Market Trends of Asia-Pacific Flat Glass Industry
Construction Industry to Dominate the Market
- The construction industry is the largest end-user segment of the market studied. Moreover, the ongoing trend of smart city projects is also anticipated to drive flat glass demand. Due to the growing populace and rapid urbanization, the rising infrastructural developments and construction activities, mainly in China and India, are anticipated to augment the demand for architectural applications.
- The use of glass in construction provides a more pleasing and attractive look to buildings. Glasses are being used extensively in the construction industry in windows, facades, doors, interior partitions, balustrades, shop fronts, and railings for stairs and balconies, among other building parts, providing a potential opportunity to float glasses.
- Body-tinted float glass is a new type of glass in which melted colorants are added for coloring and solar radiation absorption properties. This type of glass saves energy, reduces heat penetration into buildings, and provides a striking visual effect.
- The construction sector in the Asia-Pacific region is one of the largest, and it has been witnessing steady growth owing to the presence of fast-growing economies, rapid urbanization, and rising spending on infrastructure. The construction output growth in Asia-Pacific is expected to grow by 50%, or USD 2.5 trillion, between 2020 and 2030, to a USD 7.4 trillion market in 2030.
- China has the largest building market globally, accounting for 20% of all construction investment. The country is expected to spend around USD 13 trillion on buildings over the next seven years.
- According to IBEF, the country planned to spend USD 1.4 trillion on infrastructure projects from 2019 to 2023 through the National Infrastructure Pipeline (NIP) to ensure India's sustainable development.
- Owing to all the aforementioned factors, the market for flat glass is projected to grow during the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
China to Dominate the Market
- China dominated the Asia-Pacific flat glass market size and is projected to continue its dominance during the forecast period due to the rising construction industry.
- The continuous improvements in economic conditions in the region have enhanced the financial status of consumers, boosting the demand for buildings and other infrastructural activities in the country.
- According to the International Trade Administration, China is the world's largest construction market. According to estimates, overall investment in new infrastructure during the 14th Five-Year Plan period (2021-2025) is expected to reach roughly USD 4.2 trillion. The new plan emphasizes nine key items for energy efficiency and green building development; it also calls for retrofitting over 350 million square meters of buildings and constructing over 50 million square meters of net-zero energy-consumption buildings.
- China has the world's largest electronics production base and offers tough competition to the existing upstream producers, such as South Korea, Singapore, and Taiwan. With the increase in disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future.
- In automobile and transport applications, flat glass is used to make backlights, windscreens, windows, and sunroofs.
- China continues to be the world's largest vehicle market by manufacturing output and annual sales, with domestic production expected to reach 35 million vehicles by 2025. In 2022, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), a total of 27,020,615 vehicles were produced in China.
- All these factors are expected to drive China's Asia-Pacific flat glass market during the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
