Asia Pacific Float glass market is anticipated to grow with a highest CAGR during the forecast timespan, 2019 – 2025. This can be attributed to the high growth in end-use industries in the region. According OICA more than 60% global automotive are manufactured in the Asia Pacific. China and India were driving the regional market from past few years. In addition, building & construction industry in the region is growing with a rapid CAGR due to the increasing urbanization and industrialization in the region.
According to Solar Energy Industries Association (SEIA), solar energy industry is growing with a CAGR of 50% for past few years and expected to witness high growth during the forecast timespan. This enormous growth in the solar industry likely to fuel the float glass market share in next few years.
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Float Glass Market is likely to increase in the coming years owing to unprecedented growth in the Building & construction sector. Exponential size and healthy growth of in the construction industry were the major attributed behind it. According to the Oxford Economics global construction industry will reach to USD 15.5 trillion by 2030. China, India and U.S. will account for the 57% share in global construction market. India will provide the growth engine to global construction industry by growing twice as fast as China.
According to the studies conducted by Oxford Economics, global construction industry is projected to grow with a CAGR nearly 4% until 2030. The healthy growth in the construction industry will have positive impact on the float glass market.
Automotive was another major end-user of float glass in 2018 and anticipated to grow with a healthy CAGR over the forecast period. In automotive industry it used for installations in the side, roof, window panels, etc. Automotive industry has revived from the economic crisis in 2008, its unit production increased from 61.7 million in 2009 to USD 95.6 million in 2018. This significant growth in automotive industry shall help float glass market to grow further in coming years.
Many multinational giants and local manufacturers are operating in the float glass market. Some major manufacturers working in the industry includes, Saint Gobain, Xinyi Auto; Corning Inc.; Asahi India Glass, CSG Architectural; Guardian Industries, Central Glass; NSG Group, Schott AG; Sisecam; AJJ Ltd., Cardinal, PPG Industries, Independent Co., OldCastle and AGC.
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According to Morgan Stanley, China will invest USD 1.2-1.3 trillion in OBOR by 2027. In addition, increasing urbanization in the region will fuel the construction industry growth over the forecast timespan. Increasing float glass usage in solar panels will have positive impact on float glass market demand over the forecast timespan. Increasing environmental awareness and regulations will drive the renewable energy market in coming years. According to Solar Energy Industries Association (SEIA), solar energy industry is growing with a CAGR of 50% for past few years and expected to witness high growth during the forecast timespan. This enormous growth in the solar industry likely to fuel the float glass market share in next few years.
However, strict regulations and norms regarding float glass usage in construction and automotive industry are likely to restrict product demand over the forecast period. Rating systems or norms such as Leadership in Energy and Environmental Design (LEED) are regulating the glass usage in construction industry to build greener and more sustainable buildings. Moreover, increasing usage of plastic substitutes owing to lower price and availability will have negative impact on float glass market over the forecast period.
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