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, 2021 - 2028

Report Overview

The global flat glass coatings market size was valued at USD 1,650.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2021 to 2028. 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. Moreover, rapid growth in transport, renewable energy, social & commercial infrastructure, government accommodation, and defense infrastructure will also support market growth.

The rising number of green commercial building construction projects, particularly in the North America, Asia Pacific, and MEA regions, is anticipated to fuel product demand over the forecast period. More buildings are adopting green initiatives to become sustainable.

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.

Technology Insights

The water-based technology segment led the global market and accounted for a revenue share of more than 52% in 2020. 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 over 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.

Application Insights

Mirror was the largest application segment in 2020 and accounted for a revenue share of more than 40% in the same year. Mirrors are used widely across various applications including beauty, architectural, automotive, and decorative. Moreover, the growing demand for smart mirrors in the global market is likely to boost the segment growth over the forecast period. The smart mirror acts as an effective substitute for rear mirrors in automobile applications. It offers integrated GPS navigation, backup camera, and Bluetooth connectivity, which aids effectively in driving the vehicle. Smart mirrors are also being used in several non-automotive applications, such as medical, consumer goods, advertising, and retail.

On the other hand, the automotive & transportation segment is anticipated to record the fastest CAGR during the forecast period. The product has numerous applications in the automotive industry owing to its durability and performance efficiency. Strict regulations regarding CO2 emissions are further driving the product demand in automotive applications. OEM automotive coatings and refinish coatings segments are the major drivers for automotive coatings. Rising automobile production in Brazil, India, China, Mexico, and Korea along with increased product consumption in major OEMs across the U.S., Japan, U.K., Germany, France, and 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.

Resin Insights

The acrylic resin segment accounted for the largest revenue share of over 39% in 2020 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 is anticipated to witness the fastest CAGR from 2021 to 2028 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

Asia Pacific was the largest regional market in 2020 and accounted for a revenue share of over 55%. The region will expand further at the fastest CAGR from 2021 to 2028. 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 over 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 planned an investment of 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 market is highly competitive. Product innovation is likely to open up new growth opportunities over the next few years and is also expected to intensify the market competition as manufacturers are focusing on increasing their production capacities while widening the product portfolios.

Certain manufacturers have also backward integrated to produce raw material 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.

• Yantai Jialong Nano Industry Co., Ltd.

• 3M

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 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global flat glass coatings market report on the basis of resin, technology, application, and region:

• Resin Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

  • PU

  • Acrylic

  • Epoxy

  • Others

• Technology Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

  • Solvent-based

  • Water-based

  • Nano-based

• Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

  • Solar Power

  • Mirror

  • Architectural

  • Automotive & Transportation

  • Other

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Turkey

    • Italy

    • The Netherlands

    • Belgium

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Malaysia

    • Taiwan

    • South Korea

    • Vietnam

  • CSA

    • Brazil

    • Chile

  • MEA

    • Saudi Arabia

    • South Africa