32721

IBISWorld Industry Report
March 31 2009
Glass Product Manufacturing in the US: 32721
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CONTENTS Glass Product Manufacturing in the US

March 31 2009
Contents
Recession Update: March 31 2009 ...................................................................................................................... 3 Industry Definition................................................................................................................................................. 4

ACTIVITIES (PRODUCTS AND SERVICES) ......................................................................................................................................4 SIMILAR INDUSTRIES ........................................................................................................................................................................4 DEMAND & SUPPLY INDUSTRIES ....................................................................................................................................................5
Key Statistics........................................................................................................................................................ 6
INFLATION ADJUSTED (CONSTANT) PRICES .................................................................................................................................6 REAL GROWTH...................................................................................................................................................................................6 RATIO TABLE......................................................................................................................................................................................6 GRAPHS ..............................................................................................................................................................................................7
Segmentation ....................................................................................................................................................... 8
PRODUCTS AND SERVICE SEGMENTATION ..................................................................................................................................8 MAJOR MARKET SEGMENTS............................................................................................................................................................9 INDUSTRY CONCENTRATION.........................................................................................................................................................10 GEOGRAPHIC SPREAD ...................................................................................................................................................................10
Market Characteristics........................................................................................................................................ 13
MARKET SIZE ...................................................................................................................................................................................13 LINKAGES .........................................................................................................................................................................................13 DEMAND DETERMINANTS ..............................................................................................................................................................15 DOMESTIC AND INTERNATIONAL MARKETS................................................................................................................................15 BASIS OF COMPETITION.................................................................................................................................................................16 LIFE CYCLE.......................................................................................................................................................................................17 BARRIERS TO ENTRY......................................................................................................................................................................19 TAXATION .........................................................................................................................................................................................19 INDUSTRY ASSISTANCE .................................................................................................................................................................19 REGULATION AND DEREGULATION ..............................................................................................................................................20 COST STRUCTURE ..........................................................................................................................................................................21 CAPITAL AND LABOR INTENSITY...................................................................................................................................................23 TECHNOLOGY AND SYSTEMS .......................................................................................................................................................23 INDUSTRY VOLATILITY....................................................................................................................................................................24 GLOBALIZATION...............................................................................................................................................................................24 KEY SENSITIVITIES..........................................................................................................................................................................25 KEY SUCCESS FACTORS................................................................................................................................................................26 MAJOR PLAYERS .............................................................................................................................................................................27 PLAYER PERFORMANCE ................................................................................................................................................................27 OTHER PLAYERS .............................................................................................................................................................................32
Industry Conditions............................................................................................................................................. 19
Key Factors ........................................................................................................................................................ 25
Key Competitors ................................................................................................................................................. 27
Industry Performance ......................................................................................................................................... 34 Outlook ............................................................................................................................................................... 41
CURRENT PERFORMANCE.............................................................................................................................................................34 HISTORICAL PERFORMANCE.........................................................................................................................................................37
Copyright 2009, IBISWorld Inc.
RECESSION UPDATE: MARCH 31 2009 Glass Product Manufacturing in the US

March 31 2009
Recession Update: March 31 2009

Immediate Impact - NEGATIVE
IBISWorld believes that the impact of the current recession on this industry will be negative. Construction industries represent the biggest customer market for glass products. The continued decline of these markets in 2009 will have a negative effect on the glass product manufacturing industry.
Headwind
The glass container segment of this industry competes directly with metal containers for a share of the processed food and beverages packaging market. Conditions in the market do not indicate any significant relief to the existing overhang of the credit crisis, and as such, growth in the use of substitutions is forecast to continue to grow.
Tailwind
There are no factors brought on by the recession that are likely to present opportunities for glass producers.
Structural Changes
Ownership concentration is increasing as major players buy out niche operators as "bolt-on" acquisitions. The tightening of credit markets may curb this activity, although it may also see smaller players become more vulnerable to takeover.
Can the Industry Weather the Storm?

Declining demand from construction and automotive industries will be offset by comparatively solid demand conditions in the packaging and household goods markets. However, the industry is heading towards the decline phase of its life cycle, and recessionary conditions will hasten this transition.
FORECAST - Overall flat growth anticipated

Losses incurred in 2009 will only gradually be clawed back over the following four years.
1Q09 Quarterly Revenue $m Real Revenue Growth Forecast real revenue growth % as published March 2009 5575.0 -2.2 2Q09 5475.0 -1.8 3Q09 5400.0 -1.4 2008 -5.5 4Q09 5300.0 -1.9 2009 -6.0 1Q10 5350.0 0.9 2010 1.7 2Q10 5450.0 1.9 2011 1.5 3Q10 5575.0 2.3 2012 1.5 4Q10 5750.0 3.1 2013 1.5
NOTE: This one page recession update discusses industry dynamics since the last update of the industry report and over the next few months. The purpose of this update is to provide additional information for the short term. The full report analyses the fundamentals of the industry over a longer time frame, and reflects the situation at the time of publication.
Recession 2009: Whitepaper Available

If you would like a broader view of the factors driving this recession, please download our special report from www.ibisworld.com/recession2009.
INDUSTRY DEFINITION Glass Product Manufacturing in the US

March 31 2009
Industry Definition
This industry comprises establishments primarily engaged in manufacturing glass or glass products by melting silica sand or cullet. The industry is comprised of four segments, including: Flat Glass Manufacturing (NAICS 327211) which comprises establishments primarily engaged in (1) manufacturing flat glass or (2) manufacturing both flat glass and laminated glass; Other Pressed or Blown Glass and Glassware (NAICS 327212) which comprises establishments primarily engaged in manufacturing pressed, blown, or shaped glass or glassware (except glass packaging containers); Glass Container Manufacturing (NAICS 327213) which comprises establishments primarily engaged in manufacturing glass packaging containers (e.g. bottles and jars); and Glass Product Manufacturing Made of Purchased Glass (NAICS 327215) which comprises establishments primarily engaged in remelting, pressing, blowing, or shaping purchased glass. The Glass Product Manufacturing Made of Purchased Glass segment is the largest within this industry and comprises establishments manufacturing lighting, mirrors (decorated, undecorated and automotive), architectural glass, shower screens, window systems, monitors screens, and electronic glassware.
ACTIVITIES (PRODUCTS AND SERVICES)

The primary activities of this industry are: Flat glass - float, sheet and plate Flat glass - laminated Flat glass - rolled and wired Flat glass - tempered for architectural or automotive Flat glass - tempered for appliances and other uses Flat glass - multiple glazed, sealed, insulated Flat glass other - bent enameled, stained, leaded, faceted, colored Pressed and blown glass - glass fiber, textile type Pressed and blown glass - table, kitchen, novelty glassware Pressed and blown glass - lighting, automotive, electronic glassware Glass containers - bottles, jars, tubes etc. Glass mirrors (decorated and undecorated) Glass mirrors - automotive Optical glass fiber, data and nondata transmission The major products and services in this industry are: Glass products made from purchased glass Glass containers Pressed or blown glass products Flat glass
SIMILAR INDUSTRIES
Industry: 32616 - Plastic Bottle & Container Manufacturing in the US Description: Industry: 32619 - Plastic Miscellaneous Products Manufacturing in the US Description: establishments mainly engaged in windows and window frames, plastics, manufacturing Industry: 23592 - Glass & Glazing Contractors in the US Description: establishments mainly engaged in glass installation, tinting, laminating (except automotive)
INDUSTRY DEFINITION Glass Product Manufacturing in the US

March 31 2009
Industry: 31322 - Narrow Fabric Mills in the US Description: establishments mainly engaged in weaving narrow woven fiberglass. Industry: 32191 - Millwork in the US Description: establishments mainly engaged in windows, louver, wood, manufacturing Industry: 21232 - Sand & Gravel Mining in the US Description: establishments mainly engaged in glass sand quarrying Industry: 32799 - Mineral Product Manufacturing in the US Description: establishments mainly engaged in fiberglass insulation products manufacturing. Industry: 33232 - Sheet Metal, Window & Door Manufacturing in the US Description: establishments mainly engaged in windows, metal, manufacturing Industry: 33331 - Copy Machine, Optical & Other Commercial Machinery Manufacturing in the US Description: establishments mainly engaged in field or opera glasses manufacturing Industry: 81112 - Auto Body, Paint & Glass Repair in the US Description: establishments mainly engaged in the installation, tinting and repair of automotive glass
DEMAND & SUPPLY INDUSTRIES

21229 - Molybdenum & Other Metal Ore Mining in the US 21232 - Sand & Gravel Mining in the US 22 - Utilities in the US 23 - Construction in the US 23592 - Glass & Glazing Contractors in the US 31-33 - Manufacturing in the US 31142 - Canned Fruit & Vegetable Processing in the US 31151 - Dairy Product Production in the US 31171 - Seafood Preparation in the US 31193 - Syrup & Flavoring Production in the US 31211 - Soft Drink Production in the US 31212 - Beer Production in the US 31213 - Wine Production in the US 31214 - Liqueur & Spirits Production in the US 32221 - Cardboard Box & Container Manufacturing in the US 32741 - Lime Manufacturing in the US 33329a - Semiconductor Machinery Manufacturing in the US 33329b - Printing, Paper, Food, Textile & Other Machinery Manufacturing in the US 33511 - Lighting & Bulb Manufacturing in the US 33621a - Motor Vehicle Body Manufacturing in the US 33621b - Truck, Trailer & Motor Homes Manufacturing in the US 33711 - Kitchen Cabinet, Bathroom Vanity & Countertop Manufacturing in the US 42139 - Miscellaneous Construction Material Wholesaling in the US 81112 - Auto Body, Paint & Glass Repair in the US
KEY STATISTICS Glass Product Manufacturing in the US
March 31 2009
Key Statistics
INFLATION ADJUSTED (CONSTANT) PRICES
2005 Industry Revenue Industry Gross Product Number of Establishments Number of Enterprises Employment Exports Imports Total Wages Domestic Demand Total Building 25,735 13,905 2,157 *1,840 101,904 4,069.9 5,642.2 6,350 27,307.3 1,010.8 2006 25,304 13,966 2,103 *1,800 100,919 4,471.2 5,830.5 6,230 26,663.3 1,023.9 2007 *24,480 *13,350 *2,100 *1,800 *97,500 4,690.3 5,905.9 *6,000 *25,695.6 936.9 2008 *23,130 *12,375 *2,100 *1,800 *93,000 4,790 5,511.4 *5,670 *23,851.4 815.7 2009 *21,750 *11,425 *2,100 1,800 *90,000 *4,600 *5,150 *5,325 *22,300 *719.1 $Mil $Mil Units Units Units $Mil $Mil $Mil $Mil $Bil
REAL GROWTH
2005 Industry Revenue Industry Gross Product Number of Establishments Number of Enterprises Employment Exports Imports Total Wages Domestic Demand 0.0 -5.1 -1.9 *-1.9 -1.2 -2.4 -0.6 -1.9 0.2 2006 -1.7 0.4 -2.5 *-2.2 -1.0 9.9 3.3 -1.9 -2.4 2007 *-3.3 *-4.4 *-0.1 *0.0 *-3.4 4.9 1.3 *-3.7 *-3.6 2008 *-5.5 *-7.3 *0.0 *0.0 *-4.6 2.1 -6.7 *-5.5 *-7.2 2009 *-6.0 *-7.7 *0.0 *0.0 *-3.2 *-4.0 *-6.6 *-6.1 *-6.5 % % % % % % % % %
RATIO TABLE
2005 Imports share of Domestic Demand Exports Share of Revenue Average Revenue per Employee Wages and Salaries Share of Revenue 20.66 15.81 0.25 24.67 2006 21.87 17.67 0.25 24.62 2007 *22.98 *19.16 *0.25 *24.51 2008 *23.11 *20.71 *0.25 *24.51 2009 *23.09 *21.15 *0.24 *24.48 % % $Mil %
KEY STATISTICS Glass Product Manufacturing in the US
March 31 2009
GRAPHS
Revenue Revenue Growth Rate
Employment
Imports and Exports
Note: Unless specified, an asterisk (*) associated with a number in a table indicates an IBISWorld estimate and references to dollars are to US dollars.
SEGMENTATION Glass Product Manufacturing in the US

March 31 2009
Segmentation
PRODUCTS AND SERVICE SEGMENTATION
Product/Services Glass products made from purchased glass Glass containers Pressed or blown glass products Flat glass
Share 50.3% 21.6% 15.9% 12.2%
The industry consists of four major segments, including: the glass products made from purchased glass segment, which is estimated to account for 50.3% of shipments in 2009 (50.5% in the 2007 Annual Survey of Manufactures, 2007ASM); the pressed and blown glass segment which currently accounts for an estimated 15.9% of industry shipments (16.4% in the 2007ASM); the glass containers segment which accounts for 21.6% in 2009 (19.1% in 2007ASM); and the flat glass manufacturing segment which is estimated to account for 12.2% of shipments in 2009 (14.0% in the 2007ASM). The Glass Product Manufacturing Made of Purchased Glass industry segment (NAICS 327215) produces fabricated building, appliances and automotive products incorporating glass as a central feature such as architectural glass, shower screens, window systems, monitor screens, lighting, automotive, electronic glassware, and mirrors (decorated, undecorated and automotive). Other Pressed or Blown Glass and Glassware industry segment (NAICS 327212) manufactures pressed, blown, or shaped glass or glassware (excluding containers) such as: table, kitchen and novelty glassware; glass fiber (textile type), and optical glass fiber, data and nondata transmission. Over the five years to 2009, the value of shipments by this industry segment has declined by an average 5.4% per annum, due to contracting demand conditions and import penetration. The Flat Glass Manufacturing industry segment (NAICS 327211) manufactures: flat glass (float, sheet and plate); laminated glass; rolled and wired glass; flat glass tempered for architectural, automotive or appliances; and multiple glazed, sealed and insulated glass. Flat glass products are categorized at "basic" or "raw" flat glass such as float, rolled and sheet glass; or "processed" flat glass such as automotive and architectural safety glass. The flat glass manufacturing industry segment total revenue has generated a minor decline averaging 6.4% per annum over the five years to 2009, reflecting the recent slump in the housing market partly offset by the growth in commercial building activity. The Glass Container Manufacturing industry segment (NAICS 327213) produces glass packaging containers such as bottles, jars and tubes. This industry segment is estimated to have recorded a decline of 0.9% per annum over the five years to 2009. There has been a long term downward trend in the use of glass containers for food and beverage packaging in favor of substitute materials (e.g. aluminum cans, cardboard, PET bottles etc.), however, solid growth in household spending on foods and beverages in recent years has strengthened demand conditions for glass containers (particularly for beer and wine bottles, and pasta sauce jars).

March 31 2009
MAJOR MARKET SEGMENTS

Market Segment Building and construction market Food and beverages manufacturing Automotive assembly and replacement market General household consumption (kitchenware etc.) Industrial, scientific and telecommunications markets Share 45.0% 20.0% 15.0% 12.5% 7.5%
The principal markets for glass products are the building industry, the food and beverages industry, the automotive industry, the general household market, and various scientific and industrial markets. Given the broad range of products manufactured by this industry the flow of products to end users may be via a manufacturer, wholesaler or retailer. The building and construction market generates around 45% of industry revenue, principally in flat glass and fabricated flat glass products for use as building envelopes (e.g. curtain walls), and for fenestration (e.g., windows, doors and skylights). Fabricated glass products are also used in fitting out buildings in applications such as shower screens, lighting fixtures, noise insulation, shop fronts and flashbacks in wet areas (i.e., kitchen and bathrooms). The food and beverage industry constitutes around 20% of the domestic demand for glass and glass products (i.e., the glass containers and packaging share of industry shipments). The beverage market alone accounts for around two-thirds of revenue in this segment of the industry, with glass containers a leading form of packaging for wine, beer, spirits and soft drinks. Food industry demand for glass containers is largely confined to condiments (e.g., jellies, and pastes), and processed vegetables (e.g. pasta sauces). The glass container share of the total food and beverages packaging market has been gradually declining through the widespread substitution of plastic, aluminum and cardboard products. The automotive assembly and auto replacement market generates around 15% of demand for glass and glass products in the US, principally fabricated flat glass for windscreens, light fixtures and mirrors. Over time the glass content of motor vehicles has increased due to technological advancements in both glass attributes and motor vehicle design. The globalization of the car industry over the past twenty years has opened this market to substantial competition from overseas suppliers. General household consumption generates around 12.5% of industry revenue. Products directly purchased by the household include kitchen and dining glassware, mirrors and novelty products. In addition the household market is the principal consumer of electrical appliances made using glass (i.e., for oven doors and TV screens), and furnishings manufactured using glass as an important component. The industrial, scientific and telecommunications markets are estimated to contribute around 7.5% of annual industry revenue with a wide range of glass products used as inputs including: containers such as vials and tubes for pharmaceuticals, cosmetics, and chemicals; glass components for industrial machinery and equipment (e.g., control consoles); and optic fiber cables and couplings.

March 31 2009
INDUSTRY CONCENTRATION
Concentration in this industry is medium The industry has a medium degree of ownership concentration with the four largest players accounting for an estimated 35% of annual industry revenue. The level of industry concentration is steadily climbing over the long term as the major players in this market acquire smaller competitors as "bolt on" acquisitions. Despite this medium level of concentration, the industry comprises many small scale enterprises operating in specialized markets. The March 2005 survey of County Business Patterns (2005CBP), indicated that the majority of industry establishments employed fewer than ten persons (i.e., 58%), including around 42% of establishments employing less than five persons. The table below shows the distribution of industry establishments by employment size for the most recent annual CBP surveys, and the distribution is considered to be relatively stable over the long term. Distribution of Establishments by Employment Size.
No. Persons 1 to 4 5 to 9 10 to 19 20 to 49 50 to 99 100 to 249 250 to 499 500 to 999 1000 or more Units No. Estabs 2003 889 335 244 233 171 162 98 22 8 Percentage % Share 2003 41.1 15.5 11.3 10.8 7.9 7.5 4.5 1.0 0.4 Units No. Estabs 2004 922 350 219 253 156 177 93 20 8 Percentage % Share 2004 41.9 15.9 10.0 11.5 7.1 8.1 4.2 0.9 0.4 Units Estabs 2005 903 346 222 243 156 172 92 18 5 Percentage % Share 2005 41.86 16.04 10.29 11.27 7.23 7.97 4.27 0.83 0.23
Source: US Census - County Business Patterns
In addition to the establishments measured in the Census Bureau's Annual Survey of Manufacturing and the County Business Patterns survey, this industry includes approximately 3,029 very small scale establishments which have no payroll and are measured in the Nonemployer Establishments survey (assumed by IBISWorld to be sole proprietorships employing one full-time equivalent person). The inclusion of nonemployer establishments in the distribution of establishments by employment for this industry lifts the proportion of establishments with less than five persons to around three-quarters of the total.
GEOGRAPHIC SPREAD
Year: 2009 Number of Establishments by Region
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Region Far West South East Mid East Great Lakes South West New England Plains Rocky Mountains
Units 463.0 434.0 388.0 362.0 195.0 131.0 106.0 78.0
The geographic distribution of this industry correlates to the concentration of demand from downstream markets, notably the: building and construction activity; automotive manufacturing; and food preparation, and beverage manufacturing. Large scale plant location is determined by balancing the high costs of transportation against the economies of scale in production. The cost of transporting glass products has traditionally been relatively high to the value of the load as the fragile nature of the glass results in a high level of breakages which adds to the transport costs. Advances in distribution technology over the past decade have limited the level of damage in glass transportation thereby enabling lower cost delivery (particularly in the flat glass market). Transport cost and marketing/design considerations are the main advantages for firms establishing manufacturing plants within close proximity to user industries. The distribution of establishments and employment by region is derived from the annual surveys of County Business Patterns. The flat glass production segment of this industry is concentrated in the South East region (approximately 35% to 40% of flat glass segment employment, with around 25% in Tennessee). This concentration of activity on the flat glass segment corresponds with the concentration of national construction activity in the region and the production of glass in close proximity for use in the regional and adjoining housing and nonresidential building markets. The production of the pressed and blown glass segment of this industry is heavily concentrated in the South East, Mid East and Great Lakes regions which together account for around 80% of industry employment and payroll, with the dominant producing states being: North Carolina, South Carolina, West Virginia, Pennsylvania, and Ohio. The concentration of pressed or blown glass activity in the Mid East and Great Lakes regions corresponds with the location of production in close proximity to the end markets, such as the automotive and whitegoods manufacturing industries. The glass container industry is also concentrated in the South East, Mid East and Great Lakes region although the Far West also has a significant level of production. The Mid East accounts for around one quarter of the production in the glass container segment corresponding with the high beverage and food output by this region (i.e. demand for bottles and jars). The manufacturing of glass products from purchased glass (the largest segment of this industry), is concentrated in the Great Lakes and South East regions, which each account for around 30% of production and employment in this segment.
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The Great Lakes region ranks as the largest producer of glass and glass products in the US, accounting for 26% to 27% of industry employment and payroll. This disproportionately high share of industry activity in the Great Lakes corresponds with the concentration of demand into the downstream automotive manufacturing industry, and the food and beverages industries. The South East region accounted for 25% to 26.5% of industry employment and payroll, broadly corresponding with the region's share of national population and construction activity. The South East region is a dominant producer of flat glass (principally used in construction), glass containers, and products made from purchased glass. The Mid East region accounts for 18% to 19% of industry employment and payroll, marginally above the region's share of the national population and economy but corresponding with the region's share of the national food and beverages processing industry, and hence above average share of glass container manufacturing employment. The Far West region accounts for just 12% to 13% of industry employment and payroll, well below the region's share of the national population, economy and industrial activity. Similarly, the South West region is under-represented in this industry accounting for just 8% of industry employment and payroll, the Rocky Mountains region is under-represented with less than 1.0% of industry employment and payroll. It is likely that activity in these regions is focused on the production of glass product for building applications and glass containers and other fabricated glass products are imported from the eastern states in finished product format (e.g., packaged food and beverages, automobiles and lighting fixtures).
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MARKET CHARACTERISTICS Glass Product Manufacturing in the US

March 31 2009
Market Characteristics
MARKET SIZE
The Glass Product Manufacturing industry produces a diverse range of products used in a wide variety of applications across the construction, manufacturing, agriculture, automotive, telecommunications, hospitality, and household markets. Some segments of the industry are involved in the production of basic glass from raw material inputs, while others produce finished products using basic glass as a manufacturing input. The industry's four main product categories include (as share of total shipments in 2009): flat glass (12.2%); pressed or blown glass (15.9%); glass containers such as bottles and jars (21.6%); and glass products made from purchased glass such as mirrors, lighting, kitchenware etc. (50.3%). Industry revenue currently totals approximately $21.75 billion, with value added estimated at $11.43 billion, representing 0.1% of US GDP in 2009. The industry is exposed to a significant level of international trade, with import penetration capturing around 23% of the domestic demand, and industry export earnings contributing around 21% of industry revenue, indicating domestic demand totaling $22.30 billion in 2009. The industry has recorded a significant decline in sales over recent years, stemming from the collapse in the housing construction market and local automotive production. Industry revenue has declined by around 3.3% per annum over the past five years to 2009, with domestic demand contracting by approximately 3.9% per annum. The size of the local glass manufacturing industry has steadily contracted over the past two decades with revenue trending down by 1.5% to 2.0% per annum due to imports capturing an increasing share of the local market, and the impact of the product substitution by alternative packaging materials, notably aluminum cans and extruded plastic bottles. Industry employment has also trended downwards over the past decade, falling from 128,800 persons in 1997, to total 100,919 persons in the 2006 Annual Survey of Manufactures, and since declining sharply to approximately 90,000 persons in 2009 (including 72,000 production workers). This industry is currently contested by approximately 1,800 companies operating 2,100 establishments. The industry has a medium degree of ownership concentration with the four largest companies accounting for around 35% of annual industry revenue. The leading players in this industry include several foreign-owned glass manufacturers such as Compagnie de Saint-Gobain (French) and Asahi Glass Company (Japanese), along with local firms such as Owens-Illinois, Guardian Industries, PPG Industries, Andersen Corporation, and Apogee Enterprises. The industry also includes a large number of very small scale players for which a limited amount of data is collected by the US Census Bureau through a survey of "Nonemployer Establishments". These nonemployer establishments are typically sole proprietor operations which do not have payrolls as the owner draws income directly from profits. In the 2006 survey of Nonemployer Establishments, this industry included 3,087 nonemployer establishments generating total receipts of $123.3 million, representing annual revenue of just $40,200 per establishment. These nonemployer establishments principally manufacture glass-based art and crafts and furniture products and contribute around 0.5% of annual industry revenue.
LINKAGES
Demand Linkages 23 - Construction in the US Glass products for installation into buildings (windows, lighting, doors etc.) 23592 - Glass & Glazing Contractors in the US Glass products for installation in buildings. 31-33 - Manufacturing in the US
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Glass products for manufacturing input such as scientific equipment, electrical appliances, and telecommunication equipment. 31142 - Canned Fruit & Vegetable Processing in the US Glass containers for processed fruit and vegetable products. 31151 - Dairy Product Production in the US Glass containers for milk products. 31171 - Seafood Preparation in the US Glass containers for processed seafood products. 31193 - Syrup & Flavoring Production in the US Glass containers for syrups, sauces etc. 31211 - Soft Drink Production in the US Glass containers for beverages (bottles) 31212 - Beer Production in the US Glass containers for beverages (bottles) 31213 - Wine Production in the US Glass containers for beverages (bottles) 31214 - Liqueur & Spirits Production in the US Glass containers for beverages (bottles) 33511 - Lighting & Bulb Manufacturing in the US Glass products for manufacturing input 33621a - Motor Vehicle Body Manufacturing in the US Glass products for manufacturing input 33621b - Truck, Trailer & Motor Homes Manufacturing in the US Glass products for manufacturing input 33711 - Kitchen Cabinet, Bathroom Vanity & Countertop Manufacturing in the US Glass products for manufacturing input 81112 - Auto Body, Paint & Glass Repair in the US Glass products for automotive installation. Supply Linkages 21229 - Molybdenum & Other Metal Ore Mining in the US Metal oxides used as raw material inputs into glass. 21232 - Sand & Gravel Mining in the US Sand quarrying supplies the principal input into glass manufacture, processed silica. 22 - Utilities in the US
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Supply of energy inputs (e.g. gas and electricity) and water for the manufacture of glass. 32221 - Cardboard Box & Container Manufacturing in the US Supply of paperboard packaging materials for finished glass products (e.g., lighting, kitchenware etc.). 32741 - Lime Manufacturing in the US The supply of processed lime products for use as a fluxing and filtration agent in glass manufacture. 33329a - Semiconductor Machinery Manufacturing in the US Supply of process equipment 33329b - Printing, Paper, Food, Textile & Other Machinery Manufacturing in the US Supply of process equipment 42139 - Miscellaneous Construction Material Wholesaling in the US supply of recycled glass and cullet used in glass manufacturing
DEMAND DETERMINANTS
The demand determinants vary across the industry segments. Demand for flat glass and articles produced from purchased glass principally dependent on activity in the downstream construction market, the automotive manufacturing market, and household spending. The principal influence on demand for glass containers is the consumption of food and beverages and consumer preferences for glass bottles and jars rather than alternative packaging. The demand for flat glass and fabricated flat glass and blown glass products stems mainly from the housing and nonresidential building markets and the automotive assembly and repair market. Flat glass is processed for a variety of uses in the building and automotive industries including: windows; glass wall panels; glass bricks and blocks; doors and shower screens; windscreens, and mirrors. The key factors driving demand in these industries include: prevailing interest rates; the pace of general economic growth; growth in household income and employment; growth in company profitability; and current and expected property values. The demand for glass containers (e.g., bottles and jars) is dependent on the pace of growth of the food and beverage industries, as well as the relative price of substitute materials for food and beverage containers (e.g., aluminum; cardboard; and plastic). During the past decade the container glass segment of this industry has been boosted by the growth in US wine and beer production along with the shift in consumer preferences towards specialty food products packaged in glass jars (e.g., pasta sauces). The demand for household, optical and scientific glassware products comes from households and educational and scientific institutions. Demand for specialty glass products generally reflects movements in household disposable incomes. Note that this segment of the industry is highly exposed to import competition, especially household glassware products, and hence growth in demand typically generates higher import demand rather than increased domestic production. Toughened glass can now also substitute directly for metal parts in domestic appliances (e.g., in stove tops, oven doors and decorator panels). Further technological advances and greater acceptance by designers and engineers should reinforce the trend towards the substitution of glass for other materials.
DOMESTIC AND INTERNATIONAL MARKETS

