WELLESLEY, MA--(Marketwired - July 11, 2016) - The global economic recovery, increasing construction activities, rising personal income, and increasing vehicle sales are among key factors driving growth in the coated flat glass market. BCC Research reveals in its new report that in the Asia-Pacific region and other developing regions, the increasing pressure for environmental-friendly products has created huge growth opportunities in both emerging and mature markets.
Coating is applied to glass to enhance its appearance and impart advanced properties such as scratch resistance, corrosion resistance, self-cleaning, solar protection and special transmission, reflection, and absorption properties. In addition, coated flat glass reduces energy consumption and carbon dioxide (CO2) emissions from buildings and automobiles by reflecting the heat energy from entering into buildings and vehicle cabins through windows.
The global market for coated flat glass, which totaled $24.3 billion in 2015, should total nearly $25.8 billion and $34.4 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 5.9%. The European market should total $12.1 billion in 2016 and nearly $16.3 billion by 2021, growing at a five-year CAGR of 6.1%. The North American market should reach nearly $6.4 billion and $8.2 billion in 2016 and 2021, respectively, owing to a five-year CAGR of 5.2%.
Europe, which held the largest market share in 2015 on revenues of $11.5 billion, is expected to grow at a five-year CAGR of 6.1%, accounting for nearly $16.3 billion by 2021. The other two major markets, North America and Asia-Pacific, reached $6 billion and $4.6 billion, respectively, in 2015. By 2021, the North American market should total $8.2 billion on a five-year CAGR of 5.2%. The Asia-Pacific market is expected to grow at a five-year CAGR of 7.1% to reach $6.8 billion in 2021. However, the North American, South American and the rest of the world (ROW) markets should grow at CAGR rates lower than that of the global market.
With the recovery of the global economy, global construction activities have increased, including in North America and Japan, which has increased the demand for coated flat glass. In addition, worldwide vehicle sales have increased, spurring demand for the automotive coated flat glass market. Increasing raw material prices and stricter environmental regulations on CO2 emission levels have forced companies to develop coatings with advanced technologies to comply with the latest and future environmental regulations.
Pressure is increasing in the Asia-Pacific region and other developing regions for environmental-friendly coated flat glass to reduce energy consumption and reduce CO2 emissions worldwide.
"Because of the recovery of the global construction industry across the globe and increasing spending on construction, the demand for building materials like coated flat glass is also increasing," says BCC Research analyst Aneesh Kumar. "The emerging economies pose a huge opportunity for the coated flat glass market as these countries account for around 18% to 20% of the global coated flat glass market."
Coated Flat Glass: Technologies and Global Markets (AVM100B) analyzes the industry by technologies, applications, and regional markets, along with a special focus on the vendor landscape. Analyses of global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.