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Glass Manufacturing Market to hit $460 Bn by 2032, Says Global Market Insights inc.

Post Time:Dec 06,2022Classify:Industry NewsView:1025

Selbyville, Delaware, Dec. 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Glass Manufacturing Market was estimated at USD 265.6 billion in 2022 and is expected to surpass a valuation of $460 billion by 2032, progressing at a CAGR of 4.8% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.

Rise in demand for flat glass in the building and construction sector

In terms of revenue share, the flat glass segment in the glass manufacturing market is estimated to reach over USD 80 billion by 2032. Flat glass has found key applications in the architecture, furniture, construction, and automotive sectors. This type of glass is mostly produced using the float process which accounts for nearly 95% of all flat glass. This type of glass has a higher degree of light emission and can be easily produced in a variety of colors which is appealing to consumers. Besides, float glass manufacturing also offers flexibility in terms of refraction and opacity, making it an ideal component in the building & construction sectors.

Key reasons for Glass Manufacturing Market growth:

Positive outlook from food & beverage and housing industry.

Increasing industrial production and presence of major industries.

Increasing demand for consumer electronics and largescale investments in infrastructure development.

Improving economic & political stability coupled with rising automobile sales.

Increasing construction activities & foreign investments.

Surging automotive sales in developing economies

Glass manufacturing industry share from the automotive & transportation sector is anticipated to witness over 5.5% CAGR between 2023-2032. The automotive & transportation sector is one of the largest consumers of glass, with extensive applications in windows and windshields of vehicles. Rapidly escalating automobile sales in Central & Latin, and ASEAN countries indicate lucrative demand for automotive glass. Glass manufacturers are also anticipated to witness a dynamic rise in demand from the aerospace sector for use in building aircraft cabin interiors, engine components, insets, and exhaust system components.

Robust automotive & aerospace sector across Europe

Europe glass manufacturing market is poised to exceed USD 115 billion by 2032. The region is one of the biggest consumers as well as producers of glass and is expected to emerge as a hotspot for glass manufacturers. According to 2021 data published by FEVE – the European Container Glass Federation, the container glass business in the EU recorded the highest growth in production. In 2021, the region catered to domestic and international demands with the production of more than 23.4 million tonnes of bottles and jars.

EU’s glass manufacturers produced more than 13.6 billion glass units for the perfumery, cosmetics, and pharmaceutical sectors, showcasing a 2.2% growth in production. Additionally, the presence of a robust automobile and aerospace landscape is expected to boost the glass manufacturing business in Europe. 

Strategic expansion initiatives to boost glass manufacturing industry expansion

Saint-Gobain S.A., AGC Inc., AIS Glass, Vitro, S.A.B. de C.V., Nippon Sheet Glass Co., Ltd., Schott AG, Vetropack Holding AG, CoorsTek Inc., Nippon Electric Glass Co., Ltd., Kyocera Corporation, Morgan Advanced Materials, Corning Incorporated, Guardian Glass LLC, CSG Holding Co., Ltd., and China Glass Holdings Ltd. are some of the leading companies in the global glass manufacturing market. These participants are expanding production capacities to achieve a competitive edge. 

Source: https://www.globenewswire.com/Author: shangyi

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