Glass Manufacturing Market to grow by USD 58.31 billion from 2022 to 2027; Rise in sales of electronic display units to drive the growth- Technavio

NEW YORK, Nov. 24, 2023 /PRNewswire/ -- The glass manufacturing market is expected to grow by USD 58.31 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 6.04% during the forecast period. The market is segmented by Application (Packaging, Construction, Electrical and electronics, Transportation, and Others), Product (Container glass, Flat glass, Fiberglass, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

The rise in sales of electronic display units is a key factor driving market growth. The market for glass manufacturing is being propelled by the surge in sales of electronic display units like smartphones, tablets, and TVs. The displays used in these devices are made of glass, and the growing demand for electronics will further drive the need for glass products. Additionally, the demand for high-quality displays in electrical devices is expected to increase as a result of the widespread adoption of technological advancements such as 5G, artificial intelligence, and virtual reality.

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Key Highlights:

• The report recognizes the following as some of the key players in the glass manufacturing market: AGC Inc., BG Container Glass Public Co. Ltd., Bormioli Luigi S.p.A., Central Glass Co. Ltd., Compagnie de Saint Gobain, Corning Inc., Euroglas GmbH, Fuyao Glass Industry Group Co. Ltd., Glaston Oyj Abp, Jinjing Group Co. Ltd., KCC Glass Co. Ltd., Koch Industries Inc., Nathan Allan Glass Studios Inc., Nippon Sheet Glass Co. Ltd., Owens Corning, SCHOTT AG, Taiwan Glass Ind. Corp., TURKIYE SISE VE CAM FABRIKALARI A.S., Vitro SAB De CV, and Xinyi Glass Holdings Ltd.
• Glass Manufacturing Market is fragmented in nature.
• Market to observe 5.68% YOY growth in 2023.

Market Dynamics:

Major Trend

Investment in new glass manufacturing facilities is a major trend in the market. The increasing demand for glass products and a need for improved production efficiency and sustainability have led major glass manufacturers to announce plans for new manufacturing facilities.

Significant Challenge

Volatility of prices of raw materials is a significant challenge hindering the market growth. The glass manufacturing industry faces a significant challenge due to the volatility of raw material prices. The prices of crucial raw materials like silica sand, soda ash, and limestone fluctuate widely, making it difficult for manufacturers to plan and manage their production costs effectively. For instance, between 2015 and 2020, the price of soda ash, a key raw material used in glass manufacturing, varied from approximately USD 200 to USD 500 per metric ton, depending on market conditions.

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Keg Segments:

• The packaging segment is estimated to witness significant growth during the forecast period. The demand for glass packaging solutions is driven by the growing need for processed and packaged foods and beverages in the food and beverage industry.

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Related Reports:

The glass bottles and containers market size is estimated to grow at a CAGR of 4.07% between 2022 and 2027. The market size is forecast to increase by USD 14.51 billion.

The Global Flat Glass Market size is estimated to grow at a CAGR of 5.38% between 2022 and 2027. The size of the market is forecast to increase by 34.3 million t. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Applications

Market Segmentation by Products

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio