CLEVELAND, Aug. 24, 2016 /PRNewswire/ -- Worldwide demand for flat glass is forecast to expand 5.0 percent annually through 2020 to 9.6 billion square meters, valued at $94 billion. The pace of gains will decelerate relative to the 2010-2015 period, primarily due to a marked slowdown in China, by far the largest national market for flat glass, where building construction spending is forecast to decelerate significantly through 2020. However, continued growth in motor vehicle production and manufacturing output will support demand, and China is expected to continue to be among the world's fastest growing markets for flat glass going forward. These and other trends are presented in World Flat Glass, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Industry study World Flat Glass is available at http://www.freedoniagroup.com/DocumentDetails.aspx?ReferrerId=RF-PRNEWS&StudyID=3449
The Asia/Pacific region was the largest regional market for flat glass in 2015, accounting for over half of global demand in value terms. The region is expected to also see the fastest gains through 2020, benefiting from the presence of the five fastest growing national markets for flat glass worldwide: India, Indonesia, China, Thailand, and Vietnam. According to analyst Allison Blackburn, "Within the Asia/Pacific region, China is the dominant flat glass consumer, representing 64 percent of the regional total on a value basis in 2015."
Gains in demand for flat glass in North America and Europe will be constrained by the shifting dynamics of global manufacturing, as producers of a wide variety of glass-consuming products are expected to increase operations in developing regions. As a result, increased manufacturing output and investment in commercial facilities will allow demand for flat glass in Central and South America and the Africa/Mideast region to grow faster than in North America and Europe through 2020.
Demand for flat glass in the solar energy market is expected to be particularly fast, as many countries increase investment in renewable energy. Solar energy applications accounted for 200 million square meters of flat glass consumption in 2015, a figure that is expected to triple by 2020. Demand for flat glass in the motor vehicle market is expected to post the slowest gains.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group