The global glass manufacturing market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). Increased demand from various applications such as construction, packaging, and electronics is expected to drive the global glass manufacturing market during the projection period. The packaging market is shifting toward a more sustainable product strategy, with the use of glass-based and paper-based packaging solutions garnering popularity in industrialized countries. Moreover, over the forecast period, the evolution of consumer demand is expected to be an indirect source of market growth.
Prominent players active in the global glass manufacturing market are Guardian Industries, AGC Inc., Central Glass Co. Ltd., Nippon Sheet Glass Co., Ltd, Owens Illinois Inc, Fuyao Glass Industry Group Co., Ltd., Koa Glass, 3B - the fiberglass company, Heinz Glass, Saint Gobain, Amcor, Vitro, S.A.B. DE C.V., Xinyi Glass Holdings Co., Ltd, Nihon Yamamura, and Sisecam Group.
The global glass manufacturing market is highly competitive due to the existence of crucial competitors all over the world. Moreover, due to the COVID-19 pandemic, the increasing pharmaceutical and medical device business has created opportunities for glass production enterprises, particularly those involved in providing packaging solutions to the huge pharmaceutical giants.
Due to the increasing demand for products from various verticals, the leading players are focusing on enlarging their existing production plants. For example, Borosil Renewables intends to invest USD 5,000 million in order to double its capacity to 900 tonnes per day; the new facility will be operational by July 2022 and will be powered by 5GW of solar power plants.
The global glass manufacturing market is expected to grow due to an increase in demand for glass in different end-use industries, including construction and automotive. Moreover, product adoption in a range of applications, such as electronics, packaging, and construction, is anticipated to fuel market expansion during the forecast period. As the packaging industry moves toward a more sustainable product strategy, glass-based and paper-based packaging are becoming more common in industrialized countries.
Furthermore, the glass industry is continually rising as a result of the growing trend of not using plastic containers in daily life. As consumers become more worried about the environmental harm induced by plastic due to its low recyclability rate, their viewpoint is switching toward recyclable and sustainable things. Likewise, the use of glass in the design of electronic device display screens is likely to drive demand for the product in the electrical & electronics segment, as expanding internet usage changes customer preferences, boosting the sale of electronic devices and so favorably increasing the market growth.
The Asia Pacific glass manufacturing market is projected to expand during the forecast period. The region is defined by the availability of skilled labor at a low cost, making it the most attractive location for firms to establish manufacturing plants. Moreover, the shifting tendency toward establishing manufacturing facilities in countries such as India is likely to boost market growth throughout the forecast period.
Given the strong presence of end-use sectors in the country, China is expected to contribute significantly to the regional market. China is one of the world's largest manufacturing centers. Furthermore, China spends a lot of money on electronics, and the majority of the smartphone companies have factories there.
The North America glass manufacturing market is expected to expand over the projection period. The emphasis on reducing plastic usage and incorporating sustainable alternatives is expected to boost product demand in the region. Moreover, the growing demand for smart glasses with insulation that can manage the temperature and light entering the car is likely to push the glass manufacturing market.
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Glass Manufacturing Market
