Introduction
A Glass is an amorphous or a non-crystalline solid material. They are typically brittle and optically transparent. A natural glass is created when rocks high in silicates melt at high temperatures and cool before they can form a crystalline structure.
Glass manufacturing is done by using various raw materials including silica, soda, lime, and metal oxides that act as coloring agents in the production process. Recycled glass is also one of the key raw materials used by industry players owing to its recyclable nature.
Despite the current pandemic situation, the end-users of this market is recovering to operate in full capacities from 2021 beginning. Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global glass market is expected to grow to $317.00 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 4.03% CAGR.
Factors such as the rising expenditure on building and construction activities, increasing demand for solar energy panels are contributing to the growth of the glass market.
Asia Pacific region is the fastest-growing market of glass owing to the massive urbanization and demand for glass products from developing countries in this region.
Key Trends
Rising demand for innovative glass products by using recyclable glass raw material is expected to trigger the future demand
Increasing investment and concentration of players towards the solar glass production expected to provide lucrative growth opportunities
Increasing demand for green buildings will contribute to the market growth.
Key Market Players
Some of the key players in the market are Saint-Gobain, AGC, Guardian Industries, Taiwan Glass , Nippon Sheet Glass, Owens Illinois.
The key players are dominating the market by adopting modern and innovative technologies to customize the product, enhance its properties, and differentiate the final product from its competitors.
Companies are also adopting collaborative business strategy to provide highly regarded products to consumers, and to expand their regional presences.
Growth Drivers and Challenges
Policies concerning prohibitions on plastic usage globally are likely to act as one of the major drivers for the glass market
The rising investment in various construction and infrastructure projects across the globe is driving the market. Global construction industry is growing at a faster pace with a major contribution from emerging countries. The revenue is expected to reach approximately $14.98 trillion by 2025.
Advancements in the chemical industry have also helped in driving demand within the global glass market.
Government regulations on carbon emission is hindering the market growth
Lack of logistics and volatile raw material prices affecting supply chain management
Energy-efficient manufacturing process of glass is restraining the growth