Domestic and International Markets Exports Exports in this industry are medium Exports in this industry are increasing
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Domestic and International Markets Imports Imports in this industry are medium Imports in this industry are increasing Domestic and International Markets Analysis The industry is exposed to a significant level of international trade. Industry export earnings account for an estimated 19.5% of revenue in 2008, down from a peak of 20.7% in 2000, but well above the 15.4% of revenue recorded in 2002. Import penetration has steadily trended upwards since the mid-1990s to account for 23.0% of domestic demand in 2008, up from 21.9% in 2006 and 15.7% in 1997. Glass Exports Industry exports trended downwards during the early-to-mid 2000s, but rebounded over the past three years to average growth of around 2.5% per annum over the five years to 2008 (reaching $4,590 million). During the late 1990s, export growth was concentrated in the glass products made of purchased glass segment which doubled between 1997 and 2000, but has since fallen back to its 1997 level (i.e., $1.3 billion in constant 2007 prices). By contrast. the exports of flat glass products grew by an average 6.5% per annum over the five years to 2006 (estimated to have maintained this growth through to 2008). The value of exports of glass products made from purchased glass accounted for 32% of industry export earnings in 2006 (down from 52% in 2000), exports of pressed or blown glass accounted for 34% of export earnings in 2006 (fairly stable long term share), while the exports of flat glass products contributed 29% of industry export earnings in 2006, up from just 16% in 2000. Glass container exports account for just 5% of industry export earnings. Approximately half the annual value of total glass and glassware exports are to the NAFTA markets, 10% to Japan, 17% to the European Union, 6% to the ASEAN members, 4% to other American markets (non NAFTA), and 13% to the rest of the world. Imports of Glass Products The total value of glass and glass product imports are estimated to average growth of 1.7% per annum over the five years to 2008, with strongest growth in import penetration estimated in the flat glass products segment, and the glass containers segment (both 4% to 5.5% per annum). A decline by around 2.5% per annum is estimated in the imports of glass products made from purchased glass, while pressed and blown glass imports have averaged flat growth since the early 2000s (actual 0.7% per annum over the five years to 2006). The bulk of glass imports to the US are pressed or blown glass products (42% in 2006), with glass products made from purchased glass accounting for 28% of imports, flat glass accounted for 15% of imports, and glass containers 15% of imports. Approximately 34% of the value of glass and glassware imports to the US came from the NAFTA markets, 9% to Japan, 29% to the European Union, 4% to the ASEAN members, 1% to other American markets (non NAFTA) and 23% to the rest of the world (including China).
BASIS OF COMPETITION
Competition in this industry is medium Competition in this industry is steady
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The basis for competition varies across the major product segments of this industry. Price differentiation has some bearing on competition, however the existence of long term purchase contracts in many segments of the market partly negates the significance of price competition. This industry is considered to have a medium level of competitive intensity. Each major market segment is dominated by several large scale players which typically have long term supply arrangements in place with downstream users (e.g., automotive manufacturers, building supplies wholesalers etc.). However, industry profit margins tend to be contained by the constant threat of competition from imported glass products and the capacity for local manufacturers to supply stock into neighboring regional markets. Flat Glass Competition within the flat glass market is principally between the few dominant local manufacturers and importers on the basis of price, distribution capabilities and product differentiation. The major local producers have access to new technology, substantial financial resources and knowledge on production, marketing and distribution. Each flat glass manufacturer seeks dominance within a regional market but can compete across several regions through a network of distribution centers. Approximately one-fifth of domestic demand for flat glass is met by imports and local manufacturers must ensure they can compete in terms of both price and quality with imported glass. Flat glass manufacturers establish long-term supply arrangements with leading window manufacturers in each region in order to stabilize market share and better organize inventory levels. Glass Containers The glass container segment of this industry is quite concentrated with relatively few domestic manufacturers establishing long term design and supply arrangements with key customers (e.g., beer and wine producers, food preparation companies etc.). This market is subject to extremely competitive substitution from containers made from other materials such as: plastic bottles (PET); cardboard "tetra packs"; and aluminum and steel cans. This competition imposes significant price constraints and requires manufacturers to be extremely cost effective whilst also maintaining extensive marketing and promotional programs. Glass bottle manufacturers compete on the basis of delivery capabilities, product design and the use of advanced labeling technologies. Glass products made from purchased glass The largest segment of this market comprises the most disparate product range and the basis of competition within each subsection tends to be focused mainly on quality and an understanding of the requirements of the end-users. The leading glass fabrication/glazing firms source flat glass or glass pellets to fabricate for specific applications, such as automotive windscreens, mirrors, light globes, glass bricks, double glazed windows and curtain wall panels etc. Competition is principally based on quality as firms typically enter long term purchase arrangements with major customers (e.g., Pulte Homes or Ford Motor Co.). The smaller competitors service markets by providing specialized products (e.g., stained glass or double glazed products), entering into design and supply contracts with major building developers or providing a network of wholesalers and/or glazing services.
LIFE CYCLE
Life Cycle Stage The life cycle stage is decline Life Cycle Reasons Substitutes capturing a greater share of the food and beverage packaging market. Product developments expanding the applications of glass products in many markets.
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Flat glass for use in windows is relatively free of competition from substitutes. Import penetration is generally matched by export earnings on glass products. Glass wine bottle manufacturing to match the rapid growth in wine production and consumption.
Life Cycle Analysis The industry is in a declining stage of its life cycle. The principal downstream markets, building, beverages, and automotive manufacture, are expanding broadly in line with total US economy over the long term, but the glass industry is subject to loss of market share through import penetration and product substitution. Some segments of the market (e.g., glass containers) are subject to a high degree of product substitution from alternative materials (e.g., aluminum, plastic etc.) and low cost imports (e.g., automotive windscreens). The loss on glass consumption in these markets is generally offset by the technological advancements which are promoting the increased application of glass and glass products in other markets (notably curtain wall construction) and enabling penetration of glass products into new expanding markets (notably optic fiber cables in telecommunication). Flat glass used for windows is relatively free of competitive substitutes as low cost plastics have poor transparency and refraction properties. The use of glass products for cladding on buildings (envelopes) is subject to substitution from traditional cladding products (e.g., steel, timber, bricks etc), but is estimated to have captured an increased share of this market over the past decade. This trend is likely to continue to prevail, particularly on large scale multi-storey office and retail complexes. The glass container segment of this industry is constantly threatened by substitution from alternative packaging materials (e.g., plastic or PET bottles and jars, aluminum cans and cardboard containers such as tetra packs) and ongoing market acceptance of these substitutes is likely to see the glass container market shrink further. Glass is likely to retain its share of the alcoholic beverages market and demand for glass bottles used in wine manufacturing is expected to mirror the solid growth in local wine production and consumption. Import penetration is expected to contribute to further contraction in several segments of this industry (notably automotive and appliance glass applications where production is increasingly moving outside the US), but export earnings are likely to fully offset the value of import penetration during the outlook period, particularly in the areas of optic fiber cabling and fabricated building products such as window systems.
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INDUSTRY CONDITIONS Glass Product Manufacturing in the US

