Globally, the flat glass market in 2020 was valued between $111.3 billion and $265.85 billion.
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The Glass Market and Covid-19
Covid-19 hit the global manufacturing sector hard. Many manufacturers had to temporarily halt operations to comply with government mandated lockdowns. This crippled automotive production and stunted construction activities. While the U.S. was not immune to these setbacks, the industry saw some recovery in the second half of 2020. Because construction activities were deemed an essential service in the U.S., construction spending actually increased. In particular, we saw an increase in residential construction activities. According to the U.S. Census Bureau, new private home projects were up 6.7% over 2019, a trend that is expected to continue.
The market is predicted to continue growing both globally and in the U.S., however, it is unclear how the fluctuating prices of raw materials due to Covid-19 may hinder future growth on a global scale.
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Predicted Market Growth
Despite the effects of Covid-19, the global flat glass market is still expected to be worth $352 billion by 2028. Over the next 6-8 years, the global flat glass market is predicted to expand at a compound annual growth rate (CAGR) between 3.6% and 6%.
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Key Market Drivers
The construction industry will be a major driver of flat glass market growth. Glass is increasingly penetrating residential and non-residential construction projects for a variety of reasons. Most obviously, as environmental concerns strengthen across the globe, so does demand for solar energy installations. Architectural glass is also becoming more popular for other energy and cost efficient advantages including:
- transmission, absorption, and refraction of light
- weather, rust, and dust resistance
- insulation abilities
- limitless color and shape possibilities
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Architectural glass is increasing in popularity for aesthetic purposes too which, paired with increases in disposable income, is increasing the demand for luxury construction.
The advantages of glass in construction also reach beyond the private sector. The glass market is expected to see growth due to the rise of “Smart Cities” and widespread investments in infrastructure.
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