The Flat Glass Market Is Set To Reach $170 Billion By 2026 With The Rising Demand For Electronic Displays
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LONDON, Nov. 2, 2022 /PRNewswire/ -- The flat glass market is expected to be driven by a rapid growth in demand for electronic displays worldwide. Flat glass with anti-reflective coatings is used to decrease glare from televisions, computer screens, glass cases and other electronic displays. Self-cleaning glass may also be utilized for outdoor digital signs. To assist document imaging, photocopiers, scanners and fax machines all require very clear glass sheets. The global electronic display market is estimated to grow at an annual rate of 10.9% during 2022-2028. Therefore, the growth in demand for electronic displays will augment the flat glass market growth.
The global flat glass market size is expected to grow from $120.41 billion in 2021 to $130.84 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The global flat glass market value is expected to grow to $170.11 billion in 2026 at a CAGR of 6.8%.
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Use Of Artificial Intelligence Is A Rising Trend In The Flat Glass Market
Artificial intelligence is increasingly being used in flat glass market to develop new products. AI can be used to create innovative solutions to increase glass performance. For example, in February 2020, AGC Glass Europe, a European leader in flat glass, and Citrine Informatics, a US-based company which provides AI technology platforms, announced a collaboration to use AI to accelerate the development of next-generation glass.
Sisecam Group Held The Largest Flat Glass Market Share In 2021
Sisecam Group was the largest competitor in the flat glass market in 2021, with a 1.73% share of the flat glass market revenue. Şişecam is the company operating in all core areas of glass production – including flat glass, glassware, glass packaging and glass fiber. Sisecam Group's strategy is focused on strengthening its business by investing in production sites. For instance, in September 2021, Şişecam announced that it will invest more than TL 4 billion ($470 million) in two new float lines for architectural glass and automotive glass production.
Rising Prices Of Raw Materials Are Expected To Restrain The Growth Of The Flat Glass Market
The increasing prices of raw materials such as sand and limestone are expected to restrain the growth of the flat glass market. Sand and limestone prices are at an elevated level globally and are expected to increase further going forward. For example, in the USA, in 2021, the average price per ton of sand was $9.9. The average export silica sand price per ton in the USA was $87 in April 2022, increasing by 16% against the previous month. In April 2022, US lime producers Lhoist North America and Mississippi Lime Company announced to increase prices for lime and limestone by 10% and 7% respectively.
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