Market Trends of Flat Glass Industry
The Construction Industry is Expected to Dominate the Market
- Flat glass, a cornerstone of the building and construction industry, plays a pivotal role. It offers clarity, ushering in natural light, and bridges the gap between indoor and outdoor spaces. This enhances occupant well-being and reduces the need for artificial lighting.
- Its versatility shines as flat glass can be easily cut, shaped, and treated to meet diverse aesthetic and functional demands. Whether tinted, reflective, or energy-efficiently coated, modern flat glass stands out for its strength, scratch resistance, and durability against weathering. Additionally, flat glass is not only recyclable but can also be crafted with recycled content.
- Asia-Pacific boasts the world's largest construction industry, a growth primarily fueled by a burgeoning population, rising middle-class incomes, and rapid urbanization. This momentum is further bolstered by a slew of ongoing residential and commercial projects, underpinning the demand for the product.
- In Mumbai, India, the Arkade Aspire Residential Complex project, valued at USD 30 million, is underway. This ambitious endeavor involves erecting two 18-story residential towers covering a total area of 35,366 sq. m construction commenced in Q2 2022 and is slated for completion by Q1 2025.
- The building and construction industry in the United States remains a cornerstone of its economy. In 2023, the US Census Bureau reported a total construction value of USD 1,978.7 billion, marking a 7% increase from the USD 1,848.7 billion spent in 2022. Notably, residential construction accounted for USD 864.9 billion in 2023.
- In addition, the United States is witnessing a surge in commercial construction projects, promising a heightened demand for the industry. Notably, in January 2024, Indiana's government, in collaboration with Meta Platforms Inc., commenced the construction of a USD 800 million data center campus in Hoosier State. This 700,000-square-foot facility at the River Ridge Commerce Center is slated for completion by 2026.
- Moreover, the South African government has embarked on numerous residential projects to provide affordable housing to its middle and lower-income populations.
- One such initiative is the Mooikloof Mega City project in Gauteng, which was announced in 2020. Its Phase 1, set to conclude in 2023, is part of a larger vision that anticipates completion by 2030. The ambitious project envisions 50,000 units, encompassing residential spaces, commercial establishments, and educational facilities.
- Given the scale and momentum of such ventures in the construction industry, the demand for flat glass is set to surge across various applications in the coming years.
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Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is expected to dominate the market for flat glass with the increasing demand for applications in building and construction, automobiles, solar glasses, etc.
- According to the most recent data from the China Association of Automobile Manufacturers (CAAM), car production in the country surpassed 30.16 million units in 2023, marking an 11.6% increase compared to the previous year. A total of 30.09 million units of passenger cars were sold in the country in 2023, registering a 12% increase compared to the previous year.
- Further, according to the data released by the Society of India Automotive Manufacturing (SIAM), 4.58 million automotive vehicles were manufactured in the financial year 2023, compared to 3.65 million vehicles produced in the financial year 2022. The country saw a rise of around 25% in automotive production in 2023 compared to the previous year.
- In addition, according to the latest data released by the Ministry of Land Infrastructure, Transport and Tourism (MLIT) Japan, a total of 819.62 thousand new construction houses started in 2023.
- Also, the Government of India approved 50 solar parks with an aggregate capacity of around 37,490 MW in 12 states across the country in November 2023. More than 741 MW capacity was installed under the grid-connected rooftop solar program from January to November 2023.
- Therefore, the growth in automotive, construction, and other industries is likely to drive the market for flat glass in the region during the forecast period.
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