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Industry Conditions
BARRIERS TO ENTRY
Barriers to entry in this industry are high These barriers are increasing Dominance of the existing vertically and horizontally integrated producers. High sunken capital costs. Existing producers generally have an established distribution network. Existing producers generally have long term supply arrangements in place with the key users New entrants would have to target an expanding niche market. Easy access for new entrants into the "cottage industry" segments of the industry.
The industry has high barriers to the entry of new competitors, although given the diverse nature of industry products and the methods of production, it is possible for small scale operators to enter small segments of the industry quite freely. The principal barriers to entry into the main industry segments are dominance of the existing vertically and horizontally integrated producers, and the high sunken capital required to compete for a market share. Existing producers generally have an established distribution network and long term supply arrangements in place with the key users in each market segment. New entrants would have to convince potential customers of their product quality and supply capabilities in order to be invited to compete in terms of price. The industry is in a mature stage of development and is unlikely to record growth above that of the US general economy. New entrants would have to target an expanding niche market in order to establish a foothold against existing players. Potential niche markets include: the production of flat glass sheets containing high UV laminates for use in residential construction; glass bricks and blocks with ornate or imaginative designs; modular window systems for housing; and glass art and craft products. This industry includes a large number of very small scale establishments which may operate with low levels of sunken capital, low overheads, and a low level of technological input. Industry nonemployer establishments are estimated to total around 3,000 establishments in 2008, each generating revenue averaging $43,330 per annum. These small scale establishments are generally one or two persons businesses which undertake minor fabrication of glass for the manufacture of furniture, optic lens, art, and craft products. Entry into this segment of the industry is likely to be relatively easy and is typically based on the skills or market knowledge of the business owner.
TAXATION
There are no specific taxation issues for this industry No specific taxation is imposed on this industry.
INDUSTRY ASSISTANCE
The level of Industry Assistance is medium The trend of Industry Assistance is decreasing Key Tariffs
Goods Safety glass for motor vehicles Low Rate* High Rate* 5.0 50.0
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Mirrors for automotive Glass for candescent light bulbs Tableware
3.9 0.0 6.0
50.0 20.0 38.0
*Percentage of value unless otherwise specified
The Glass Product Manufacturing industry is afforded a significant level of assistance in the form of import protection. The level of import protection is gradually declining over the long term in response to a combination of factors: a long term trend in tariff reductions under WTO agreements; the inclusion of more countries within the NTR classification; and the gradual spread of bilateral trade agreements under NAFTA. The import protection measures relating to Glass and glassware is covered under Chapter 70 of the Harmonized Tariff Schedule of the United States. There are a wide variety of tariffs covering a broad range of products in this category and tariffs vary depending on whether a country is classed as having Normal Trading Relations with the US (NTR which was formerly Most Favored Nation status) or non-NTR. A selection of tariffs covering key product categories include: Packaging for the conveyance of goods (bottles and jars) do not attract tariffs (with the exception of non-NTR countries which are required to pay 4.9% tariffs). Optical glass for corrective spectacles and watches do not attract tariffs unless from non-NTR countries where tariffs are 40% and 60% respectively. Glass ball (<6mm) which are free of tariffs in several select countries including the NAFTA group but are otherwise subject to a general tariff of 3.9% tariff or 60% non-NTR tariff. Safety glass as used in aircraft vehicles has a 5.5% general tariff while safety glass as used in motor vehicles has a 5% general tariff with both types of glass attracting a 50% non-NTR tariff. Mirror for rear view mirrors attract a 3.9% general tariff and a 50% tariff for non-NTR countries. Other mirrors attract general tariffs of 6.5% <929 cm2 and 7.8% > 929 cm2 with tariffs for non-NTR countries set at 50% and 45% respectively. No tariff applies to select countries and NAFTA. Glass used for candescent light bulbs does not attract tariffs (with the exception of excluded countries which pay a 20% tariff). Glass for cathode-ray television video and computer screens do not attract tariffs (with the exception of non-NTR countries which pay a 55% tariff) while monochrome glass used in television and computers does not attract tariffs (with the exception of non-NTR countries which pay 55% tariffs) while glass for cathode-ray cone tubes attract a general tariff of 5.2% and 55% for excluded countries. Japan, Mexico and other select countries are not required to pay tariffs for such glass products. Tableware glasses attract a variety of tariffs according to individual item value with tariffs ranging from 6% to 38% (with non-NTR countries attracting tariffs ranging from 50% to 60%). Protection against dumping The US International Trade Commission imposed a dumping margin on imports of replacement automobile windshield from China in 2002, following a Department of Commerce investigation into incidence of dumping by four Pilkington Plc joint ventures and Shanghai's Fuyao Glass Group Industries Co Ltd, China's largest auto glass manufacturer.
REGULATION AND DEREGULATION

The level of Regulation is heavy The trend of Regulation is increasing This industry operates in a highly regulated environment with regulations across the federal, state and local government jurisdictions, ranging from: product standards; production safety standards; environmental regulations; access to mineral
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sands and other mineral deposits; zoning of land use; and regulations governing industrial pollution emissions and waste minimization. The key standards set out by the American Society for Testing and Materials (ASTM) relating to flat glass products include. C 1036 - Standard Specification for Flat Glass C 1048 - Standard Specification for Heat-Treated Flat Glass-Kind HS, Kind FT Coated and Uncoated Glass C 1172 - Standard Specification for Laminated Architectural Flat Glass C 1249 - Standard Guide for Secondary Seal for Sealed Insulating Glass Units for Structural Sealant Glazing Applications C 1349 - Standard Specification for Architectural Flat Glass Clad Polycarbonate C 1376 - Standard Specification for Pyrolytic and Vacuum Deposition Coatings on Glass C 1422 - Standard Specification for Chemically Strengthened Flat Glass C 1464 - Standard Specification for Bent Glass C 1503 Standard Specification for Silvered Flat Glass Mirror E 774 - Standard Specification for Sealed Insulating Glass Units E 1300 - Standard Practice for Determining the Load Resistance of Glass in Buildings E 2188 - Standard Test Method for Insulating Glass Unit Performance E 2189 - Standard Test Method for Testing Resistance to Fogging in Insulating Glass Units E 2190 - Standard Specification for Insulating Glass Unit Performance and Evaluation Industry associations and government agencies are encouraging manufacturers to minimize industry waste by using recycled glass. The increased use of waste glass or cullet as feedstock for new glass production is the key method for minimizing pollution emission and waste in the glass manufacturing industry. Increasing the use of cullet reduces energy consumption (less energy needed to melt cullet) but may adversely impact on the standardization of final product quality. The EPA monitors glass plants for nitrogen oxides and particulate emissions and manufacturers install air pollution control technologies to minimize harmful emissions. The Rapid Melting System process which has been installed in many plants across the US, preheats the batch prior to melting which reduces process time, energy consumption, and air emissions. Other systems for minimizing harmful emissions, such as the substitution of oxygen for combustion air, tend to be quite expensive.
COST STRUCTURE
Year: 2009
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Item Purchases Wages Utilities Fringe Benefits Depreciation Resale goods Repairs & Mtnc Rent Other Profit
Cost % 30.0%* 18.0%* 7.5% 6.5%* 5.5%* 2.0% 1.5%* 1.5%* 5.0%* 22.5%*
The cost structure varies significantly across the individual segments of the Glass Product Manufacturing industry, but generally: around 40% to 50% of industry revenue is absorbed by the purchase of materials, components and supplies; approximately one-quarter of industry revenue is absorbed by employee compensation costs; and the remaining component of industry revenue represents gross operating surplus (i.e., operating profits before the deduction of taxation, interest costs and depreciation charges). The total value of industry nonlabor purchases of goods and services (i.e., raw materials, components, fuels, administration and cartage) account for around 47.5% of industry revenue (up from around 45%in the 2006 Annual Survey of Manufactures or 2006ASM due to rising fuel costs and falling profitability). The key raw material inputs into glass manufacture are: silica sand; lime; dolomite; soda ash; and cullet (or broken glass). For the manufacture of special and technical glass other metal oxides are added (e.g., lead oxide, potash and zinc oxide). Metal oxides and sulfides are used as coloring or decoloring agents. In addition, the manufacturing process may also use refining agents such as arsenic trioxide, antimony oxide, nitrates, and sulfates. Silica sand accounts for 70% of the raw material input into glass container manufacturing. The key inputs into glass products made from purchased glass are glass pellets, cullet or prefabricated finished glass (e.g., flat or tempered glass). Industry electricity and fuel costs absorb around 7.5% of industry revenue (up from around 6% in the 2002 Economic Census which showed fuel costs absorbing 3.4% of revenue, and electricity costs a further 2.6%). The share of revenue absorbed by energy and fuel costs varied substantially across the industry segments due to wide variations in the production process. The manufacture of glass products made of purchased glass industry uses relatively little energy input (2.1% of revenue in the 2002 Census), as the glass is purchased in a palletized or flat form for transformation into other products (e.g., windows). However, energy and fuel costs account for a considerable share of the revenue of the other primary glass manufacturing industries, accounting for 11.8% in the flat glass segment in the 2002 Census, 10.0% in the glass container segment, and 7.8% in the pressed or blown glass segment. Rental payments absorb a relatively small share of annual industry revenue, accounting for an estimated 1.5% of industry revenue (evenly split between buildings and machinery). This industry generally incurs significant costs for goods purchased for resale, such as packaging materials, wooden and steel furniture (approximately 2% of revenue). Industry expenditure on repairs and maintenance to plant and equipment are estimated to remain stable at around 1.5% of revenue over the long term.
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Total employee compensation costs account for 24.5% of industry revenue in 2009, comprising payroll costs of an estimated 18% of revenue, and fringe benefit payments of 6.5% of revenue. Employee compensation costs tend to be marginally higher in the more labor-intensive pressed or blown glass industry segment (around one-third of industry segment revenue). Industry gross operating surplus account for an estimated 28% of industry revenue, down from 30.6% in the 2006ASM due to narrowing of profit margins across all markets and particularly for margins in the flat glass segment. Industry depreciation charges are estimated to total 5.5% of industry revenue, leaving industry returns before interest and tax currently at around 22.5% of industry revenue.
CAPITAL AND LABOR INTENSITY

