India Commercial Glass Market to Grow with a CAGR of 6.42% During 2021-2030; Market to Grow on Account of Growing Demand for Glass from End-Use Industries
Kenneth Research published a report titled India Commercial Glass Market: Demand Analysis & Opportunity Outlook 2030 which delivers detailed overview of the India commercial glass market in terms of market segmentation by chemical composition, glass type, product type, manufacturing process, and by end-use industry.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The India commercial glass market is anticipated to grow with a CAGR of 6.42% during the forecast period, i.e., 2021-2030. The market is segmented by chemical composition into borosilicate glass, soda lime glass, potash lime glass, potash lead glass, silica glass, and others, out of which, the borosilicate glass segment is anticipated to garner the largest revenue of USD 1151.9 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 595.5 Million.
The India commercial glass market is estimated to garner a revenue of USD 4629.8 Million by the end of 2030, up from a revenue of USD 2546.1 Million in the year 2020. Increasing demand for commercial glass amongst different end-use industries, such as automotive, food & beverages, construction, and others, is one of the major factors anticipated to drive the market growth. Additionally, increasing demand for glassware cutlery in restaurants, along with the growing focus of the government of the nation to promote the industries that use commercial glass, are also expected to create numerous opportunities for market growth.
Growing Sales of Vehicles to Boost the Market Growth
In one of the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total number of vehicles produced in the nation touched 4516017 units in the year 2019, up from 3557073 units in the year 2010.
The automotive industry in India is booming at a significant pace, backed by the increasing population in the nation, as well as the growing purchasing power of individuals. With the surge in demand for vehicles in the nation, there is a growing need amongst the vehicle owners for different types of glass that are used in these vehicles. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
However, the increasing cost of raw materials, along with the high capital expenditure are expected to operate as key restraint to the growth of India commercial glass market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the India commercial glass market which includes company profiling of Hindustan National Glass & Industries Limited, PGP Glass Private Limited, Asahi India Glass Limited, Saint-Gobain Group, Gold Plus Float Glass, Sejal Glass Ltd, FUSO Glass India Private Limited, Glass Wall Systems, Duratuf Glass Industries (P) Ltd., GSC GLASS LTD, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the India commercial glass market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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