According to The Insight Partners market research study on “MEA Float Glass Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 5,119.27 million by 2028 from US$ 3,609.00 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. The report provides trends prevailing in the MEA float glass market along with the drivers and restraints pertaining to the market growth. Burgeoning applications of float glass in solar industry and using energy-efficient and sustainable float glass are the major factor driving the growth of the MEA float glass market. However, volatility in prices of raw materials hinders the growth of MEA float glass market.
In case of COVID-19, MEA is highly affected especially South Africa, followed by Saudi Arabia and UAE, among others. UAE was the first country in MEA to report a confirmed case of COVID-19. The impact of lockdown in the Middle Eastern and African countries was that various chemicals & materials companies remained closed leading to the reduction in the sale of various products that negatively impacted the market for float glass in the region. The construction industry in the MEA is recovering post COVID-19; according to the RICS report, the 2021 Construction Activity Index (CAI) for the region posted a reading of +8 in Q2 compared to +3 in Q1, posting its strongest reading since Q2 2020. The infrastructure and private residential projects in the MEA are expected to gather momentum, while expectations are also slightly positive for the private non-residential sector. Thus, a recovering construction industry will have a positive impact on the float glass market.
The MEA float glass market is segmented based on type, application, and country. By type, the market is bifurcated into clear glass, tinted glass, textured glass, and others. The clear glass segment dominated the market in 2020 and tinted glass segment is expected to be fastest growing during forecast period. By application, the market was segmented into automotive and transportation, building and construction, electronics, and others. The building and construction segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on building and construction, the market is segmented into residential, commercial, and industrial. Based on country, the market is segmented into South Africa, Saudi Arabia, the UAE, rest of GCC, and rest of MEA.
AGC Inc.; China Glass Holdings Limited; Guardian Industries Holdings; Nippon Sheet Glass Co., Ltd; SCHOTT AG; and Xinyi Glass Holdings Limited are among the leading companies in the MEA float glass market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Guardian Industries Holdings has started to manufacture 130 x 240 mm size float glasses at its Michigan plant. The production will help the company to expand its float glass product portfolio and enable it to address more business requirements globally.
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