The Flat Glass Coatings Market is forecasted to grow at a high rate owing to implementation of stringent government regulations in several major economies.
The Global Flat Glass Coatings Market was estimated at USD 1,723.5 Mn in 2020 and is expected to grow with CAGR of 21.1% during the forecast period.
The flat glass coatings market is majorly growing owing to the increasing environmental concerns and stringent regulations implemented by several nations for reducing the fuel consumption by automotive. For instance, The Corporate Average Fuel Economy (CAFE), in the U.S. is responsible for regulating the average fuel economy of new vehicles sold in the United States. The governing body has mandated that all passenger vehicles should achieve an average mileage of 54.5 miles per gallon by 2025. The flat glass helps in reducing energy consumption owing to the use of ‘cullet’, i.e. recycled glass in the production process. Cullet requires less energy to melt, thus contributing to reducing CO2 emissions and energy consumption. The use of coatings in these flat glasses offers several properties such as self-cleaning, water and dirt resistance, corrosion resistance, and energy efficiency to improve the shelf life of the product. Therefore, stringent government regulations along with growing demand for flat glass in the automotive are expected to positively drive the flat glass coatings industry.
Moreover, in the past few years, the demand for green buildings has experienced lucrative growth across the globe. Rising urbanization has created a booming demand for building structures, but rising environmental concerns make it critical that these projects are sustainable in the long run. Flat glass coatings have a crucial role in aligning with the green building standards requirement and reducing the operational costs of the building. Therefore, the increase in the number of green building construction projects, particularly in the North America, MEA, and Asia Pacific regions is expected to drive the demand for the flat glass coatings market, during the forecast period. For instance, Adobe Systems’ Almaden Tower in San Jose California, Daybreak Corporate Centre, Utah and Helios House Gas Station in LA California are all LEED Platinum certified structures that are expected to majorly influence the flat glass coatings market.
Global Flat Glass Coatings Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geographic segmentation, the Asia Pacific region held the highest revenue share in the market and is expected to witness the highest CAGR during the forecast period. Developing countries in the region including China, India, Australia, and South Korea are expected to contribute the highest to the growth of the market. This can be attributed to the rapid expansion of the construction and automobile industries in the APAC region. The favourable policies and initiatives by the governments in the region have further fuelled the growth of the market. For instance, the Chinese government has committed USD 13 Trillion towards the construction of buildings by the year 2030. Similarly, Australia launched their Smart Cities and Suburbs Program in May 2020 worth $50 Million. This project aims to address the challenges faced by the cities, suburbs and towns with the help of innovative technology-based solutions. Projects like these are projected to substantially drive the demand and growth of the modular construction market, thereby immensely boost the flat glass coatings industry in the region.
The Global Flat Glass Coatings Industry Segmentation:
Global Flat Glass Coatings Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Flat Glass Coatings Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Flat Glass Coatings Market by Resin Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the flat glass coatings market are: