Flat Glass Coating Market Expected to Reach $11.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Flat Glass Coating Market," The flat glass coating market was valued at $1.9 billion in 2021, and is estimated to reach $11.0 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.

Flat glass refers to all sheets of glass, including float glass, cast glass, and blown flat glass. Flat glass coatings are solvent-based coatings that improve the glass's appearance, durability, usefulness, and performance. These coatings are composed of a single component or numerous components that provide improved aesthetics and performance. These coatings are predominantly used in the architectural, automotive, solar energy, electronic, and ornamental industries.

Increase in acceptance of solar installations and interest in eco-friendly renewable sources or sustainable energy sources are anticipated to fuel demand for solar-powered boards, hence boosting the need for glass coatings. In addition, increased awareness about energy conservation, independence, and favorable government restrictions are anticipated to stimulate demand for design applications. The expansion of the business sector is anticipated to continue due to increased development costs driven on by growing urbanization and governmental infrastructure projects. In addition, rapid innovations in transportation, renewable energy sources, the social and corporate framework, government convenience, and security infrastructure will bolster the expansion. Increase in green commercial building construction, particularly in North America, Asia-Pacific, and the Middle East and Africa, is anticipated to increase demand for flat glass coatings throughout the projected period. The expansion of the market for flat glass coatings is anticipated to be hampered mostly by low levels of consumer awareness and expensive prices. In addition, market expansion is anticipated to be hindered due to the lengthy drying time of such coatings in cold weather, which hinders manufacturing efficiency at production sites. Consequently, these factors are anticipated to impact the market throughout the forecast period. However, investment in R&D may result in the creation of innovative new products and create opportunities for expansion for the flat glass coating market. However, as both Japan and South Korea continue to invest in solar energy, their demand for solar panels is growing as a result of the region's improved environmental circumstances. This increases demand for the flat glass coating industry.

The flat glass coating market is segmented into resin type, technology, application, and region. Depending on resin type, the market is classified into polyurethane, epoxy, acrylic and others (silicone and alkyd). On the basis of technology, it is categorized into solvent-based, water-based and nano coatings). On the basis of application, it is categorized into mirror coatings, solar power, architectural, automotive, decorative and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global flat glass coating market are 3M Company, Apogee Enterprises, Inc, Arkema Group, Be cool glass coating, FENZI SpA, Ferro Corporation, Gulbrandsen, Hesse Gmbh & Co. KG, Nippon Paints Holdings Co. Ltd, Nukote Coating Systems International, PPG Industries Inc., The Sherwin-Williams Company, Unelko Corporation, Vitro, Yantai Jialong Nano Industry Co., Ltd.

Other players operating in the flat glass coatings market are Vitro Architectural Glass, SunGuard, DIAMON-FUSION, and Tribos Coatings.

Key findings of the study

• The report outlines the current flat glass coating market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The market size is provided in terms of revenue and volume.
• On the basis of resin type, the polyurethane segment is expected to grow at a CAGR of 21.4%, in terms of revenue, during the forecast period.
• On the basis of technology, the nano coatings segment is expected to grow at a CAGR of 23.8%, in terms of revenue, during the forecast period.
• Depending on application, the automotive segment is expected to grow at a CAGR of 23.0%, in terms of revenue, during the forecast period.
• Region wise, Asia-Pacific garnered a share of 41.4% in 2021 in terms of revenue.
• Japan garnered 9.3% market share in Asia-Pacific region and is projected to grow at a CAGR 20.3% during the forecasted period.
• South Korea occupied 3.5% market share in Asia-Pacific region and is projected to grow at a CAGR 17.8% during the forecasted period.

IMPACT OF COVID-19 ON THE GLOBAL FLAT GLASS COATINGS MARKET

• COVID-19 has spread across the globe and effected almost all aspects of life.
• Some major economies that have suffered severely from the COVID-19 crisis include Germany, France, Italy, Spain, the UK, and Norway.
• In addition, due to lockdown and other restrictions imposed by governments to prevent the spread of infections, there was a shortage of raw supplies as well as manpower, further harming the supply chain for the market.
• Due to a lack of raw materials and interruptions in the supply chain, supplier contracts were terminated to reduce expenses. Due to reasons such as the stoppage of construction operations, supply chain constraints, and a temporary halt in production, the demand from building and construction industries decreased.
• However, after the pandemic, as the supply chains return to normal after the restrictions were lifted, market participants in this market have explored measures to minimize the pandemic's impact on their business.​​​​​​​