The level of Capital Intensity is high High levels of sunken capital in most segments of this industry. The flat glass and glass containers segments have higher capital intensity than the manufacturing sector average. The glass fabrication segment of this industry tends to have lower capital intensity.
This industry is regarded as having a high degree of capital intensity. There is a high level of sunken capital required to establish a plant capable of obtaining scale economies and competing effectively with international manufacturers. The ratio of labor costs (i.e., employee compensation) to depreciation charges is indicative of an industry's relative labor/capital intensity, as this shows the amount of revenue absorbed by labor inputs and capital inputs into production. Industry employee compensation accounts for 24.5% of industry revenue, and annual depreciation charges represents an estimated 5.5% of revenue (consistent with the 2002 Census). Therefore, the labor costs to capital depreciation ratio for this industry is approximately 4.5:1, corresponding with the average for the total manufacturing sector. A high capital intensity and low labor intensity was most evident in the primary glass manufacturing industry segment. At the time of the 2002 Census, the labor costs to depreciation ratio for the flat glass segment was 3.7:1; the container glass segment was 4.2:1; and the pressed and blown glass segment was 4.4:1. By comparison the glass products manufactured from purchased glass segment of this industry had much lower capital intensity with the labor costs to depreciation ratio of 6.2:1 in 2002. The labor costs to depreciation ratio has fallen sharply in several industry segments since the 1997 Economic Census, from 4.7:1 to 3.7:1 in the flat glass segment and from 5.6:1 to 4.2:1 in the glass container segment reflecting an increased capital intensity of production, presumably incorporating substantial labor productivity improvements along with the addition of new productive capacity.
TECHNOLOGY AND SYSTEMS

The level of Technology Change is high Technological developments within the flat glass production segment of this industry over the past decade have contributed to increased substitution of glass for other traditional building products. There was increased use of glass instead of wood or metal for building facades, awnings and partitions throughout the past decade, which reflects growing energy cost awareness amongst builders and property owners along with changes in taste and technological advances. Advances in technology over the past decade have enabled manufacturers to make glass bottles much lighter than in the past using a process called "lightweighting", which saves energy and raw materials. The introduction of the seraphic printing process has enabled glass to be impressed to look exactly like granite or marble, which in turn enables property developers and builders to obtain significant cost savings by putting granite on the lower floors of a building and identical
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"seraphic" glass on the upper, less accessible levels. Advancements in toughened glass products has enabled glass to be used as a substitute for metal parts in domestic appliances (e.g. stove tops and oven doors). Glass manufacturers have also exploited technological advances in order to extract maximum efficiency from production techniques. In the glass container industry this has included the introduction of computerized bottle design facilities resulting in a more cost efficient design by limiting the range of basic styles and colors used in production. Advancements have also involved measures to reduce pollutants emitted into the atmosphere. There are two types of air emissions generated in glass manufacturing: those from the combustion of fuel for operating the glass-melting furnaces, and fine particulates from the vaporization and recrystallization of materials in the melt. The main emissions are sulfur oxides (Sox), nitrogen oxides (Nox), and particulates (often containing arsenic and lead). Manufacturers have invested heavily to ensure plant emissions comply with tightening minimum requirements. Manufacturers have moved across to using oxygen-enriched furnaces to reduce emissions; or have opted to fire furnaces using natural gas which emits negligible levels of sulfur dioxide; and have boosted the use of outside-sourced cullet and recycled glass to minimize the emissions from metal oxide inputs. Glass containers are manufactured using three main raw materials, sand (to provide silica), soda ash (to reduce the melting point) and limestone (to increase hardness). Increasingly, crushed glass or cullet is used as the major raw material for glass manufacturing and each ton of cullet saves 1.1 tons of raw materials.
INDUSTRY VOLATILITY
The level of volatility is low Volatility moderated by the spread of demand across many markets. Glassware demand is determined by fluctuations in household disposable income which generally exhibits low volatility. Stable demand for glass from the automotive production and replacement market. Stable demand for glass for use in manufactured appliances and telecommunication. Demand influenced by the cyclical fluctuations in building activity. Glass container demand stabilized by the stable growth in production of processed food and beverages. Glass container demand partly eroded by the long term trend towards the use of substitute products (e.g. plastics).
GLOBALIZATION
The level of Globalization is medium The trend of Globalization is increasing The industry has a significant level of globalization as foreign trade accounts for around one-fifth of industry activity, foreign ownership is evident amongst several of the major players, and the larger US-based firms have considerable glass production capacity in other countries. Two of the largest players in the US industry have majority foreign-ownership, Asahi Glass Company Limited (Japan), and Compagnie de Saint-Gobain (France). IBISWorld estimates that Saint-Gobain alone accounts for around 12% to 15% of the local glass market, and Asahi for around 5% to 7%. Several of the largest US-owned glass manufacturers generate a substantial share of their revenue from international operations. Owens-Illinois currently generates around 38% of annual sales outside the US (notably Europe and Australasia). Visteon Corporation currently generates approximately 30% of annual sales outside the US (notably in Brazil, Japan and Europe). PPG Industries currently generates around one-third of its annual sales outside the US (principally in Europe).
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KEY FACTORS Glass Product Manufacturing in the US

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Key Factors
KEY SENSITIVITIES
The key sensitivities affecting the performance of the Glass Product Manufacturing industry include: Competition from Substitutes - Metal Can & Container Mfg - Glass Product Mfg The glass container segment of this industry competes directly with metal containers for a share of the processed food and beverages packaging market. Competition from Substitutes - Plastic Product Mfg - Glass Product Manufacturing The glass product manufacturing industry is exposed to substantial competition from substitute products made of plastic including blown products such as bottles and kitchenware and rigid plastic products such as perspex used in building and construction applications and in the manufacture of electrical appliances and equipment. Downstream Demand - Fruit and Vegetable Preserving and Specialty Food Manufacturing in the US Description: Downstream demand for the industry's products. The demand for glass containers (bottles and jars) by the US food and beverages industry is dependent on growth in local food and beverage production and the relative price of substitute containers (e.g. aluminum; cardboard; and plastic). Downstream Demand - Motor Vehicle and Parts Manufacturing Description: Downstream demand for the industry's products Demand for glass for use in the motor vehicles and vehicle parts industries (flat glass, pressed, blown and remanufactured glass products) comprises an important determinant for industry demand. Glass is used for automotive applications such as windscreens, other windows, mirrors, lighting and control fascia. Downstream Demand - Soft Drink Production in the US Description: Downstream demand for the industry's products. The demand for glass containers (bottles and jars) by the US food and beverages industry is dependent on growth in local food and beverage production and the relative price of substitute containers (e.g. aluminum; cardboard; and plastic). Downstream Demand - Wine Production in the US Description: Downstream demand for the industry's products. The demand for glass containers (bottles and jars) by the US beverages industry is dependent on growth in local beverage production and the relative price of substitute containers (e.g. aluminum; cardboard; and plastic). Personal Final Consumption Expenditure - Per Household Description: The level of real household consumption expenditure. This industry is sensitive to trends in household consumption as a substantial share of industry product is sold as components in occasional furniture, whitegoods (e.g. oven doors), lighting and mirrors. Total Value of Construction Put in Place Description: Value of construction installed or erected on site; millions dollars; historical and forecast data and analysis.
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KEY FACTORS Glass Product Manufacturing in the US

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Demand from the general building construction market generates the bulk of demand for flat glass. Basic flat glass is processed for a variety of uses in building and construction including: windows; glass wall panels; glass bricks and blocks; doors and shower screens; and mirrors.
KEY SUCCESS FACTORS

The key success factors in the Glass Product Manufacturing industry are: Effective cost controls Cost minimizing arrangements for raw materials and transport. Having an exclusive sales contract Establishing long term supply arrangements with key downstream users of glass products (e.g. automotive, building and food product manufacturers). Economies of scale Increased efficiency via economies of scale in the glass industry to maintain an advantage over other packaging mediums. Control of distribution arrangements Market dominance by segments, including having a network of distribution centers. Undertaking technical research and development Product differentiation is partly driven by technological change. Ability to expand and curtail operations rapidly in line with market demand The need to alter operations to meet projected changes in demand.
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KEY COMPETITORS Glass Product Manufacturing in the US

