Worked Flat Glass Market

The global worked flat glass market is expected to show steady growth in consumption and value from 2022 to 2030, with a forecasted CAGR of +0.4% and +2.5% respectively. China, the United States, and Singapore are the top consumers of worked flat glass, while China leads in production and export. Singapore experienced the highest growth rate in consumption and market size, while South Korea showed a decline in per capita consumption. Global imports and exports of worked flat glass are on the rise, with China dominating both categories. Singapore saw a significant increase in export value, while China maintained the highest export volume. Prices fluctuated throughout the years, with Spain and Germany showing the most notable growth in export prices.

Market Forecast

Driven by increasing demand for worked flat glass worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 5.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $37.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Worked Flat Glass

In 2022, after two years of growth, there was decline in consumption of worked flat glass, when its volume decreased by -0.2% to 5.5M tons. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak volume of 5.5M tons, leveling off in the following year.

The global worked flat glass market size stood at $30.7B in 2022, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1M tons), the United States (632K tons) and Singapore (534K tons), with a combined 40% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Singapore (with a CAGR of +11.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest worked flat glass markets worldwide were Japan ($7.5B), the United States ($5.2B) and China ($1.9B), with a combined 48% share of the global market. Germany, Singapore, South Korea, Pakistan, Italy, Indonesia, Nigeria, Mexico, Russia and Turkey lagged somewhat behind, together comprising a further 13%.

Singapore, with a CAGR of +7.5%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of worked flat glass per capita consumption was registered in Singapore (92 kg per person), followed by South Korea (4.9 kg per person), Italy (3.8 kg per person) and Germany (3.2 kg per person), while the world average per capita consumption of worked flat glass was estimated at 0.7 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the worked flat glass per capita consumption in Singapore amounted to +10.6%. In the other countries, the average annual rates were as follows: South Korea (-1.2% per year) and Italy (+4.3% per year).

Production

World Production of Worked Flat Glass

In 2022, global production of worked flat glass dropped slightly to 4.9M tons, therefore, remained relatively stable against 2021 figures. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.5% against the previous year. Over the period under review, global production reached the maximum volume at 5.3M tons in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, worked flat glass production amounted to $30.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 14% against the previous year. Global production peaked in 2022 and is expected to retain growth in the near future.

Production By Country

China (1.5M tons) remains the largest worked flat glass producing country worldwide, accounting for 31% of total volume. Moreover, worked flat glass production in China exceeded the figures recorded by the second-largest producer, the United States (601K tons), threefold. The third position in this ranking was taken by Germany (244K tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +1.5%. In the other countries, the average annual rates were as follows: the United States (+0.6% per year) and Germany (+2.4% per year).

Imports

World Imports of Worked Flat Glass

In 2022, purchases abroad of worked flat glass increased by 3.8% to 1.7M tons, rising for the third year in a row after two years of decline. Overall, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 61%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, worked flat glass imports fell markedly to $4B in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. As a result, imports attained the peak of $5B, and then plummeted in the following year.

Imports By Country

In 2022, Singapore (706K tons) was the key importer of worked flat glass, making up 41% of total imports. South Korea (303K tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by China (6.6%). Vietnam (71K tons), Australia (57K tons), India (52K tons), Germany (38K tons), the United States (32K tons), Canada (29K tons), Taiwan (Chinese) (28K tons) and Iraq (27K tons) held a relatively small share of total imports.

Imports into Singapore increased at an average annual rate of +12.6% from 2012 to 2022. At the same time, Iraq (+46.8%), Vietnam (+46.0%), Australia (+20.2%), India (+16.8%), China (+11.6%), Canada (+6.5%), the United States (+5.7%) and Taiwan (Chinese) (+4.7%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the world, with a CAGR of +46.8% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Germany (-4.7%) illustrated a downward trend over the same period. While the share of Singapore (+19 p.p.), Vietnam (+3.9 p.p.), China (+2.8 p.p.), Australia (+2.4 p.p.), India (+1.9 p.p.) and the United States (+1.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-4 p.p.) and South Korea (-11.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.1B) constitutes the largest market for imported worked flat glass worldwide, comprising 27% of global imports. The second position in the ranking was taken by Singapore ($511M), with a 13% share of global imports. It was followed by South Korea, with an 11% share.

In China, worked flat glass imports increased at an average annual rate of +1.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+2.6% per year) and South Korea (+0.4% per year).

Import Prices By Country

In 2022, the average worked flat glass import price amounted to $2,312 per ton, reducing by -21.8% against the previous year. Over the period under review, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 16%. As a result, import price attained the peak level of $4,485 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($15,195 per ton), while Australia ($238 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.0%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Worked Flat Glass

For the third consecutive year, the global market recorded growth in overseas shipments of worked flat glass, which increased by 3.8% to 1.1M tons in 2022. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.5% against 2014 indices. The pace of growth was the most pronounced in 2015 with an increase of 14% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, worked flat glass exports declined to $3.9B in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 23% against the previous year. Over the period under review, the global exports reached the peak figure at $4.5B in 2021, and then contracted in the following year.

Exports By Country

China was the major exporter of worked flat glass in the world, with the volume of exports recording 587K tons, which was approx. 53% of total exports in 2022. It was distantly followed by Singapore (172K tons), South Korea (80K tons) and Taiwan (Chinese) (53K tons), together creating a 27% share of total exports. Spain (45K tons) and Germany (18K tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +6.7% from 2012 to 2022. At the same time, South Korea (+20.7%), Singapore (+16.5%), Spain (+6.5%), Germany (+4.1%) and Taiwan (Chinese) (+2.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.7% from 2012-2022. Singapore (+9.8 p.p.), China (+6.6 p.p.) and South Korea (+5.3 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($817M), South Korea ($483M) and Taiwan (Chinese) ($457M) appeared to be the countries with the highest levels of exports in 2022, with a combined 45% share of global exports. Singapore, Germany and Spain lagged somewhat behind, together accounting for a further 17%.

Singapore, with a CAGR of +13.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average worked flat glass export price stood at $3,483 per ton in 2022, shrinking by -16% against the previous year. Over the period under review, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2020 an increase of 11%. The global export price peaked at $6,097 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($10,409 per ton), while China ($1,392 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform