Glass manufacturing market to be worth $167.50 billion by 2030: Grand View Research, Inc. | Daily News Byte

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SAN FRANCISCO, December 22, 2022 /PRNevsvire/ — The global glass manufacturing market is expected to reach size 167.50 billion dollars by 2030, according to a new report from Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2022 to 2030. Increased demand for glass, a recycled and cost-effective material, in applications related to construction and packaging industry is expected to drive market growth during the forecast period.

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Key industry insights and findings from the report:

  • On a product basis, the Others segment is expected to achieve the highest revenue growth rate of 6.8% during the forecast period. The segment consists of domestic and specialty glasses, which are used in products such as laboratory containers and kitchenware such as plates and bowls.

  • Based on the filing, construction retained the second largest share of revenue in 2021. A revival in building and construction activity in 2021, after recovering from the impact of COVID-19, helped the segment grow.

  • Soda ash is one of the main raw materials for the production of flat glass. It accounts for about 50-55% of the total cost of raw materials and about 15% of the total mass by weight. Global soda ash production was 59.0 million tons in 2021, an increase of 7.1% from 55.1 million tons in 2020.

  • Asia Pacific is expected to register a lucrative growth rate during the forecast period. The growth is attributed to growing investments in expanding existing glass production and establishing new factories to meet growing demand worldwide.

Read the 151-page market research report, “Glass Manufacturing Market Analysis Report, Shares and Trends by Product (Containers, Planes, Fibers), by Application (Packaging, Construction), by Region and Segment Forecasts, 2022 – 2030 from by Grand View Research.

Growth and trends of the glass manufacturing market

The glass container products segment accounted for the largest revenue share in 2021 owing to growing demand for packaging applications from industries such as food & beverage and pharmaceuticals. Glass is a chemically inert and durable product that extends the life of stored products. The growing demand for safe and healthy packaging and the need for extended shelf life of food, beverages and dairy products is likely to drive the shift to glass for packaging applications.

Market growth is likely to be affected by the volatility of raw material costs as they form a major part of the overall cost structure of the glass manufacturing process. For example, energy is a key part of production, and the years 2021 and 2022 have seen rising energy prices. The increase was due to low prices in 2020, and the transition to clean energy caused them to remain high.

In addition, geopolitical tensions caused by RussiaUkraine the 2022 war further contributed to the price increase. Therefore, manufacturers such as Guardian Industries and Vitro, glass manufacturers such as Viracon and Oldcastle Building Envelope, and raw material suppliers such as Kurarai Co., Ltd. announced price increases of 8% to 40% between 2021 June 2022.

The telecom applications segment is expected to register a significant growth rate, in terms of revenue, during the forecast period. In telecommunications, the arrival of 5G and infrastructure upgrades to meet new technology requirements are expected to increase glass adoption. Furthermore, increasing reliance on renewable energy sources to reduce greenhouse gas emissions worldwide is expected to increase the demand and production of solar panels.

Asia Pacific accounted for the largest share of revenue in 2021. Factors such as growing disposable income of the middle class, increased demand for packaged food, growth in the pharmaceutical industry, increasing government investment in solar energy, affordable housing development and ongoing infrastructure development projects make the region a forerunner in glass demand, as well as production.

Manufacturers are expanding their production in the region to meet growing demand. On example March 2022, Italy-Stevanato Group announced the purchase of a factory in Zhangjiagang, China. The company plans to expand both the area and production capacity at the site by 2024. With the new factory, Stevanato Group aims to support the pharmaceutical industry by producing EC-filled syringes and vials to meet the biotechnology and vaccine market.

Market segmentation for glass production

Grand View Research has segmented the global manufacturing glass market based on product, application, and region

Glass Manufacturing Market – Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)

  • Container Glass

  • Flat Glass

  • Fiber Glass

  • The second

Glass Manufacturing Market – Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)

  • Packaging

  • Construction

  • Transportation

  • Electrical and electronics

  • Telecommunications

  • The second

Glass Manufacturing Market – Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)

North America

Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

Central & South America

List of key players in the glass manufacturing market

  • AGC Inc.

  • Fuiao Glass Industry Group Co. Ltd.

  • Guardian Industries

  • Saint-Gobain

  • OI Glass Inc.

  • AGI musician

  • Nihon Yamaura Glass Co., Ltd.

  • Vitro

  • 3B– fiberglass company

See more related studies published by Grand View Research:

  • Fire resistant glass market The global fireproof glass market is expected to reach size 5.92 billion dollars by 2028, according to a new report from Grand View Research, Inc., with a CAGR of 4.3% during the forecast period. Increasing emphasis on improving fire safety standards due to increasing number of fire accident cases and growing development of innovative infrastructure is expected to drive market growth during the projected period.

  • Coated glass market – The global coated glass market is expected to reach size 71.71 billion dollars to 2030, growing at a CAGR of 9.3% from 2022 to 2030, according to a new report from Grand View Research, Inc. The expansion of the solar industry supported by favorable government regulations is likely to contribute to the growth of the market. The solar industry worldwide is expected to witness significant growth, especially in terms of capacity. Factors such as the depletion of non-renewable resources, advances in technology, government regulations, decreasing costs of solar installations and increasing demand for electricity are driving the increase in solar capacity. These factors are expected to play a key role in the penetration of coated glass in the solar industry during the forecast period.

  • Market of glass containers – The global container glass market is expected to reach size 82.2 billion dollars by 2028, according to a new report from Grand View Research, Inc. The market is expected to expand at a CAGR of 3.7% from 2021 to 2028. The market is mainly driven by the increasing demand for fast-moving consumer goods (FMCG) and alcoholic beverages across the globe. FMCG products such as honey, cheese, jam, mayonnaise, spices, spreads, sauces, syrups, processed vegetables/fruits, oil and others are packaged in various types of glass jars and bottles.

Browse advanced interior materials industry research reports from Grand View Research.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated as well as custom research reports and consulting services. Registered in California and based in San Francisco, the company consists of over 425 analysts and consultants, adding more than 1,200 market research reports to its vast database each year. These reports offer detailed analysis of 46 industries in 25 major countries worldwide. With an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities ahead.

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Grand View Research, Inc.
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SOURCE Grand View Research, Inc.



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