Asia-Pacific Float Glass Market - Forecast(2023 - 2028)

Report Code: CMR 1436 Report Format: PDF + Excel

Asia-Pacific Float Glass Market Overview

Asia-Pacific Float Glass Market size is forecast to reach US$53,658.1 million by 2026, after growing at a CAGR of 6.4% during 2021-2026. Float glass (also known as flat glass) is an annealed glass, which is often used in buildings for energy-saving purposes. The growth of the float glass (flat glass) market in the Asia-Pacific region is attributed to the high demand for float glass (flat glass) from the expanding construction, automotive & transportation, consumer goods, and solar energy industry in the region. Increasing global warming environmental concerns in Asia-Pacific are expected to increase the demand for float glass as it aids in achieving LEED (Leadership in Energy and Environment Design) certification for the residential and commercial buildings. Because of automation and the change from open mold to closed mold applications, the need for glass fabric or glass roving is expanding. This may act as a major obstacle to the flat glass market's growth.

COVID-19 Impact

During the Covid-19 pandemic, there was a sudden decline in the growth of many end-use industries in Asia-Pacific which widely use float glass that further affected the growth of the Asia-Pacific Float Glass Market. For instance, according to the International Council on Clean Transportation, sales volumes are down year-to-date compared to last year. In the first six months of 2020, China sold an average of 1.3 million new passenger cars per month. This is about a 23% decrease from the first half of 2019. Furthermore, in a survey conducted by the China Construction Industry Association on 15 April 2020, which included 804 businesses, 90.55 percent of respondents said progress had been hampered, and 66.04 percent said there was a labor shortage. Since, during the pandemic, the float glass market saw a decrease in its demand in Asia-Pacific due to many key end-use industries facing challenges during the pandemic, the market revenue of the Asia-Pacific Float Glass Market significantly decreased in 2020.

Report Coverage

The report: “Asia-Pacific Float Glass Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Asia-Pacific Float Glass Market industry.

By Raw Materials: Silica Sand, Soda Ash, Limestone, Dolomite, Alumina, Glass Cullet, and Others (Chromite, Iron Oxide, Manganese, Feldspar, and Others).
By Glass Type: Basic Float Glass, Toughened Glass, Coated Glass, Laminated Glass, Extra Clear Glass, and Others (Wired Glass, and Mirrors).
By End-Use Industry: Building and Construction [Residential (Independent Houses, Row Houses, and Large Apartments), and Commercial (Office Buildings, Education Institutes, Hospitals, Hotels and Restaurants, Airports, Shopping Malls, Supermarkets and Hypermarkets, and Others)], Solar Energy, Transportation [Automotive (Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles), Aerospace, Marine, and Locomotive], Consumer Goods, and Others.
By Country: China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, Thailand, Philippines, Vietnam, and Rest of Asia-Pacific.

Key Takeaways

  • China dominates the Asia-Pacific Float Glass Market. Increased construction, automobile, solar, and electronics industry is boosting the float glass market growth in the country.
  • The production of automobiles has increased steadily in the recent past and is expected to further increase in the coming years in the Asia-Pacific region, owing to the increasing disposable income of people, which is expected to fuel the demand for float glass.
  • Furthermore, growth opportunities exist for the Asia-Pacific Float Glass Market as there have been growing government initiatives and investments in the construction industry and solar energy industry, which is spurring the overall market growth.

Figure: Asia-Pacific Float Glass Market Revenue Share by Country, 2020 (%)
Asia-Pacific Float Glass Market Revenue Share by Country
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Asia-Pacific Float Glass Market Segment Analysis – By Raw Material

The silica sand segment held the largest share of 39.3% by revenue in the Asia-Pacific Float Glass Market in 2020 and is estimated to grow at a CAGR of 6.3% during 2021-2026, as it is considered as one of the most vital raw materials for the production of float glass when compared with other raw materials. Silica sand is the primary component in all types of standard and specialty glass because it provides the necessary Silicon Dioxide (SiO2) for glass formulation. The importance of raw material quality in float glass manufacturing is magnified since it affects critical elements of the finished products, such as the thickness, transparency, strength, and durability of the glass. For instance, the products manufactured with high-quality silica sand can meet the optimal vision requirements (i.e. light and thermal transmittance specifications) set for the automotive glasses and building glasses, without compromising with durability and safety of consumers. Thus, owing to the vital role of silica sand in producing float glass, there will be an increase in its demand during the forecast period.

