|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD
8.57 Billion
|
|
CAGR
(2024-2029)
|
7.64%
|
|
Fastest
Growing Segment
|
Annealed
Glass
|
|
Largest
Market
|
North
India
|
Market Overview
India Glass Market has valued at USD 8.57 Billion
in 2023 and is anticipated to project robust growth in the forecast period with
a CAGR of 7.64% through 2029. Increasing demand from the construction industry
and growing demand for electronic displays are major factors driving the growth
of the market studied. The burgeoning industrial sector, coupled with rapid
urbanization, is strengthening the growth of the flat glass market in India.
Moreover, the expanding application of flat glass in different end use
industries, such as automotive and construction, is positively influencing the
overall sales. Besides this, leading manufacturers are investing in the
research and development (R&D) sector to develop and introduce superior
quality flat glass. Furthermore, the rising infrastructure activities and the
escalating demand from the commercial sector are fueling the growth of the
market in the country. Additionally, the increasing support from government
authorities in constructing green buildings is supporting the flat glass
market.
Key Market Drivers
Construction
and Real Estate Boom
The growth of the
construction and real estate sectors in India has been a major driver for the
glass industry. As urbanization and infrastructure development continue, there
is a growing demand for architectural glass in commercial and residential buildings.
Energy-efficient and aesthetically pleasing glass products are increasingly
being used in construction.
Automotive Industry
Growth: The automotive industry is a crucial driver of the glass market in
India. As car ownership and production increase, so does the demand for
automotive glass. Additionally, advancements in technology have led to the
incorporation of features such as smart glass and windshield heads-up displays,
further driving the demand for innovative glass solutions in the automotive
sector.
Sustainability and Energy
Efficiency: Environmental concerns and government regulations have pushed the
glass industry towards developing and adopting more sustainable and
energy-efficient glass products. Low-E (low emissivity) glass and other
energy-efficient solutions are gaining popularity due to their ability to
reduce heating and cooling costs in buildings.
Innovations in Glass
Technology: Continuous research and development in glass technology have led to
the introduction of smart glass, self-cleaning glass, and other innovative
products. These advancements make glass more appealing and functional for various
applications.
Rising
Disposable Income
The increasing disposable
income of the middle-class population in India has led to greater spending on
home improvement and interior design. This, in turn, has boosted the demand for
decorative and high-quality glass products. The Indian government has initiated
programs and policies that promote sustainable construction practices and
energy efficiency. These policies encourage the use of energy-efficient glass
products, benefiting the glass market.
Rising Awareness:
Increasing awareness of the benefits of glass in terms of aesthetics, energy
efficiency, and safety is driving the adoption of glass in various
applications.
Economic Growth: Overall
economic growth and urbanization in India contribute to the development of the
glass market. As cities expand and modernize, the demand for glass products in
construction, transportation, and other industries continues to rise.
Foreign Investments:
Collaboration with international glass manufacturers and investments in Indian
glass companies have led to the introduction of advanced glass products and
technologies.
Infrastructure
Development: India's focus on infrastructure development, including the
construction of airports, metro systems, and smart cities, has increased the
demand for architectural glass and glass-based solutions.
In summary, the glass
market in India is driven by a combination of factors, including economic
growth, technological advancements, environmental considerations, and
government initiatives. The demand for glass products across various
industries, including construction and automotive, is expected to continue
growing as India's economy and infrastructure development progress.
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Key Market Challenges
High
Energy Costs
The glass manufacturing
process is energy intensive. Fluctuations in energy prices and the high cost of
energy can affect the profitability of glass manufacturers, particularly in a
competitive market.
Environmental
Regulations: Increasing environmental regulations and concerns about emissions,
waste management, and resource usage pose challenges to glass manufacturers.
Meeting stringent environmental standards can be costly and may require
significant investments in technology and processes.
Raw Material Supply:
Availability and price fluctuations of raw materials, such as silica sand, soda
ash, and limestone, can impact glass production costs. Sourcing these materials
sustainably is a concern.
The glass market in India
is highly competitive, with both domestic and international players. To remain
competitive, glass manufacturers must continually invest in research,
development, and innovation to offer better products and services.
Quality Control:
Maintaining consistent glass quality is crucial, especially for architectural
and automotive applications. Striving for high quality and safety standards can
be challenging and costly.
Imported Glass Products:
The availability of imported glass products can sometimes affect the market, as
they may compete with domestically produced glass. This can put pressure on
local manufacturers to keep prices competitive.
Skilled Labor Shortage:
Skilled labor, especially for specialized glass production processes, can be in
short supply. Companies may need to invest in training and development programs
to meet their labor needs.
