Basic glass acquired the largest market revenue share among the vertical, by product types in the overall Philippines glass market – 6Wresearch
Philippines glass market revenues witnessed significant decline during the period (2018 – 2021) owing to high volatility of the glass market because of over dependence of the market on sectors such as residential and commercial. The commercial sector in Philippines being severely impacted by the ongoing pandemic of COVID-19, which caused a halt to manufacturing activities thereby limiting production resulted shrinking of Philippines glass market size. Additionally, disruptions in the supply chain and international trade significantly impacted the Philippines glass market as the market is mostly import based with raw materials imported mainly from China, Thailand, Vietnam and Malaysia. However, the market is expected to revive soon and further grow during the forecast period owing to government investments in infrastructural development projects such as investment of $ 6.5 billion USD in infrastructural development projects and introduction of “Build Build Build” programme (2017-2022).
According to 6Wresearch, Philippines Glass Market size is projected to grow at a CAGR of 10.1% during 2022-2028. Philippines glass market is expected to grow at a healthy rate owing growth in construction activities such as Bohol–Panglao International Airport, Mandtra Residences, Masters Tower Cebu Mixed-Use Development and other prominent infrastructural projects in addition to development of commercial complexes and residential sector contributing as a catalyst for market growth and the same trend is expected to continue during the forecast period.
According to Eshita Goel, Assistant Manager, 6Wresearch, “By product types, basic glass registered highest market revenue share in Philippines glass market for the year 2021 and the same trend is expected to continue during the forecast years.” The result of the study depends on various parameters with one of the parameters being, basic glass is used as a raw material to manufacture other types of glasses such as tempered, laminated, insulated and others in the country.
According to Rakshita Joshi, Research Associate, 6Wresearch, “Architectural segment, by application dominates the Philippines glass market on account of it incorporating both residential and commercial sector of Philippines and is a major contributor towards the glass market.” The same trend is expected to continue during the forecast years on account of upcoming residential and commercial projects such as $15bn second manila airport, $200mn Cadiz Solar Power Plant, ~$890mn for Laguindingan among others.
According to Shivankar Guha, Research Associate, 6Wresearch, “Float Glass, by technology is being widely implemented in Philippines, compared to other processes of glass manufacturing in the Philippines glass market.” The outcome is primarily on account of OEMs preferring standardized product with high degree of accuracy and reliability. Glass manufactured by float glass manufacturing process offers customizable product shape and size with high degree of accuracy thus meeting the requirements of the OEMs.
Philippines glass market (2022-2028)” report provides an in-depth analysis with 33 figures and 3 tables, covered in 78 pages. The report estimates and forecast the overall Philippines glass market by product types, by application, and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.