Asia-Pacific Float Glass Market Segment Analysis – By Glass Type

The coated glass segment held the largest share in the Asia-Pacific Float Glass Market in 2020 and is estimated to grow at a CAGR of 7.1% during 2021-2026, owing to the various advantages associated with coated glass such as a higher level of comfort, cost-effective, better thermal performance, high level of energy efficiency, and more. Coated glass is an industrial glass product that has thin coatings of metal oxides (0.01 m to 0.8 m) sprayed on it. As a result, the coating is made up of a stack of different types and thicknesses of sub-coatings. It changes the way the glass reacts to solar light in both visible and infrared spectrums. The majority of Low-E coated glass is made through sputter coating, which involves putting a specific coating on polished glass sheets. When an optical coating is applied to the surface of a lens, the anti-reflective coating reduces the reflection of an optical device. The coating is made up of a thin transparent film that produces two reflected waves, resulting in a double interface. The use of coated glass to meet the needs of the visible portion of the spectrum (380 to 780 nanometers), to improve the thermal and solar performance of float glass without changing the composition of the glass itself, and to change the surface characteristics of the glass has increased market growth. As a result of these advantages, production and demand for Asia-Pacific float glass are expected to increase during the forecast period.

Asia-Pacific Float Glass Market Segment Analysis – By End-Use Industry

The building and construction segment held the largest share in the Asia-Pacific Float Glass Market in 2020 and is estimated to grow at a CAGR of 6.2% during 2021-2026. The growing trend towards fascinating materials and rising demand for float glass as transparent glazing material in the building envelope, including windows in the external walls, is estimated to drive the Asia-Pacific Float Glass Market in the residential sector. The increasing use of laminated glass owing to its seamless safety solution, from entry doors and glass floors, to display cases and aquariums in residential buildings has even further raised the market growth. Currently, with the upsurge of new upcoming construction projects the Asia-Pacific Float Glass Market is estimated to see substantial growth in the forecast period. For instance, in February 2021, Mahindra Lifespace Developers in India has purchased 7.89 acres of land in Bengaluru for the construction of a new residential project. This new project is scheduled to begin in FY 2022. Similarly, the Minister of Housing, according to the Government of New Zealand, announced the creation of a $350 million Residential Development Response Fund on August 7, 2020, to assist the residential construction sector and lessen the economic impact of COVID-19. With such investments in the residential construction sector, the Asia-Pacific Float Glass Market is also estimated to experience an upsurge in the upcoming years.

Asia-Pacific Float Glass Market Segment Analysis – By Country

China held the largest share in the Asia-Pacific Float Glass Market in 2020 up to 70.1% by revenue. Major growing industries in China include construction, solar power, automotive, and electronics. With the growth of these industries, the market for Asia-Pacific Float Glass is expected to grow further in the region. China is the largest manufacturer and installer of solar photovoltaic power systems in the world. In the country’s 14th Five-Year Plan (FYP) China is planning to expand its solar installations. In October 2020, China brought a 2.2-GW solar farm. The firm is currently the world’s second-largest in terms of generation capacity. According to the data published by the China Association of Automobile Manufacturers, approximately 2.84 Million cars and 5.1 lakhs commercial vehicles were produced in November 2020. They also mention that around 2.7 million cars were sold in November 2020. China is the largest producer & exporter of Consumer Electronics in the world. China’s consumer electronics production held the largest market share for its electronics exports in 2020. Therefore, the demand for float glass is increasing in the country, owing to the rising automotive, solar, and electronics industry.