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Key Competitors
MAJOR PLAYERS
Market Share
Major Player Compagnie de Saint-Gobain Owens-Illinois, Inc. Guardian Industries Corp. Asahi Glass Company, Limited PPG Industries, Inc. Andersen Corporation Apogee Enterprises, Incorporated Other Market Share Range 12.5% (2009) 10.0% (2009) 8.0% (2009) 5.0% (2009) 5.0% (2009) 4.0% (2009) 2.0% (2009) 53.5% (2009)
PLAYER PERFORMANCE
Compagnie de Saint-Gobain Market Share: 12.5% Compagnie de Saint-Gobain is a French firm which operates across four industry sectors: building distribution (that accounts for nearly 50% of sales), construction products; flat glass, including glass products for the automotive and specialty glass markets; and high performance materials such as abrasives. Saint Gobain recently sold its packaging business that made glass bottles for the perfume, beauty and cleaning products industry but retained a 20% stake in the business. Saint-Gobain has more than 1,000 subsidiaries in some 50 countries worldwide. In recent years the company has acquired numerous building products and distribution businesses and has expanded or acquired glass operations in China, Korea, Slovakia and Chile. Today Saint-Gobain operates 32 float glass lines of which 7 are jointly owned with a further two under construction in Mexico and Poland. Saint Gobain's total annual revenue has risen dramatically as the company has expanded. Flat glass sales were $5,200 million in FY2003, rising to $5,978.3 in FY2004, dipping to $5,405.5 million in FY2005 before rising to an estimated $6,585.3 in FY2006 and $7448 million in FY2007 (representing 13%). In the financial year to December 2008 Saint Gobain reported Flat Glass delivered organic growth of 1.0% for the full year, reflecting firm business momentum over the first nine months of the year (up 4.5%) and a sharp fall in the fourth quarter (down 8.8%) prompted by the collapse in the global automotive industry, and to a lesser extent by the continuing deterioration in construction markets across Western and Eastern Europe. In the US and Canada Saint-Gobain Containers Inc. manufactures glass containers (bottles and jars) for the food and beverage industry. Saint-Gobain Containers serves the North American market from 14 plants with headquarters is in Muncie, Indiana. Saint-Gobain recorded sales of $1.44 billion for this subsidiary in 2005, 2006 and 2007. Saint-Gobain Containers employed 4,437 people in the year to December 2007.
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Saint-Gobain also operates Saint-Gobain (SG) Glass Corporation in the US that acts as a holding company for SG Sekurit USA Inc., HCS Corporation, Sovis North America Inc., Vetrotech SG North America Inc. a group of specialist glass manufacturers with sales of $28.2 million (down from $41.8 million in 2006). Saint-Gobain also has a 50% interest in Eurokera North America that produces and distributes glass ceramic cooktops with sales of $48.4 million in FY2007. Compagnie de Saint-Gobain Financials
Year to December 2000 2001 2002 2003 2004 2005 2006 2007 2008
Source: Annual Report Note: Values in Current Prices
Million Dollars Total Revenue 27132.2 26919.5 31730.2 37141.4 43682.1 41580.8 54877.6 57297.2 63911.4
Percent Growth N/C -0.8% 17.9% 17.1% 17.6% -4.8% 32.0% 4.4% 11.5%
Million Dollars Net Income 1428.4 1004.5 1090.0 1304.2 1447.2 1497.0 2219.1 2756.1 2271.1
Percent Growth N/C -29.7% 8.5% 19.7% 11.0% 3.4% 48.2% 24.2% -17.6%
Units Employees 171125 173329 172357 172811 181228 199630 206940 205730 197730
Percent Growth N/C 1.3% -0.6% 0.3% 4.9% 10.2% 3.7% -0.6% -3.9%
Owens-Illinois, Inc. Market Share: 10.0% Owens-Illinois Inc. (O-I) is the world's largest manufacturer of glass containers, producing bottles for beer, soft drinks, liquor, wine and other beverages. O-I has manufacturing operations in the Americas (20 in the US, 4 in Canada), Australia, New Zealand and Europe. In recent years O-I has sold its plastic packaging operations and expanded glass manufacturing operations, opening a glass manufacturing plant in Windsor, Colorado in 2005, expanding its Auckland, New Zealand and Lurin, Peru glass manufacturing plants and making several acquisitions in Europe and Asia. However, in 2008 following the completion of a review of global manufacturing, O-I sought to reduce its manufacturing footprint with the closure of glass manufacturing operations in Toronto -Ontario, Lavington- British Columbia, ScoudoucNew Brunswick New Jersey and Castel Maggiore, Italy. O-I's annual sales have steadily grown despite the company recording several net losses since 2000 related to asbestos litigation. North American sales represented 28% of O-I revenue in 2008. Owens-Illinois, Inc. Financials
Year to December 2000 2001 2002 2003 2004 2005 2006 2007 2008 Million Dollars Total Revenue 5814.8 6013.3 5760.1 6158.2 6263.4 7189.7 7523.5 7659.1 7884.7 Percent Growth N/C 3.4% -4.2% 6.9% 1.7% 14.8% 4.6% 1.8% 2.9% Million Dollars Net Income -269.7 356.6 -460.2 -990.8 235.5 -558.6 -27.5 526.1 258.3 Percent Growth N/C -232.2% -229.1% 115.3% -123.8% -337.2% -95.1% -2013.1% -50.9% Persons Employees N/A 29700 31600 29800 28700 28200 28000 24000 23000 Percent Growth N/C N/C 6.4% -5.7% -3.7% -1.7% -0.7% -14.3% -4.2%
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Guardian Industries Corp. Market Share: 8.0% Guardian Industries maintains headquarters in Auburn Hills MI, and ranks as one of America's largest glass products manufacturers. Since the mid-1980s, Guardian has expanded its operations internationally through strategic acquisitions and diversified into automotive fiberglass products and building products (Guardian Fiberglass, Builder Marts of America and Cameron Ashley Building Products). Guardian now operates in 21 countries. Guardian primarily produces float glass and fabricated glass products along with fiberglass products. Its automotive systems products include windshields and side/rear windows along with fiberglass automotive body systems (e.g. bodyside fiberglass moldings). Guardian also produces a wide range of architectural glass products (windows, curtain wall etc.) for use on commercial and residential buildings and claims to be the world's leading manufacturer of mirrored glass products. Guardian revenue has risen in recent years as the company has significantly expanded operations. In terms of glass production, Guardian expanded float glass plants in Iowa and California. Internationally Guardian expanded operations at its Hungary float glass plant and has opened further float glass factories in England, Mexico City, Russia and United Arab Emirates with further float glass operations under construction in Brazil and Russia. Guardian generates approximately $1.95 billion from US glass-related sales. Guardian Industries Corp. Financials
Year to December 2000 2001 2002 2003 2004 2005 2006 2007
Million Dollars Total Revenue 4000 4000 3950 4000 4100 5000 5330 5325
Percent Growth N/C 0.0% -1.2% 1.3% 2.5% 22.0% 6.6% -0.1%
Units Employees N/A N/A N/A N/A N/A 19000 19000 19000
Asahi Glass Company, Limited Market Share: 5.0% Japanese company, Asahi Glass has manufacturing interests spanning: glass making; electronics; chemicals; ceramics and refractories. Asahi claims to be the number one maker of flat glass. Glass making activities account for 50% of company revenue. In the US, Asahi operates glass manufacturer, AGC Flat Glass North America (formerly AFG Industries Inc.). AGC Flat Glass North America claims to be the largest manufacturer of construction/specialty glass and the second-largest maker of flat glass in North America with 7 primary flat glass production plants (6 plants in the US and 1 in Canada). AGC Flat Glass North America also operates: 3 MSVD coaters and 1 CVD coater; 5 residential fabrication insulating locations; and
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30 commercial fabrication and distribution operations. AGC Flat Glass North America has three major divisions: building products, solar glass and automotive. Sister companies include: AGC Automotive, an automotive glass and glazing systems supplier with manufacturing locations in Ohio and Mexico; and California-based AGC InterEdge a fire and safety glass producer. Also AGC Flat Glass in a joint venture with SCHOTT operates Gemtron, a company that produces components and systems for appliances, furniture, bath enclosure, fitness, vending, medical, and industrial markets throughout North America. Asahi glass operations in the US accounted for 11% of total company revenue or $1.4 billion in 2008 (down from $1.7 billion in 2007). In the financial year to December 2008 Asahi reported a downturn in revenue of 14% (and a downturn of 44% net income) associated with a sharper-than-expected decrease in worldwide demand for housing, automobile and home electronics as the worldwide credit crisis worsened. In North America, to cope with weakened demand, AGC stopped some flat glass operations and withdrew from glass fabrication. Asahi Glass Company, Limited Financials
Year to December 2003 2004 2005 2006 2007 2008
Million Dollars Total Revenue 11605.5 14313.1 12952.2 13922.2 14282.9 12220.1
Percent Growth N/C 23.3% -9.5% 7.5% 2.6% -14.4%
Million Dollars Net Income 500.8 759.3 509.2 386.6 591.6 326.0
Percent Growth N/C 51.6% -32.9% -24.1% 53.0% -44.9%
Persons Employees 55732 56776 56857 54228 49710 47770
Percent Growth N/C 1.9% 0.1% -4.6% -8.3% -3.9%
PPG Industries, Inc. Market Share: 5.0% Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fiber glass. The company has more than 150 manufacturing facilities and equity affiliates and operates in more than 60 countries. PPG is also a 50% shareholder of Pittsburgh Corning, which filed for Chapter 11 Bankruptcy protection in 2000 as a result of asbestos litigation. In 2002, PPG entered into a settlement arrangement relating to asbestos claims. Until 2007, PPG glass sales accounted for 20% of PPG revenue. However, as US automotive sales begun to fall so did glass sales. PPG responded by reducing exposure to the US automotive industry and diversifying operations. Subsequently, PPG acquired significant coatings manufacturing operations in Europe, as well as European paints maker SigmaKalon from Bain Capital for $3 billion in 2008. PPG also negotiated the sale of PPG's automotive OEM and automotive glass replacement services businesses to Kohlberg & Co. to form Pittsburgh Glass Works (PPG retains a 40% minority interest). PPG retains five manufacturing facilities that produce flat glass, and three that produce fiber glass products in the US, along with a flat glass plant in Canada and fiber glass plants in England and the Netherlands. PPG also retains equity interests in glass operations in China, Mexico, Taiwan, the US and Venezuela. However, glass sales now account for only 6% of total Company sales.
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In 2008, PPG experienced dramatic volume declines in the fourth quarter, (particularly the Industrial Coatings and Glass segments) due to a rapid deterioration in the global economy. PPG Industries Inc. Financials
Million Dollars Total Year to December Revenue 2000 2001 2002 2003 2004 2005 2006 2007 2008
Percent Growth N/C -5.3% -1.2% 8.5% 8.6% 7.2% 8.2% 1.5% 41.4%
Million Dollars Net Income 620 387 N/A 494 683 596 711 834 538
Percent Units Growth Employees N/C -37.6% N/C N/C 38.3% -12.7% 19.3% 17.3% -35.5% 35600 34900 34100 32900 31800 30800 33000 34900 N/A
Percent Growth N/C -2.0% -2.3% -3.5% -3.3% -3.1% 7.1% 5.8% N/C
Million Dollars Glass sales N/A 2236 2071 2150 2204 2237 2253 1181 905
Percent Growth N/C N/C -7.4% 3.8% 2.5% 1.5% 0.7% -47.6% -23.4%
8629 8169 8067 8756 9513 10201 11037 11206 15849
Andersen Corporation Market Share: 4.0% Andersen Corporation is one of America's largest window and door manufacturers operating 16 manufacturing sites across the US. Brands include: EMCO Doors; KML Windows Inc.; Eagle Window & Door; and Dashwood Industries Ltd. Andersen also operates more than 100 Renewal by Andersen window replacement stores in 35 states. The company is majority owned by the Andersen family with headquarters in Minnesota. Andersen has grown through recent acquisitions expanding into the fast growing vinyl window and patio door industry with the acquisition of Silver Line Building Products in 2006. Recent acquisitions have seen the company's total annual revenue grow. Andersen Corporation Financials
Calendar Year 2001 2002 2003 2004 2005 2006 2007
Source: Annual reports and IBISWorld estimates
Billion Dollars Total Revenue 1.8 2.0 2.0 2.5 2.5 3.0 3.0
Percent Growth N/C 11.1% 0.0% 25.0% 0.0% 20.0% 0.0%
Units Employment 8000 8500 8500 9000 9500 12000 14000
Percent Growth N/C 6.2% 0.0% 5.9% 5.6% 26.3% 16.7%
Apogee Enterprises, Incorporated Brand/Trading Name(s): Harmon AutoGlass, Viracon/Curvlite Market Share: 2.0%
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Apogee has headquarters in Minneapolis, Indiana. Apogee glass manufacturing operations include architectural products and optical technologies for display imaging and picture framing (Apogee discontinued its auto glass segment Viracon/Curvlite in 2006). Architectural glass operations account for over 90% of company revenue and therefore company revenue is strongly influenced by commercial building cycles (as occurred in 2002-2004). Apogee continues to expand architectural glass operation through acquisition and through new construction. Apogee Enterprises Inc. Financials
Million Dollars Total Revenue 840.5 865.2 802.3 771.8 535.3 628.8 696.7 778.8 881.8 Percent Growth N/C 2.9% -7.3% -3.8% -30.6% 17.5% 10.8% 11.8% 13.2% Million Dollars Net Income 12.2 15 26.1 29.9 -5.6 16.6 23.8 31.6 48.5 Percent Units Growth Employees N/C 23.0% 74.0% 14.6% -118.7% -396.4% 43.4% 32.8% 53.5% 6404 5912 5321 5341 4128 4384 4465 4645 N/A Percent Growth N/C -7.7% -10.0% 0.4% -22.7% 6.2% 1.8% 4.0% N/C 576.2 694.9 798.8 89.3 84.1 83.0 31.4 27.0 N/A Million Dollars Architectural Product Sales Million Dollars Large Scale Optical Tech Sales Million Dollars Autoglass Sales
Year to February 2000 2001 2002 2003 2004 2005 2006 2007 2008
OTHER PLAYERS
Anchor Glass Container Corporation - Market share of 2% in 2009 Tampa-based Anchor Glass Container Corporation, ranks as one of the three largest manufacturers of glass containers in the US with eight manufacturing facilities in North America and customers that include Anheuser-Busch, Coca-Cola and Stroh Brewery. The company has been in and out of Chapter 11 proceedings (1996, 2002 and 2005) emerging in 2006 as a private company. Anchor generates around $300 million annually and employs approximately 3000 persons. Magna Donnelly - Estimated market share of 2% in 2009 The original Donnelly Company was founded in 1905, and began making mirrors for furniture and later expanded into the automotive glass and automotive electronics markets with operations in Brazil, China, Malaysia and Ireland. The Canadian auto parts giant, Magna International, acquired full ownership of Donnelly Company in 2002, in a stock-anddebt deal valued at $320 million. The company now operates as Magna Donnelly. Magna Donnelly supplies nearly every major automaker with mirrors and also makes touch-screen glass for computers from 26 manufacturing facilities, with 12 in North America, 10 in Europe, and 4 in Asia. However, in 2007 Magna Donnelly closed a mirror facility in Grand Haven MI, in response to a downturn in US automotive manufacturing. North American sales accounted for 53% of company revenue in 2007. Magna International reported sales for Vision, engineered glass & electronic systems of $1,368 million in FY2003, increasing to $1,461 million in FY2004, dropping back to $1,418 million in FY2005, $1,458 million in FY2006 and $1,811 million in FY2007 with the realization of international market capitalization. Cardinal Glass Industries Inc. - Estimated market share of 1.5% in 2009
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Privately owned, Cardinal Glass was founded in Minneapolis, Minnesota in 1962. Cardinal targets the residential door and window market through three subsidiaries: Cardinal IG Company (insulating and laminated glass); Cardinal CG Company (coated glass and optical mirrors); and Cardinal FG Company (float and tempered glass). Cardinal employs 5,500 persons across the US at 27 manufacturing operations (including 5 float glass facilities). Cardinal Glass Industries generates annual revenue of approximately $500 million. Zeledyne LLC - Estimated market share of 0.7% in 2009 Zeledyne is headquartered in Allen Park, Michigan, with float and fabrication facilities in Tulsa Oklahoma, Nashville Tennessee and Juarez, Mexico. Zeledyne was formed to operate Ford's glass manufacturing facilities in 2007, acquiring Ford Motor Company Automotive Components Holdings (ACH) in 2008. Zeledyne operates the previous ACH business as three divisions: automotive glass as original equipment for vehicles; Carlite, the automotive aftermarket glass, and Versalux, high-quality architectural glass. The company revenue in this industry is around $150 million per annum with an employment base if 1,750 employees.
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INDUSTRY PERFORMANCE Glass Product Manufacturing in the US

