SAN FRANCISCO, Dec. 22, 2022 /PRNewswire/ -- The global glass manufacturing market size is expected to reach USD 167.50 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2022 to 2030. Increasing demand for glass, a recyclable and cost-effective material, in applications related to construction and packaging industries is anticipated to fuel the market growth during the forecast period.
Key Industry Insights & Findings from the report:
- Based on product, the others segment is anticipated to register the highest revenue growth rate of 6.8% during the forecast period. The segment constitutes domestic and special glasses, which are used in products such as laboratory containers and kitchenware like plates and bowls.
- Based on application, construction held the second-largest revenue share in 2021. The revival of building and construction activities in 2021, after recovering from the COVID-19 impact, aided segment growth.
- Soda ash is one of the major raw materials for manufacturing flat glass. It accounts for about 50-55% of the total cost of raw materials and about 15% of the total constitution by weight. Global production of soda ash was 59.0 million tons in 2021, which was an increase of 7.1% from 55.1 million tons in 2020.
- Asia Pacific is anticipated to register a lucrative growth rate during the forecast period. The growth is attributed to rising investments in expanding existing glass production and establishing new plants to cater to the growing demand worldwide.
Read 151-page market research report, "Glass Manufacturing Market Size, Share & Trends Analysis Report By Product (Container, Flat, Fiber), By Application (Packaging, Construction), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Glass Manufacturing Market Growth & Trends
The container glass product segment held the largest revenue share in 2021 owing to its rising demand from packaging applications from industries such as food and beverages and pharmaceuticals. Glass is a chemically inert and durable product that extends the shelf-life of stored products. Rising demand for safe and healthy packaging and the need for an extended shelf life of food and beverage and dairy products are likely to prompt the shift toward glass for packaging applications.
The market growth is likely to be impacted by the volatility in raw material costs as they form a major part of the entire cost structure of the glass manufacturing process. For instance, energy constitutes a key part of production, and the years 2021 and 2022 witnessed a surge in energy prices. The surge was owing to the low prices in 2020 and the transition toward clean energy caused them to remain high.
In addition, the geo-political tensions caused due to the Russia-Ukraine war in 2022 further contributed to the price hikes. Hence, manufacturers such as Guardian Industries and Vitro, glass fabricators such as Viracon and Oldcastle Building Envelope, and raw material suppliers such as Kuraray Co., Ltd. have announced price hikes of 8% to 40% between 2021 and June 2022.
The telecommunication application segment is anticipated to register a significant growth rate, in terms of revenue, during the forecast period. In telecommunication, the advent of 5G and upgrades in infrastructure to meet new technology requirements are anticipated to increase the adoption of glass. Further, increasing reliance on renewable energy sources to reduce greenhouse gas emissions around the globe is expected to increase the demand and production of solar panels.
Asia Pacific accounted for the largest revenue share in 2021. Factors such as growing disposable income of the middle-class, increased need for packaged food, growth of the pharmaceutical industry, increasing government investments in solar energy, development of affordable housing, and ongoing infrastructure development projects make the region a forerunner in glass demand as well as manufacturing.
Manufacturers are expanding their production in the region to cater to the growing demand. For instance, in March 2022, Italy-based Stevanato Group announced acquiring a plant in Zhangjiagang, China. The company plans to expand both area and manufacturing capacity at the site by 2024. With the new plant, Stevanato Group aims to support the pharmaceutical industry by producing EZ-fill syringes and vials to cater to the biotech and vaccine market.
Glass Manufacturing Market Segmentation
Grand View Research has segmented the global glass manufacturing market on the basis of product, application, and region
Glass Manufacturing Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Container Glass
- Flat Glass
- Fiber Glass
- Others
Glass Manufacturing Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Packaging
- Construction
- Transportation
- Electrical & Electronics
- Telecommunication
- Others
Glass Manufacturing Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- U.K.
Asia Pacific
- China
- India
- Japan
- South Korea
Central & South America
- Brazil
- Middle East & Africa
List of Key Players in the Glass Manufacturing Market
- AGC Inc.
- Fuyao Glass Industry Group Co. Ltd.
- Guardian Industries
- Saint-Gobain
- O-I Glass Inc.
- AGI glaspac
- Nihon Yamaura Glass Co., Ltd.
- Vitro
- 3B- the fiberglass company
Check out more related studies published by Grand View Research:
- Fire-resistant Glass Market- The global fire-resistant glass market size is expected to reach USD 5.92 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.3% over the forecast period. Rising emphasis on improving the fire safety standards owing to increasing instances of fire accidents and the growing development of innovative infrastructure is expected to propel the market growth during the projected period.
- Coated Glass Market - The global coated glass market size is expected to reach USD 71.71 billion by 2030, growing at a CAGR of 9.3% from 2022 to 2030, according to a new report by 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 across the globe is anticipated to witness significant growth, especially in terms of capacity. Factors such as the depletion of non-renewable resources, advancements in technology, government regulations, reductions in the cost of solar installations, and the growing electricity demand are propelling an increase in solar capacities. These factors are expected to play a key role in the penetration of coated glass in the solar industry over the forecast period.
- Container Glass Market - The global container glass market size is anticipated to reach USD 82.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.7% from 2021 to 2028. The market is predominantly 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, and oil, and more are packed in various types of jars and bottles made-up of glass.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo - https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/glass-manufacturing-market-to-be-worth-167-50-billion-by-2030-grand-view-research-inc-301708675.html
