The flat glass coatings market is projected to grow from USD 1,075.8 million in 2017 to USD 2,789.6 million by 2022, at a CAGR of 20.99% from 2017 to 2022. The flat glass coatings market in the Asia Pacific region is likely to grow at the highest CAGR during the forecast period, in terms of both value and volume. The high growth of the Asia Pacific flat glass coatings market can be attributed to the increased demand for flat glass coatings from the region’s developing economies, such as Taiwan, India, China, South Korea, Vietnam, and Singapore. China has enormous potential for new establishments by manufacturers and suppliers. The flat glass coatings industry in China is growing rapidly, in terms of production and supplier activities, owing to low labor costs in the country. In addition, the demand for flat glass coatings is increasing rapidly in various end-use segments, including mirror coatings, solar power, architecture, and automotive & transportation, among others. This trend is expected to continue till 2022. These factors are expected to contribute toward the growth of the Asia Pacific flat glass coatings market during the forecast period, from 2017 to 2022.
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Among resin types, the polyurethane resin-based segment of the flat glass coatings market is expected to grow at the highest CAGR during the forecast period. Polyurethane resin-based coatings possess properties such as high durability, toughness, and high gloss and are easy to clean. They also have good elasticity at low temperatures, abrasion resistance, and solvent & water resistance, among others. Owing to these properties, polyurethane resin coatings are preferred in various applications worldwide.
Based on technology, the nano coatings segment of the flat glass coatings market is expected to grow at the highest CAGR during the forecast period. The nano coatings market, which has been growing significantly during the past few years, is further projected to witness higher growth rates in the next five years. The growing solar power, automotive, and electronics & appliances industries have contributed to the increased use of nano coatings. The demand for these coatings has increased because of their superior properties (dirt or water repellent, scratchproof, temperature-resistant) and low VOC emissions. The increasing importance of antimicrobial and self-cleaning coatings in solar power and automotive & transportation applications for the enhanced lifespan of parts is expected to propel the market demand for nano coatings in the flat glass coatings market.
Among applications, the solar power segment of the flat glass coatings market is expected to grow at the highest rate from 2017 to 2022. The growth of this segment can be attributed to the increasing worldwide installation of solar power plants to generate reliable and clean energy. Although solar energy represents a small percentage of the global power generation, the installation of solar power plants is growing rapidly worldwide for both photovoltaic glass and concentrated solar power generation.
Among regions, Asia Pacific is expected to be the fastest-growing flat glass coatings market. This high growth is mainly attributed to the region’s booming economies, such as China, India, Taiwan, Indonesia, Vietnam, and Malaysia. China is the leading market in Asia Pacific in terms of flat glass coatings’ demand. The growth of the flat glass coatings market in China can be attributed to the availability of cheap labor, easy availability of raw materials, lower taxes, and less stringent environmental regulations, which all work in favor of the flat glass coating manufacturers because these factors help reduce the final price of flat glass coatings.
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