Report : Asia Pacific Float Glass Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Clear Glass, Tinted Glass, Textured Glass, and Others) and Application (Automotive and Transportation, Building and Construction, Electronics, and Others)
Tinted Glass Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to a new market research study on “APAC Float Glass Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 33,221.59 million by 2028 from US$ 24,363.07 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the APAC float glass market along with the drivers and restraints pertaining to the market growth. Rising use of energy-efficient and sustainable float glass and growing applications of float glass in solar industry are the major factor driving the growth of the APAC float glass market. However, volatility in prices of raw materials hinders the growth of APAC float glass market.
In case of COVID-19, APAC is highly affected specially India. The governments of APAC countries are taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged the effect upon GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of APAC. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The governments of various APAC economies are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which have a direct impact upon the growth of industrial sectors. This may impact the demand for float glass. The fast recovery and re-start of construction projects in China along with the recovery of oversea projects has increased the float glass requirement, which reached a peak in January 2021.
The APAC float glass market is segmented based on type, application, and country. By type, the market is bifurcated into clear glass, tinted glass, textured glass, and others. The clear glass segment dominated the market in 2020 and tinted glass segment is expected to be fastest growing during forecast period. By application, the market was segmented into automotive and transportation, building and construction, electronics, and others. The building and construction segment dominated the market in 2020 and automotive and transportation segment is expected to be fastest growing during forecast period. Based on building and construction, the market is segmented into residential, commercial, and industrial. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
AGC Inc.; China Glass Holdings Limited; Guardian Industries Holdings; Nippon Sheet Glass Co., Ltd; Qingdao Migo Glass Co.,Ltd.; Saint-Gobain Glass India; SCHOTT AG; Shenzhen Sun Global Glass Co., Ltd; and Xinyi Glass Holdings Limited are among the leading companies in the APAC float glass market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, AGC Inc. has developed a new technology glass that can be used for transparent displays of any words and pictures into window glass once power is on, and when power is off, it will look like a normal transparent window
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