DUBLIN, December 21, 2021--(BUSINESS WIRE)--The "Global Glass Manufacturing Market Size, Share & Trends Analysis Report by Product (Container Glass, Flat Glass, Fiber Glass), Application (Packaging, Construction, Transportation), Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global glass manufacturing market size is expected to reach USD 180.2 billion by 2028, according to the report. It is expected to expand at a CAGR of 3.7% from 2021 to 2028.
Fuyao Glass Industry Group Co. Ltd.
Nippon Sheet Glass Co. Ltd
Vitro, S.A.B. DE C.V.
3B - the fiberglass company
Xinyi Glass Holdings Co. Ltd.
The growth in the packaging sector, along with the increasing demand for HUD glass from the automotive industries, is expected to boost the market growth in the coming years.
Glass manufacturing involves various raw materials such as silica sand, limestone, soda ash, and clarifying agents. The process involves various steps comprising of melting and refining, float bath, coating, annealing, inspecting, and then cutting. The product has several benefits when compared to the usage of plastic, as they are non-reactive making it suitable for chemicals and other reactive commodities.
The packaging industry is projected to grow over the forecast period as it is the key consumer for this product segment. In addition, the increasing popularity of glass bottles especially from the beverage section is projected to aid the growth of the glass manufacturing industry over the forecast period. The food and beverage, pharmaceuticals, and cosmetics makers are heavily dependent upon companies for providing glass-based packaging solutions owing to the higher inclination of consumer masses.
Asia Pacific is projected to register the fastest growth rate over the forecast period. The region is projected to witness increased investment and the build-up of new plants for glass manufacturing. For instance, in May 2021, in a meeting with government officials, Saint Gobain proposed a plan to invest an additional USD 147 million in its Bhiwadi glass plant in Rajasthan, India. Thus, new manufacturing-related investment is anticipated to accelerate the growth in the Asia Pacific region.
Key industry participants are increasing their product offerings, which in turn, enable them to establish a strong position in the competitive market in terms of strategic positioning of R&D centers, significant adoption of development strategies, advancements in technology, and diversity of product portfolio. These companies compete on the basis of technology and product innovation and product development to cater to emerging applications.
Glass Manufacturing Market Report Highlights
Based on product, the fiber glass segment is expected to register the highest CAGR of 4.2% in terms of revenue over the forecast period owing to extensive usage of fiber glass in the construction industry
Based on application, the packaging segment held the largest revenue share in 2020 and is anticipated to maintain its lead over the forecast period. This can be attributed to the high preference for the products for packaging solutions owing to its recyclability.
Asia Pacific held the largest revenue share of over 45.0% in 2020 on account of the increasing investments in developing economies pertaining to capacity expansions, especially in the glass industry
In North America, the U.S. accounted for a revenue share of over 73.0% in 2020. Rising construction spending, coupled with EV production in the country, is expected to prove fruitful for market growth during the coming years
Chapter 3. Glass Manufacturing Market Variables, Trends, and Scope
3.2. Penetration & Growth Prospect Mapping
Chapter 4. Glass Manufacturing Market: Product Outlook Estimates & Forecasts
Chapter 5. Glass Manufacturing Market: Application Outlook Estimates & Forecasts
Chapter 6. Glass Manufacturing Market Regional Outlook Estimates & Forecasts
7.2. Company Categorization (Key Innovators, Market Leaders, Emerging Players)
7.3.1. List of raw material suppliers, distributors, and other prominent manufacturers
For more information about this report visit https://www.researchandmarkets.com/r/a3qt7i
View source version on businesswire.com: https://www.businesswire.com/news/home/20211221005646/en/
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