Global Demand of Glass and Its Types
Glass is a material that plays an important role in our day to day lives for both domestic and industrial purposes. Glass manufacturing is an age-old process. The defining properties of glass contain transparency and resistance to chemicals. This makes it popular for a range of different applications; glass has a lot of different uses and properties; hence it is one of the most used materials in our lives. The rising demand for the glass industry is driven due to its usage in multiple industries. The use of glass vary and every year new innovation comes to light where glass is being used; glass is used for different purposes included – Packaging – glass jars and bottle Tableware – drinking glasses, plates, and bowls Housing and building – mirrors, windows, and doors Automotive windscreens Medical technology Radiation protection
In India, Majorly, Two Types of Glass Are Manufactured
Sheet Glass – The market of sheet glass is everywhere; from windscreens to touchscreens, furniture to buildings. Presently the high-performance coating is continuously improving the thermal efficiency of glass, in turn dipping the energy required to heat or cool homes and businesses. Continuous improvement of glass manufacturing can reduce the weight of glass in planes, trains, and vehicles. Sheet glass is expected to register a significant growth from 2020-2027. Float glass – The market of float glass is forecasted to increase by $37.79 billion by 2025, after growing at a CAGR of 4.59% during 2020-2025. The construction industry is one of the biggest consumers of float glass. Almost around 60% of total float glass is used by the construction industry. High global warming concerns are some of the reasons to drive the high demand of these glass aids in achieving LEED (Leadership in Energy and Environment Design) certification for residential and commercial buildings. Increased consumer awareness of safety in buildings and high focus on building codes are anticipated to further grow demand.
Growth-Driven Factors of the Glass Industry
The market of glass manufacturing was valued at USD 238.39 billion in the year 2018 and is anticipated to reach around 3.8% CAGR from 2019 to 2026. The increasing demand from the industry of packaging and construction is anticipated to provide a positive outlook for industry expansion. The specialty glass sector will foresee over 4.5% CAGR over the study timeframe. The increasing application of specialty glass in the lens, electronics, and automotive products is encouraging the glass manufacturing market. Container glass has dominated the market with a volume share of roughly 50% in the year 2019. The high demand for alcoholic beverages coupled with the high growth of the beer industry in the Asia Pacific and Europe is anticipated to expand growth over the next eight years. One more reason for the growth of the glass industry is the stability of the product price.
The packaging industry is dominating the market with a revenue share of almost 45% in 2019. The high share is contributed to the high demand for packaged consumer goods in the Asia Pacific and the Middle East and Africa. Electronics application is considered to witness the highest growth CAGR of 5.0% of revenue, from the year 2020 to 2027. The growth can be attributed to increasing innovation and rapid expansion in the manufacturing of consumer electronic devices.
The project reports by NPCS on “Glass, Flat Glass, Art Glass, Hollow Glass, Automotive Glass, Optical Glass, glass processing line, Glassware Industry, Ceramic, Industrial Ceramics production, Ceramic Powder, Refractory, Pottery, Mining Industry, Metals, and Natural Resources Industry” Gives you an overview of investing in different projects that includes industry size, market potential and why is it beneficial to invest in this industry. It also gives you information about some of the important areas such as the government. Regulation, knowing your targeted market, project cost, product characteristics, and to help you in getting all the required information.