Asia-Pacific Float Glass Market Drivers

Bolstering Automotive Industry

Automobiles use processed float glass that undergoes heating and chemical treatments (i.e toughened glass). The glass becomes tougher and stronger as a result of this toughening process, allowing it to withstand external stress. Float glass also offers beneficial properties such as protection against harmful infrared rays, prevention of excessive heating in the car, and reduction of noise. All these properties can be inculcated in the glass for optimum comfort while driving the vehicle. In the automotive industry, it is used for installations in the side, roof, window panels, and more. The demand for automotive is thriving in the Asia-Pacific countries. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of light commercial vehicles increased from 55,896 in 2019 to 57,362 in 2020 in Taiwan, an increase of 2.6%. Whereas, the production of passenger cars increased from 5,20,526 in 2018 to 5,34,115 in 2019, an increase of 2.6% in Malaysia. According to the Japan Automobile Manufacturers Association (JAMA), in 2019, the production of cars increased from 6,67,462 in October to 6,90,311 in November in Japan. The automotive glass will be in higher demand as the demand for automobiles and their aftermarket applications grows. This factor will significantly boost the overall demand for automotive glass and drive the growth of the float glass market in the Asia-Pacific countries.

Accelerating Solar Energy Industry

Most photovoltaic modules use float glass cover plates to provide structural strength to the PV module and to encapsulate the cells. Float glass is frequently used as the device's substrate (or superstrate) in thin-film solar systems. In reality, float glass is the single greatest component by mass in the majority of solar modules currently in production. The solar industry’s demand for glass is currently less than the overall market. However, with the huge growth in the solar industry, this situation is changing. The solar industry is growing in Asia-Pacific. For instance, according to the International Renewable Energy Agency (IRENA), China represents the leading solar market not only in Asia but also in the world, with distributed plants contributing 47% of the capacity installed in 2018. In India, distributed solar has been rising as well, with installed rooftop capacity reaching 6 GW in 2018, up over 2.5 GW from the previous year. With the projected growth in photovoltaics in the Asia-Pacific region, the demand for float glass for the solar industry will far exceed the current supply, and various new float-glass plants will have to be built to meet its needs over the next 20 years. Such expansion will drive the Asia-Pacific Float Glass Market.

Asia-Pacific Float Glass Market Challenges 

Increase in Raw Material Prices

In recent times there has been an increase in the prices of raw materials that are used for float glass manufacturing such as soda ash, iron oxide, limestone, feldspar, and more, owing to which there is an increase in the price of float glass as well. The naturally forming soda ash is mined from an ore called trona. Excess use of trona is bounding the manufacturing opportunities of soda ash. Exhaustion of natural resources on earth is distressing the mineral ore - trona. As trona ore is getting depleted continuously, it affects the manufacturing process of soda ash and thus causing a rise in price for the process, thereby increasing the price of soda ash. Thus, the cost of raw materials is continuously increasing or fluctuating because of factors such as transportation & logistics, depletion of natural resources, and more, which is affecting the price of float glass as well. Hence, the volatility and increase in prices of float glass raw materials are expected to be a significant challenge for the float glass market manufacturers, which will hinder the market growth during the forecast period.

Cutting and Scheduling Problem in Float Glass Manufacturing

During float glass manufacturing the processing time to cut a rectangular unit of glass (called a plate) is proportional to its size. An offloading machine takes the same amount of time (regardless of size) to pick up, move, and release the glass to a container, then return. Thus, some slashed glass cannot be picked up before it gets to the end of the conveyor because the offloading machines are all busy and henceforth some glass is wasted. This wasted glass is called scrap. This means that even if there isn't an offloading machine to pick up the glass, it will still be made and thrown away as scrap. The challenge of eliminating wasted glass in float glass manufacturing is a complex optimization problem that requires simultaneous consideration of cutting and sequencing. Because of the limitations of the glass-making process and the equipment involved, there are several operational restrictions, which is acting as restrain for the float glass market.

