Report Description

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] 

Table of content

1.            Product Overview

1.1.        Market Definition

1.2.        Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.            Research Methodology

2.1.        Objective of the Study

2.2.        Baseline Methodology

2.3.        Formulation of the Scope

2.4.        Assumptions and Limitations

2.5.        Sources of Research

2.5.1.    Secondary Research

2.5.2.    Primary Research

2.6.        Approach for the Market Study

2.6.1.    The Bottom-Up Approach

2.6.2.    The Top-Down Approach

2.7.        Methodology Followed for Calculation of Market Size & Market Shares

2.8.        Forecasting Methodology

2.8.1.    Data Triangulation & Validation

3.            Executive Summary

4.            Voice of Customers

5.            India Glass Market Outlook

5.1.        Market Size & Forecast

5.1.1.    By Value

5.2.        Market Share & Forecast

5.2.1.    By Product Type (Annealed Glass (Including Tinted Glass), Coater Glass, Reflective Glass, Processed Glass, and Mirrors),

5.2.2.    By End-user Industry (Building and Construction, Automotive, Solar Glass, and Other End-user Industries)

5.2.3.    By Region

5.3.        By Company (2023)

5.4.        Market Map

6.            West India Glass Market Outlook

6.1.        Market Size & Forecast

6.1.1.    By Value 

6.2.        Market Share & Forecast

6.2.1.    By Product Type

6.2.2.    By End User Industry

7.            South India Glass Market Outlook

7.1.        Market Size & Forecast

7.1.1.    By Value 

7.2.        Market Share & Forecast

7.2.1.    By Product Type

7.2.2.    By End User Industry

8.            North India Glass Market Outlook

8.1.        Market Size & Forecast

8.1.1.    By Value 

8.2.        Market Share & Forecast

8.2.1.    By Product Type

8.2.2.    By End User Industry

9.            East India Glass Market Outlook

9.1.        Market Size & Forecast

9.1.1.    By Value 

9.2.        Market Share & Forecast

9.2.1.    By Product Type

9.2.2.    By End User Industry

10.         Market Dynamics

10.1.     Drivers

10.2.     Challenge

11.         Market Trends & Developments

12.         Company Profiles

12.1.            Asahi India Glass Limited.

12.1.1. Business Overview

12.1.2. Key Revenue and Financials

12.1.3. Recent Developments

12.1.4. Key Personnel

12.1.5. Key Product/Services

12.2.            Borosil Glass Works Limited.

12.2.1. Business Overview

12.2.2. Key Revenue and Financials

12.2.3. Recent Developments

12.2.4. Key Personnel

12.2.5. Key Product/Services

12.3.            AGI Glaspac (HSIL Ltd).

12.3.1. Business Overview

12.3.2. Key Revenue and Financials

12.3.3. Recent Developments

12.3.4. Key Personnel

12.3.5. Key Product/Services

12.4.            Piramal Glass Limited.

12.4.1. Business Overview

12.4.2. Key Revenue and Financials

12.4.3. Recent Developments

12.4.4. Key Personnel

12.4.5. Key Product/Services

12.5.            Saint-Gobain.

12.5.1. Business Overview

12.5.2. Key Revenue and Financials

12.5.3. Recent Developments

12.5.4. Key Personnel

12.5.5. Key Product/Services

12.6.            Schott Kaisha Pvt Ltd (SCHOTT AG).

12.6.1. Business Overview

12.6.2. Key Revenue and Financials

12.6.3. Recent Dev