Flat Glass Coatings Market Size, Share & Trends Analysis Report By Resin (PU, Acrylic), By Technology (Water-based, Nano Coatings), By Application (Solar Power, Automotive & Transportation, Mirror), And Segment Forecasts, 2022 - 2030

Report Overview

The global flat glass coatings market size was valued at USD 1.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2022 to 2030. Flat glass is widely used in the construction of buildings in both commercials as well as residential sectors. The tremendous growth in the infrastructural developments across various emerging economies is likely to contribute to the market expansion during the forecast period.

Rising construction spending on account of rapid urbanization across the globe and infrastructural plans by various governments will continue to augment the market growth along with more focus on adopting green initiatives to become sustainable. The rapid growth in transport, renewable energy, social & commercial infrastructure, government accommodation, and defense infrastructure is further supporting the market growth. Furthermore, the rising number of green commercial building construction projects, particularly in North America, Asia Pacific, and MEA regions, is anticipated to fuel product demand during the forecast period.

Glass facades are becoming popular, particularly in the commercial building construction sector. Numerous technological innovations in glass technology have improved the overall performance in light transmission, thermal insulation, and modulating solar heat. In addition, innovations, such as double glazed, solar control, and thermal insulation, have also contributed to the increased product application in buildings.

The global demand for green buildings has grown significantly during the past few years. Green buildings serve various social, environmental, as well as economic benefits. Flat glass coatings play a vital role in reducing the operational costs of the building. Thus, a rise in the construction of green buildings will directly contribute to market growth.

Water-based coating dominates the overall market, followed by solvent-based coating. Solvent-based coatings emit higher amounts of volatile organic compounds while drying. These compounds can affect the human health of individuals who are constantly exposed to these types of products. VOCs form the ground-level ozone layer and trap the heat, which leads to global warming. These may cause eye, skin, nose, throat, and respiratory tract irritation.  The VOCs emitted can lead to severe ill effects, such as cancer, leukemia, lymphoma, and various other diseases, on human health.

The construction industry has supplemented significant demand in the market. Increasing construction of amusement parks, corporate buildings, hotels, motels, hospitals, schools, and others is likely to supplement the demand for flat glass coatings in the upcoming years. Residential construction in multi-family and single-family segments is expected to rise owing to a rise in the demand for rental accommodation.

Technology Insights

The water-based technology segment led the global market and accounted for a revenue share of more than 52.0% in 2021. Water-based products contain numerous added advantages over solvent-based products. Solvent-based coatings possess harmful Volatile Organic Compounds (VOCs), which are emitted into the environment. Various regulatory authorities have laid stringent regulations with respect to the production of solvent-based flat glass coatings.

Nano-based technology is estimated to be the fastest-growing technology segment during the forecast period on account of several research & development activities and rising consumer needs. Favorable growth in the automotive and electronics manufacturing sectors is expected to boost the demand for nano-based technology over the coming years.

Solvent-based flat glass coatings comprise liquefying agents, which are designed to evaporate via a chemical reaction along with oxygen. Solvent-based coatings contain an added advantage over water-based coating such as they are susceptible to changing environmental conditions, such as humidity and temperature fluctuation. It is widely used in application areas such as mirrors, solar panels, and automotive.

Solvent-based coating technology is the most conventional technology for manufacturing flat glass coatings. Aliphatic hydrocarbons, lacquer thinner, toluene and xylene are solvents used in the process of manufacturing. The global solvent market for coatings has undergone a paradigm shift due to adverse effects on the environment because of volatile organic compounds in crude oil-based solvents.

Application Insights

Mirror application segment led the global market and accounted for a revenue share of more than 40% in 2021. Mirrors are used widely across applications in beauty, architectural, automotive, and decorative applications. Moreover, the growing demand for smart mirrors in the global market is likely to drive the market demand for flat glass coatings during the forecast period. The smart mirror acts as an effective substitute for the rear mirror in automobile applications. It offers integrated GPS navigation, a backup camera, and bluetooth connectivity which aids effectively in driving the vehicle. Smart mirrors are expanding their application areas across various non-automotive applications also such as medical consumer goods, advertising, and retail.