Volatility in Currency
Exchange Rates: Fluctuations in currency exchange rates can affect the cost of
imported machinery, raw materials, and technologies used in the glass industry.
These fluctuations can influence the overall cost structure of glass production.
Infrastructure and
Transportation Challenges: Transporting large and fragile glass products can be
challenging due to inadequate infrastructure and road conditions in some areas
of India. This can lead to logistical issues and potential product damage.
Safety
and Liability Concerns
Glass products are used
in applications where safety is paramount, such as in automobiles and
buildings. Any product defects or accidents related to glass can lead to legal
liabilities and concerns, necessitating comprehensive quality control and
safety measures. Economic downturns or uncertainties can impact the
construction and automotive industries, which are major consumers of glass
products. These downturns can lead to reduced demand for glass.
Rising Production Costs:
Labor costs, energy costs, and regulatory compliance costs can rise over time,
affecting the overall cost of glass production. Managing these costs while
remaining competitive is a challenge. Changes in trade policies, tariffs, or
import/export regulations can affect the availability and cost of raw materials
and finished glass products.
To succeed in the Indian
glass market, companies need to adapt to these challenges by embracing
innovation, improving their environmental sustainability, ensuring product
quality and safety, and maintaining a competitive edge in terms of pricing and
technology. Additionally, collaboration with the government and relevant
industry associations can help address some of these challenges and create a
more favorable business environment for the glass industry in India.
Key Market Trends
Growing
Demand for Flat Glass
Flat glass is the largest
segment of the Indian glass market, and the demand for flat glass is expected
to continue to grow in the coming years. This is being driven by the rapid
urbanization and rising disposable incomes in India.
Shift towards
high-performance glass: The Indian market is increasingly demanding
high-performance glass that can withstand harsh operating conditions and offer
better insulation and energy efficiency. This is leading to the growing demand
for tempered glass, laminated glass, and coated glass.
Adoption of new
technologies: Glass manufacturers are increasingly adopting new technologies to
improve the performance and efficiency of their products. For example, some
manufacturers are using nanotechnology to develop self-cleaning glass and glass
that can generate solar energy.
Focus on sustainability:
Glass manufacturers are increasingly focusing on developing sustainable glass
that is made from eco-friendly materials and can be recycled. For example, some
manufacturers are using recycled glass to produce new glass products.
The following are some of
the specific trends that are expected to shape the Indian glass market in the
coming years:
Growing
demand for glass in the construction industry
The construction industry
is the largest consumer of glass in India. The rapid urbanization and rising
disposable incomes in India are driving the demand for glass in the
construction industry. Glass is used in a variety of construction applications,
such as windows, doors, mirrors, and facades.
Increasing demand for
glass packaging: Glass packaging is becoming increasingly popular in India, as
consumers are becoming more aware of the benefits of glass packaging, such as
its recyclability and its ability to preserve the quality of food and beverages.
The increasing demand for glass packaging is being driven by the growing food
and beverage industry in India.
Growing demand for
specialty glass: Specialty glass is used in a variety of industries, such as
automotive, aerospace, and electronics. The growing automotive, aerospace, and
electronics industries in India are driving the demand for specialty glass in the
country.
The Indian glass market
is poised for significant growth in the coming years, driven by the trends
mentioned above. The major players in the Indian glass market are investing in
capacity expansion and new product development to meet the growing demand for
glass products. The Indian glass industry's growth has been driven primarily by
the construction sector. The construction and infrastructure industry holds the
highest market share in the Indian flat glass market due to the growing demand
for flat glass in residential building projects.
100% foreign direct
investment in the construction industry in India under automatic route is
permitted in completed projects for operations and management of townships,
malls/shopping complexes, and business constructions.
By 2025, the Indian
construction market output is expected to grow, on average, by 7.1% each year.
The real estate industry in India is expected to reach USD 1 trillion by 2030.
ICRA estimates that
Indian firms are expected to raise INR 3.5 trillion (USD 48 billion) through
infrastructure and real estate investment trusts in 2022, compared with raised
funds worth USD 29 billion.
According to the IBEF, In
the first half of 2022, office absorption in the top seven cities stood at
27.20 million sq. ft. between July 2021-September 2021, a total of 55,907 new
housing units were sold in the eight micro markets in India (59% YoY growth).
As per the IBEF, the
market size of Indian real estate for forecast year 2030 (F) is valued at USD
1,000 billion.
In 2021-22, the
commercial space was expected to record increasing investments. For instance,
in October 2021, Chintels Group announced to invest INR 400 crore (USD 53.47
million) to build a new commercial project in Gurugram, covering a 9.28 lakh
square feet area.
