The global flat glass coatings market was valued at approximately US$ 1.9 billion in 2021. By the end of 2022, the market is estimated to reach a value of US$ 2.16 billion. Looking ahead, the market is forecasted to grow significantly, with an expected market value of US$ 13.33 billion by 2032. This represents a robust compound annual growth rate (CAGR) of 20.2% from 2022 to 2032.
Increasing residential and commercial construction will result in high demand for flat glass coatings in interior architectural mirrors and glass coverings.
Flat glass coatings are also extensively used in manufacturing of solar cells and panels to ensure efficient energy flow. Establishment of solar farms in countries like Japan, China, and U.S. will boost the demand for flat glass coating in upcoming years.
"Recent advancement in the field of architecture and rising focus on solar energy expansion and automation in automotive sector are encouraging the adoption of flat glass coatings," said a lead analyst at Fact.MR.
Key Takeaways
- The U.S. is predicted to offer lucrative growth opportunities during the forecast period, which is attributable to increasing use of flat glass coatings in sustainable construction material manufacturing and coating industry and rising green initiative campaigns
- Incorporation of flat glass coatings in home décor and increasing population driving the real estate sector will accelerate the market growth in India.
- The acrylic flat glass coating is experiencing very high demand and is expected to cross 15% CAGR by the end of assessment period.
- Adoption of water based flat glass coating in adhesive manufacturing will positively influence the market growth during the forecast period.
Prominent Drivers
- Incorporation of flat glass coating in the manufacturing of photovoltaic cells and other solar equipments drives the flat glass coatings market demand.
- Rapid urbanization and population outburst is boosting the market demand of flat glass coating in housing industry.
- Increasing use of flat glass coatings in smart mirror manufacturing in automobile will elevate the market growth.
Key Restraints
- Brittle nature of the glass coating and difficulty in transportation is restraining the market growth.
- Limited use of glass containers is restricting the sales of flat glass coatings.
- Lack of market awareness regarding utilization and characteristics of flat glass coatings will hamper the market growth.
Competitive Landscape
Leading players in the flat glass coatings market, as profiled by Fact.MR, include companies such as Apogee Enterprises Inc., Anhui Sinograce Chemicals Co. Ltd., Advanced NanoTechnology Lab (ANT Lab), The Sherwin Williams Company, Tribos Coatings Ltd., Diamon-Fusion International Inc., Ferro Corporation, Glas Trosch Holding AG, Nanonix Japan, Warren Paint & Color Co., Yantai Jialong Nano Industry Ltd., among others.
These companies are focused on gaining a competitive advantage by investing in innovative programs. They are implementing both organic and inorganic marketing strategies to achieve their objectives. Additionally, the market players are prioritizing the development of new products to strengthen their market position. Strategic alliances, mergers, and acquisitions are also being pursued to expand their global presence.
For example:
- In May 2021, Arkema Group acquired Agiplast to enhance its capabilities in producing more sustainable flat glass coatings.
- Bee Cool Glass Coatings is a key player in the flat glass coatings market, producing coatings for window films, tints, security films, frosting, decorative films, and anti-graffiti coatings. Their products are designed to block 97-99% of UV rays, which helps reduce fading.
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