Energy), By Region (Asia Pacific, Africa), And Segment Forecasts, 2023 - 2031

The global float glass market size is expected to reach USD 67.30 billion by 2031, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.6% over the forecast period. The market is projected to be driven by the growing investments in the construction sector and rising demand from the automotive, transportation, and solar energy industries. Float glass is manufactured using the float process, where the molten glass is allowed to solidify over a layer of molten liquid metal. Float glass has gained significance in building & construction in recent years due to the increasing number of projects and rising investment in both residential & non-residential sectors, which directly fuels product consumption.

Moreover, the energy demand has increased rapidly across the globe owing to the rising global population. This, in turn, has led governments of different countries to invest in improving their energy generation capacity and resort to alternative sources like solar energy. As a result, countries are investing in solar activities to cater to the growing global demand for energy. These activities are anticipated to generate demand for float glass, which finds usage in applications like solar panels. For instance, in March 2022, China’s government announced plans to generate 1,200 GW of energy from solar and wind by 2030. In addition, the government also intends to install 450 GW of wind and solar power capacity in the Gobi Desert by 2030.

Furthermore, the product is used inautomotive, marine, and aerospace applications in manufacturing components, such as windshields, sunroofs, windows, and mirrors. These components use various types of float glass products, such as clear, reflective, tinted, and mirror, among others, based on their specific requirements. As the automotive industry continues to evolve through technological advancements, glass manufacturers make efforts to meet the industry’s particular requirements. This, in turn, is anticipated to augment market growth over the forecast period. Asia Pacific dominated the market in 2022 with a revenue share of more than 63.0%.

The regional market will expand further at the fastest CAGR retaining its leading position throughout the forecast period due to the high application share of the building & construction segment. Moreover, the rising population and rapid urbanization, and investments in infrastructure developments & the energy industry are expected to boost the regional market growth in the years to come. However, owing to the recent global economic scenarios, the real estate sector of countries like China witnessed subdued demand and is trying to revive it. To support this, the Chinese government is setting up new initiatives. For instance, in February 2023, China launched a pilot program for real estate private equity investment funds.

The China Securities Regulatory Commission has allowed private equity funds to invest in projects under construction, rental projects, affordable homes, and residential housing on a trial basis. Companies are adopting strategic initiatives, such as production capacity expansions, research & development, and mergers & acquisitions, to stay ahead in the market. The key players primarily focus on research & development to bolster technologies, support innovations, and increase brand recognition to meet the rising demand amid the current situation. For instance, in September 2022, Saint-Gobain announced an investment exceeding USD 162.0 million in Egypt to expand its operations and build new production facilities. The company plans to start two new production facilities for float glass and building materials in the next three years to cater to domestic and export markets.

Access Research Report of Float Glass Market @ https://www.grandviewresearch.com/industry-analysis/float-glass-market

Float Glass Market Report Highlights

• The clear glass product segment is expected to grow at the fastest rate of 4.8%, in terms of revenue, over the forecast period due to high product demand on account of its transparency, thickness, flatness, and surface finishing
• The energy application segment is expected to grow at the fastest CAGR of 5.4% in terms of revenue from 2023 to 2031. The global shift toward a sustainable energy source, owing to climate change, is emphasizing lowering carbon emissions across various industries propelling the segment's growth over the forecast period
• The market in India is anticipated to register a CAGR of 5.5%, in terms of revenue, during the forecast period. Favorable government policies in the automotive industry are boosting vehicle production and, thus, are anticipated to augment product demand
• Due to intense competitive rivalry, leading players invest in marketing and R&D activities to remain competitive. For instance, in January 2023, AGC Inc. developed a new digital twin technology for float glass furnaces to help the glass melting process

Float Glass Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 46.43 billion
Revenue forecast in 2031	USD 67.30 billion
Growth rate	CAGR of 4.6% from 2023 to 2031
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2031

List of Key Players in the Float Glass Market

• AGC Inc.
• Asahi India Glass Ltd.
• Cardinal Glass Industries, Inc.
• Central Glass Co., Ltd.
• Fuyao Glass Industry Group Co., Ltd.
• Guardian Industries
• Nippon Sheet Glass Co. Ltd.
• Saint-Gobain S.A.
• SCHOTT Group
• ?isecam Group
• Viracon
• Xinyi Glass Holdings Ltd.

Access Press Release of Float Glass Market @ https://www.grandviewresearch.com/press-release/global-float-glass-market