The US Flat Glass Market is expecting steered growth through increased Urbanization, technological advancement, rise in Internet Penetration, increased E-Commerce Electronics expenditure, Infrastructural Development, Automotive industry Growth, and Solar installations.
Story Outline
- Increased Building Permits and Residential Construction leading to the evolution of the US Flat Glass Market.
- Solar Panel installations were at its peak during 2022, and even the start of 2023 has witnessed around 2 gigawatts of solar capacity being installed leading to increased production of Solar Panels Which directly benefits US Flat Glass Market.
- Increased Urbanization is leading to a rise in demand of light commercial vehicles for transportation of goods which is helping US Glass Market to grow.
- With an Internet Penetration rate of around 91%, high E-Commerce Electronics spending is noted among the US population leading to increased use of Flat Glass.
The US Flat Glass Market which is expected to grow at a CAGR of 6% in the forecast period 2023-2028, is being driven by increased Urbanization, rise in residential construction permits, high Internet Penetration rate, and growing awareness about Solar Energy
1.Urbanization leading to increased Infrastructural development and construction sites helping US Flat Glass Market achieve excellence.
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The stats show the total construction done in US from the year 2005-2022. As of May 2022, total Residential construction done was around 935.15 billion USD, Non-Residential approx. 490.20 billion USD, and Public around 345.45 billion USD. US Construction is a major contributor to US economy. The industry creates approx. 1.7 trillion USD worth of structures every year.
Flat glass is mainly used for construction, architecture, and infrastructural development due to its features and many other options it offers. A notable rise in US building permits is also seen at a rate of around 5.7% in May 2023 leading to more construction sites and an increased need for architectural glass in the construction of those buildings.
An increased Urbanization rate of around 18% is seen in US from 2010 to 2021, leading to enhanced infrastructural development and residential construction which is helping US Glass market grow at an expected CAGR of 6% in the forecast period of 2023-2028.
2.Growing awareness of Solar energy utilization, becoming the reason for the growth of the US Flat Glass Market.
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The number of solar installations was at its peak in 2022. The cumulative Solar Photovoltaic PV capacity of Us in 2002 was approximately 111.5 gigawatts (GW). It is seen that solar panels installations in the first few months of 2023 have been commendable with around 6.2 gigawatts of solar capacity being installed. This number is enough to power more than 4 million homes.
Solar Panels are made of toughened glass also called tempered glass. The specific qualities of this glass make it suitable for manufacturing solar panels.
Solar energy is one of those power that is renewable, generated from clean source, doesn’t produce carbon emissions, and is available each and every day, even on cloudy days. The unlimited benefits like Solar Investment Tax credit, low cost, and increased demand across Private and Public sectors is helping US Flat Glass Market to grow at a considerate level.
According to the report released by Solar Energy Industries Association (SEIA) and Wood Mackenzie, the solar market is expected to total installed capacity of 379 gigawatts by 2028. The increased awareness and demand for solar panels is directly benefitting the US Flat Glass Market in its growth.
3.Automotive industry growth, increased vehicle manufacturing giving US glass market a promised growth.
The stats show the total vehicle sale in US from July 2022 to April 2023. The total sales were approx. 15 million in April 2023.
Automotive glass is useful in the manufacturing of Windscreens, and windows, it protects cars from UV rays, rain, fog, dust, and wind. With an increased rate of urbanization of around 18% from 2010-2021; the demand for light commercial vehicles also increased for transporting goods.
As a result, the US automotive industry produced approximately 10.05 million vehicles including passenger cars, light commercial vehicles, heavy trucks, buses, and coaches in 2022. The increased production and growing demand for vehicles are helping US Glass Market to grow at an expected CAGR of 6% in the forecast period 2023-2028.
4.High Internet penetration rate increasing E-Commerce Electronics spending of consumers leading to high revenue of US Smart Glass Market.
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The stats show the percentage of the population using internet. The active internet users in US as on January 2023 were approx. 311.3 million. The internet Penetration rate stood at around 91% of the total population at the start of 2023.
An increase in internet activity of people in US has led to a rise in e-commerce spending power of people; the E-Commerce sale of US was around 88 million USD in 2022. As a result, the E-commerce electronic market has seen a visible rise in its market size. Shopping for electronic products has become easier and more convenient for customers due to rising internet penetration.
As a result the US Flat Glass Market is directly benefitted because of increased internet penetration and technological advancement.
Conclusion
The US Flat Glass Market is growing at a considerate level with the help of its end-user industries (Construction, Automotive, Solar, Electronics, Furniture, and others). Expecting growth with a CAGR of 6% the US Flat Glass Market is ready to gain more benefits from increasing Urbanization, a high Internet penetration rate, and increase in the E-Commerce spending capacity of customers.