The insightful report furnished by Market Research Future (MRFR) is of the view that the global flat glass coatings market had been worth USD 1 billion in the year 2017. Moreover, it will be surging at a robust CAGR of more than 12% during the forecast period (2018–2023).
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Market Drivers and Key Challenges
The growing spending on construction backed by the increasing urbanization as well as infrastructural plans by various governments is expected to substantiate the growth of the flat glass coatings market. Also, the steady developments in renewable energy, transport, government accommodation, residential and commercial infrastructure along with defense infrastructure are set to support the market expansion to a large extent. There has been a growth in the green commercial building construction, mostly in regions like Asia Pacific, North America, and Middle East and Africa, which are also estimated to benefit the flat glass coatings market in the coming years.
Besides, there is a surge in the number of buildings that are undertaking green initiatives in order to achieve optimum sustainability. On that note, glass facades have garnered immense popularity around the world, especially for the construction of commercial buildings. On top of this, a number of technological advancements have led to an enhanced performance of glass in thermal insulation, in the modulation of solar heat and in light transmission. Additionally, innovative features such as solar control, thermal insulation and double glazed are contributing predominantly towards the applications of flat glass in the construction sector for buildings.
World over, the rise in the demand for green buildings has been noted at a significant rate in the past couple of years, as these types of buildings offer a variety of environmental, social, and economical benefits. As flat glass coatings are the best solution for reducing operational costs of buildings, there has been a boost in the in construction of green buildings, which will contribute massively to the market expansion in the following years.
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The global market for flat glass coatings has been segmented based on resin type, technology, and application.
The resin type-based segments in the global market are polyurethane resin, acrylic resin, epoxy resin, and others. Out of these, the polyurethane resin segment is estimated to grow at the highest growth rate in the near future, as these are used when high performance is the primary need, such as in solar panels, space shuttles and greenhouse buildings. Furthermore, these types of resins are highly useful in architectural and industrial coating systems, used as finish coats, in addition to coating the primer as well as intermediate coats so that a long-term protective coating is achieved.
Technology-wise, the market can be broken down into solvent-based, water-based, and Nano, where the nano coatings are in huge demand, particularly from the expanding electronics and automotive industries.
The applications in the global flat glass coatings market include solar power, mirror, architectural, automotive and transportation, and others. Mirrors find widespread use across almost every significant application, including architectural, beauty & cosmetics, automotive & transportation and decorative. The use of flat glass has been noted to be more in the architectural application, the adoption of coatings in the mirror application happens to be much higher.
- Fenzi SpA
- Ferro Corporation
- the Sherwin-Williams Company
- Nippon Paint Company Limited
- Nano-Care Deutschland AG
- Hesse GmbH & Co. KG
- Tribos Coatings (International) Ltd
- CCM GmbH
- Glas Trösch Holding AG.
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The Global Flat Glass Coatings Market is spread across the prominent key regions of Asia Pacific, Europe, Latin America, North America, as well as the Middle East & Africa.
The Asia Pacific is on route to become the largest as well as the fastest-growing market during the review period, at a global level. The emerging economies like Australia, South Korea, China, and Japan are expected to have the biggest hand in the said growth of the regional market. The booming construction and automobile industry are other beneficiary factors facilitating the growth of the market in the region. In the region, China is projected to be the biggest consumers of flat glass coatings on account of its high industrial production.
The Flat Glass Coatings Market in North America is the second-largest globally, with predictions of it remaining at this position throughout the forecast period. The crucial reasons backing the market growth include the expanding construction sector, predominantly in the United States (U.S) and Mexico. For instance, as part of the National Infrastructural Plan of Mexico, the government invested about USD 590 billion from 2014 to 2018, for the construction for commercial and residential infrastructures. Other macroeconomic factors supporting the market growth are the expansion of the population, urbanization, along with the growing disposable income.
The Middle East & Africa flat glass coatings market will most likely depict a consistent growth trajectory in the upcoming time frame as a result of the rise in construction within the region. Also, rapid industrialization as well as urbanization will be the critical factors responsible for the market growth in the region.
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