Flat Glass Coatings Market: Introduction
Coatings are applied to glass surfaces to add special features to glass products. Coatings are generally applied to flat glass to provide certain properties and characteristics, such as self-cleaning, water and dirt resistance, corrosion resistance, energy efficacy, and enhanced durability. The glass is exposed to vapours which bind to it and form a coating. Coated glass is further used in decorative applications and mirrors. Glass surfaces with applied coatings create unique features that can make various products.
All types of glass that are produced in sheets under the term "flat glass" include cast glass, flat glass, and so-called "blown flat glass." Solvent-based coatings are known as flat glass coatings and can be mono- or multi-component. They are intended to improve the appearance, use, durability, and performance of the glass. Both in terms of appearance and functionality, these coatings perform better. Additionally, these coatings lessen the greenhouse effect brought on by CO2 emissions. The market will expand due to rising demand from the solar energy industry for the production of solar panels.
The Global Flat Glass Coatings Market Forecast:
The Global Flat Glass Coating Market size was at US$ 2.17 Billion in 2020, and it is predicted that it will reach a valuation of US$ 22.22 Billion by the end of 2030 with an annual development rate (CAGR) of 26.19% between 2022 and 2030.
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Flat Glass Coatings Market: Segmentation Analysis
Flat Glass Coatings Market based on Resin
- Polyurethane Flat Glass Coatings
- Acrylic Flat Glass Coatings
The Polyurethane (PU) segment is expected to witness the fastest CAGR during the forecast period because of 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 also applied over the intermediate and primer coats to attain a long-term coating.
The acrylic resin segment on the other hand, has the largest revenue share of over 39% and can retain its leading position throughout the forecast period. Bio-based acrylic resins are the most widely used resins because of the high demand for eco-friendly products. Rapid urbanization and industrialization has led to a rise in construction spending in emerging nations, that in return, has resulted in the increased demand for acrylic resins in the architectural and industrial sectors.
Flat Glass Coatings Market based on Application
- Flat Glass Mirror Coatings
- Flat Glass Coatings for Automotive Applications
Mirror is one of the widely used thing across various applications, such as beauty, architectural, automotive, and decorative. With the growing demand for smart mirrors in the global market, it is likely to boost the segment growth over the forecast period. The smart mirror can be used as an effective substitute for rear mirrors in automobile applications. Smart mirrors are also used in several non-automotive applications, such as medical, consumer goods, advertising, and retail.
The automotive and transportation segment, on the other hand is expected to record the fastest CAGR during the forecast period. The product has many applications in the automotive industry that is because of its durability and performance efficiency. Strict regulations regarding CO2 emissions are again driving the product demand in automotive applications. OEM automotive coatings and refinish coatings are the major drivers for automotive coatings.
Flat Glass Coating Market based on Technology
- Water based technology
- Nano based technology
The water-based products contain of numerous added advantages over solvent-based products. The solvent-based coatings possess harmful Volatile Organic Compounds (VOCs) that are emitted into the environment. This has laid stringent regulations for the flat glass coating market.
Nano-based technology is also projected to be the fastest-growing technology segment over the forecast period on account of several research and development activities and rising consumer needs.
Flat Glass Coatings Market: Regional Segmentation Analysis
Emerging economies that includes North America, Asia Pacific, Latin America, Europe, Middle east and Africa are set to collect most of the growth in Flat Glass Coatings Market.
Asia Pacific was the largest regional market in 2021 and accounted for a revenue share of over 55%. The region further expands at the fastest CAGR during the forecast period. Developed economies in Asia Pacific, such as China, Australia, South Korea, and Japan, are projected to be the major contributors to the regional market growth. Also, rapid developing automobile and construction industries in the region can boost product demand over the forecast period.
On the other hand, North America is also expected to witness significant growth in the coming years because of the rapidly expanding construction sector, mainly in the U.S. and Mexico. In addition to it, population growth, urbanization, and rising disposable income levels in Mexico are anticipated to play an important role to stimulate regional market growth.
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