On the other hand, the automotive & transportation segment has reached a valuation of USD 44.6 million in 2021 and is anticipated to emerge as the fastest-growing segment in terms of CAGR during the forecast period. Flat glass coatings find numerous applications in the automotive industry owing to their durability & performance efficiency. Strengthening regulations regarding reduced CO2 emissions are further driving the market demand for flat glass coatings in automotive applications.

OEM automotive coatings and refinish coating segments are the major drivers for automotive coatings. Increasing automotive production in Brazil, India, China, Mexico & Korea along with increasing flat glass coatings consumption in major OEMs across the U.S., Japan, U.K., Germany, France & Italy is a key factor driving the market growth. APAC currently occupies the largest market share for flat glass coatings in automotive applications due to its leading position in automobile production in the world.

Demand for glass coating on solar panels has risen significantly on account of several benefits imparted by them onto the overall performance efficiency.  These anti-reflective coatings specially designed for photovoltaic applications are deposited on a single side. As they are single-sided, they minimize the reflection without affecting the adhesion layer and glass. Thereby, enhancing the overall output. Solvent-based flat glass coating is mostly preferred in solar applications.

Resin Insights

The acrylic resin segment accounted for the largest revenue share of more than 39.0% in 2021 and will retain its leading position throughout the forecast period. Bio-based acrylic resins are the most widely used resins due to the high demand for eco-friendly products. Rapid urbanization and industrialization have led to a rise in construction spending in emerging nations, which, in turn, has resulted in the increased demand for acrylic resins in the architectural and industrial sectors.

On the other hand, the Polyurethane (PU) segment accounted for 34.93% of the market revenue share in 2021 and is anticipated to witness the fastest CAGR from 2022 to 2030 due to the wide usage of PU-based flat glass coatings in solar panels, greenhouses, and other architectural systems. PU resins are utilized in the coating of flat glass as finished coats and are primarily applied over the intermediate and primer coats to attain a long-term high-performance coating.

Regional Insights

The Asia Pacific was the largest regional market in 2021 and accounted for a revenue share of more than 56.0%. The region will expand further at the fastest CAGR from 2022 to 2030. Developed economies in APAC, such as China, Australia, South Korea, and Japan, are anticipated to be the major contributors to the regional market growth. Moreover, rapidly developing automobile and construction industries in the region are expected to boost product demand during the forecast period.

North America is also expected to witness significant growth in the coming years on account of the rapidly expanding construction sector, primarily in the U.S. and Mexico. Under the National Infrastructural Plan of Mexico, the government had invested USD 590 billion from 2016 to 2018, which is anticipated to promote construction activities for residential and commercial structures. Moreover, population growth, urbanization, and rising disposable income levels in Mexico are expected to play an important role to stimulate regional market growth.

Key Companies & Market Share Insights

The global flat glass coatings market is highly competitive. Product innovation is likely to open new growth opportunities over the next few years and is also expected to intensify the market competition as manufacturers are focused on increasing their production capacities while widening their product portfolios.

Certain manufacturers have also backward integrated to produce raw materials themselves. This strategy helps lower the logistic costs and procurement hassles in the long run. Rising consumer awareness about the product benefits and manufacturing technologies have compelled suppliers to ensure high-quality levels by integrating themselves into the production. Some prominent players in the global flat glass coatings market include:

• Arkema, Inc.

• Fenzi Spa

• Ferro Corp.

• Hesse Gmbh & Co. KG

• The Sherwin-Williams Company

• Vitro S.A.B. De C.V.

• Nippon Paint Holdings Co., Ltd.

• Bee Cool Glass Coatings

• Yantai Jialong Nano Industry Co., Ltd.

• NanoTech Coatings

• 3M

• Gulbrandsen

• Unelko Corporation

• Apogee Enterprises, Inc.

• PPG Industries Inc. 

Flat Glass Coatings Market Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global flat glass coatings market report based on resin, technology, application, and region:

• Resin Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • PU

  • Acrylic

  • Epoxy

  • Others

• Technology Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Solvent-based

  • Water-based

  • Nano-based

• Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Solar Power

  • Mirror

  • Architectural

  • Automotive & Transportation

  • Other

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Turkey

    • Italy

    • Netherlands

    • Belgium

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Malaysia

    • Taiwan

    • South Korea

    • Vietnam

  • CSA

    • Brazil

    • Chile

  • MEA

    • Saudi Arabia

    • South Africa