Asia-Pacific Float Glass Market Landscape 

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Asia-Pacific Float Glass Market. Major players in the Asia-Pacific Float Glass Market are AGC Inc., China Glass Holdings Limited, Fuyao Glass Industry Group Co., Ltd., Nippon Sheet Glass Co. Ltd., Xinyi Glass Holdings Co. Ltd., Kibing Group, Saint-Gobain Glass India, Jinjing Group, Gujarat Guardian Limited, and BG Float Glass Company Ltd.

Acquisitions/Technology Launches

  • In March 2021, China Glass Holdings Limited launched an environmental impact assessment of the 640td high-quality float glass and functional glass production line. The production scale is of 4.11 million weight boxes of glass; the project has 267 employees, and the non-cold repair works 365 days a year.
  • In January 2020, the NSG group opened a Solar Glass Float Furnace in Vietnam. This was done to expand the production capacity of TCO glass to support the growing solar market in the region.

Relevant Reports

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1. Asia-Pacific Float Glass Market- Market Overview
    1.1 Definitions and Scope
2. Asia-Pacific Float Glass Market- Executive Summary
    2.1 Key Trends by Raw Materials
    2.2 Key Trends by Glass Type
    2.3 Key Trend by End-Use Industry
    2.4 Key Trends by Country
3. Asia-Pacific Float Glass Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Asia-Pacific Float Glass Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Asia-Pacific Float Glass Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Asia-Pacific Float Glass Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Asia-Pacific Float Glass Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Asia-Pacific Float Glass Market– By Raw Material (Market Size -US$ Million, KT)
    8.1 Silica Sand
    8.2 Soda Ash
    8.3 Limestone
    8.4 Dolomite
    8.5 Alumina
    8.6 Glass Cullet
    8.7 Others
        8.7.1 Chromite
        8.7.2 Iron Oxide
        8.7.3 Manganese
        8.7.4 Feldspar
        8.7.5 Others
9. Asia-Pacific Float Glass Market– By Glass Type (Market Size – US$ Million, KT)
    9.1 Basic Float Glass
    9.2 Toughened Glass
    9.3 Coated Glass
    9.4 Laminated Glass
    9.5 Extra Clear Glass
    9.6 Others
        9.6.1 Wired Glass
        9.6.2 Mirrors
10. Asia-Pacific Float Glass Market– By End-Use Industry (Market Size -US$ Million, KT)
    10.1 Building and Construction
        10.1.1 Residential
   Independent Houses
   Row Houses
   Large Apartments
        10.1.2 Commercial
   Office Building
   Education Institutes
   Hotels and Restaurants
   Shopping Malls 
   Supermarkets and Hypermarkets
    10.2 Solar Energy
    10.3 Transportation
        10.3.1 Automotive
   Passenger Vehicles
   Light Commercial Vehicles
   Heavy Commercial Vehicles
        10.3.2 Aerospace
        10.3.3 Marine
        10.3.4 Locomotive
    10.4 Consumer Goods
    10.5 Others
11. Asia-Pacific Float Glass Market - By Country (Market Size -US$ Million, KT)
    11.1 China
    11.2 Japan
    11.3 India
    11.4 South Korea
    11.5 Australia and New Zealand
    11.6 Indonesia
    11.7 Taiwan
    11.8 Malaysia
    11.9 Thailand
    11.10 Philippines
    11.11 Vietnam
    11.12 Rest of Asia-Pacific
12. Asia-Pacific Float Glass Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Asia-Pacific Float Glass Market – Market Share Analysis Premium
    13.1 Company Benchmarking Matrix – Major Companies 
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Asia-Pacific Float Glass Market – Key Company List by Country Premium Premium
15. Asia-Pacific Float Glass Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 AGC Inc.
    15.2 China Glass Holdings Limited 
    15.3 Fuyao Glass Industry Group Co.,Ltd.
    15.4 Nippon Sheet Glass Co.Ltd.  
    15.5 Xinyi Glass Holdings Co.Ltd .
    15.6 Kibing Group
    15.7 Saint-Gobain Glass India  
    15.8 Jinjing Group
    15.9 Gujarat Guardian Limited
    15.10 BG Float Glass Company Ltd.
"*Financials would be provided on a best efforts basis for private companies"