Overview and Scope
Glass and glass products refer to inorganic solid substances that are normally transparent or translucent, as well as rigid, brittle, and impenetrable to natural elements. They are manufactured by rapidly cooling liquid materials such as silica sand to avoid apparent crystal formation.
Sizing and Forecast
The glass and glass products market size has grown strongly in recent years. It will grow from $217.03 billion in 2023 to $230.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to architectural boom, automotive industry growth, consumer electronics expansion, industrialization and manufacturing needs, renewal and replacement..
The glass and glass products market size is expected to see strong growth in the next few years. It will grow to $283.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to green building initiatives, smart glass technologies, electric and autonomous vehicles, increased focus on safety, advancements in display technologies.. Major trends in the forecast period include growing preference for recycled glass, digital transformation in glass manufacturing, expanding use of glass in electronics, safety and security considerations, global urbanization trends..
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Segmentation & Regional Insights
The glass and glass products market covered in this report is segmented –
1) By Product Type: Tempered Glass, Laminated Glass, Basic Float Glass, Insulating Glass
2) By Distribution Channel: B2B (Business-To-Business), Specialized Stores, Supermarkets Or Hypermarkets, E-Commerce, Other Channels
3) By Application: Packaging, Construction, Transportation, Electrical And Electronics, Telecommunication, Other Applications
Asia-Pacific was the largest region in the glass and glass products market in 2023. The regions covered in the glass and glass products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Demand for solar energy is expected to propel the growth of the glass and glass products market going forward. Solar energy is the conversion of sunlight into thermal or electrical energy. It uses energy to generate electricity, provide light or a warm indoor atmosphere, and heat water for household, commercial, or industrial purposes. Glass is used in solar panels because it can transfer sunlight without absorbing it, it works as a mirror with a reflecting coating on one or both sides that helps concentrate sunlight, and most solar panel glasses are tempered to endure harsh weather conditions. For instance, in September 2022, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, solar PV power output grew by 179 terawatt hours (TWh) in 2021, reaching 1,000 TWh, representing a 22% increase over 2020. Moreover, it is predicted to attain an annual solar PV generation level of around 7,400 terawatt hours by 2030. Therefore, the demand for solar energy is driving the growth of the glass and glass products market.
Key Industry Players
Major companies operating in the glass and glass products market are focused on developing low-carbon glass to gain a competitive edge in the market. Low-carbon glass is a type of glass that has been specifically designed to have a reduced carbon footprint. For instance, in September 2022, Saint-Gobain SA, a France-based manufacturer of glass products and solutions, launched ORAE. It is the first low-carbon glass in the world, containing about 40% less carbon than a standard clear glass pane. The ORAÉ recycled glass product, which was created especially for facades, has the same light transmission and clarity as regular Saint Gobain glass in terms of aesthetics. The recycled glass product provides low everlasting reflection and a neutral tone for clear glass designs.
The glass and glass products market report table of contents includes:
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