Segmental Insights
Product Type Insights
Annealed glass is softer, thermally treated, and
slowly cooled to release any internal stresses after the glass is formed. This
process of treating the glass is known as the annealing process, deriving the
name annealed glass. However, annealed glass is also commonly referred to as
plate or window glass. Float, clear, and tinted glass are major annealed
glasses commercially used for varied applications.
Annealed glass is used in the windows of buildings.
In India, several green buildings or LEED buildings focus on reducing carbon
footprint in various ways. One of which is using clear glass to access natural
daylight. According to Green Building Information Gateway, the residential
complex DLF Camellias in Gurugram is India's largest LEED-certified green
building with a size of 4.7 million square feet as of April 2021.
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Region Insights
The North India region is the dominating region in
the India glass market, accounting for over 35% of the market share. This is
due to the presence of major metropolitan cities such as Delhi, Mumbai, and
Kolkata in the region. These cities are witnessing rapid urbanization and
infrastructure development, which is driving the demand for glass products.
Other major regions in the India glass market
include the West India region, the South India region, and the East India
region. The West India region is the second-largest region in the market,
accounting for over 25% of the market share. This region is home to major
cities such as Ahmedabad, Pune, and Surat, which are witnessing rapid
industrial growth.
The South India region is the third-largest region
in the market, accounting for over 20% of the market share. This region is home
to major cities such as Bengaluru, Chennai, and Hyderabad, which are witnessing
rapid growth in the IT and ITES sectors.
Recent Developments
- In December 2022, Saint-Gobain announced to invest
INR 1,800 crore (USD 243.45 million) to expand its businesses, including glass,
construction chemicals, and ceramics in its world's biggest flat glass factory
at Bhiwandi in Rajasthan, which will be inaugurated in the second quarter of
2023.
- In March 2022, Saint-Gobain, a French manufacturer
of float glass, invested INR 500 crore (~USD 67.63 million) in a new float
glass facility and an integrated window line at its World Glass Campus in
Sriperumbudur, west of Chennai, India.
- December 2022: Saint-Gobain announced to invest INR
1,800 crore (~USD 243.45 million) to expand its businesses, including glass,
construction chemicals, and ceramics in its world's biggest flat glass factory
at Bhiwandi in Rajasthan.
- March 2022: Saint-Gobain invested INR 500 crore
(~USD 67.63 million) in a new float glass facility and an integrated window
line at its World Glass Campus in Sriperumbudur, west of Chennai, India.
- April 2023: Borosil Limited finalized a share
purchase agreement (SPA) through its subsidiary Klass Pac to buy out over 90%
share of Goel Scientific Glass Works Limited (GSGWL). This acquisition will
help Borosil to expand its portfolio of glass products and strengthen its
presence in the Indian glass market.
- June 2023: Piramal Glass announced to invest INR
100 crore (~USD 13.52 million) to expand its production capacity for
pharmaceutical glass packaging at its Kosamba plant in Gujarat.
- July 2023: Asahi India Glass announced to invest
INR 200 crore (~USD 27.05 million) to expand its production capacity for flat
glass at its Taloja plant in Maharashtra.
- These investments are a testament to the growing
potential of the Indian glass market. The major players in the Indian glass
market are investing in capacity expansion and new product development to meet
the growing demand for glass products from various end-user industries.
- The Indian government is also supporting the growth
of the glass industry by providing various incentives. For example, the
government has exempted glass products from the Goods and Services Tax (GST).
The government has also announced a number of schemes to promote the use of
solar energy, which is expected to drive the demand for specialty glass in the
country.
Key Market Players
- Asahi India Glass Limited
- Borosil Glass Works Limited
- AGI Glaspac (HSIL Ltd)
- Piramal Glass Limited
- Saint-Gobain
- Schott Kaisha Pvt Ltd (SCHOTT AG)
- Haldyn Glass Limited
- Gold Plus Float Glass
- Şişecam
- Nippon Sheet Glass Co., Ltd.
|
By Product Type
|
By End-user Industry
|
By Region
|
- Annealed Glass (Including Tinted Glass)
- Coater Glass
- Reflective Glass
- Processed Glass
- Mirrors
|
- Building and Construction
- Automotive
- Solar Glass
- Other End-user Industries
|
- North India
- West India
- South India
- East India
|
Report Scope:
In this report, the India Glass Market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- India Glass Market, By Product Type:
o Annealed Glass (Including Tinted Glass)
o Coater Glass
o Reflective Glass
o Processed Glass
o Mirrors
- India Glass Market, By End-user Industry:
o Building and Construction
o Automotive
o Solar Glass
o Other End-user Industries
- India Glass Market, By Region:
o North India
o West India
o South India
o East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India
Glass Market.
Available Customizations:
India Glass market report with the given
market data, Tech Sci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
India Glass Market is
an upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]