March 31 2009
Industry Performance
CURRENT PERFORMANCE
The fortunes of America's Glass Product Manufacturing industry are heavily dependent on production trends in the downstream building, automotive and food and beverages markets, but are also subject to substitution from low cost imports and products made from alternative materials. Glass production and sales have steadily trended downwards since the early 2000s, stemming from the divergent trends in the downstream building markets, the slump in local automotive manufacturing, and the long term substitution of glass containers in the food and beverage packaging market with alternative materials (e.g., aluminum cans, plastic bottles, and cardboard). Between the 2001 Annual Survey of Manufactures (2001ASM) and the 2006ASM, industry revenue declined by an average 1.9% per annum, with the strong demand for flat glass products in the booming housing construction market, outweighed by the subdued or negative growth in the other key markets. The subsequent sharp decline in housing construction and deteriorating local automotive production, has outweighed the surge in nonresidential building construction and resulted in industry revenue declining by an average 3.3% per annum over the five years to 2009 and domestic demand falling by an estimated 3.9% per annum. Annual industry revenue has averaged approximately $24.08 billion per annum over the past five years, or 12% below the average of $27.33 billion per annum recorded over the previous five years to December 2004. Value Added & Profit Performance Industry value added has contracted at a faster pace than revenue during the past five years, declining by an estimated 4.8% per annum to total approximately $11,425 million in 2009, as adverse trading conditions resulted in profit margins being squeezed and reductions in industry labor payments. The value added share of industry revenue fell from a cyclical peak of 61.8% in the 1997 Census, to 58.3% in the 2002 Census, and 55.2% of revenue in the 2006 Annual Survey of Manufactures (ASM), and before slumping to around 52.5% of revenue in 2009. Industry gross operating surplus (i.e., operating profit before the deduction of taxation, interest and depreciation), has fallen by around 6% per annum over the past five years, and contracted as a share of revenue from a peak of 36.6% in the 1997 Census to currently around 28% of revenue. This downward trend has corresponded with the narrowing of profit margins in the building and automotive markets, price constraint resulting from import competition and product substitution (particularly in the container packaging market). Employee compensation (i.e., payroll and fringe benefits), has fallen by an estimated 3.8% per annum over the five years to 2009, and has declined as a share of industry revenue from a peak at 26.3% in the 2002 Economic Census, to currently around 24.5% of revenue. The contraction in employee compensation payments during the mid-2000s reflects the decline in industry employment by around 2.7% per annum, along with improved labor efficiencies resulting from restructuring and technological advancements. Performance in the key industry segments The glass products manufactured from the purchased glass segment of this industry, contributed 47.1% of industry revenue in the 2002 Census, and 50.2% of revenue in the 2006ASM (share unchanged in 2009), and shipments by this segment have averaged a decline of around 2.7% per annum over the past five years. The products manufactured by this segment feed into a broad range of downstream markets and have generally been supported by strong trends in household consumption and nonresidential building construction (e.g., glassware, lighting, decorative mirrors, window systems), but in recent years demand has been negatively impacted by the downturn in the housing market and in downstream manufacturing industries.
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The manufacture of pressed or blown glass products has contracted sharply since the early 2000s, with shipments declining by an estimated 5.4% per annum over the five years to 2009, due to the impact of substitution by alternative materials (notably the use of clear perspex plastic products for automotive light fittings), and the steady decline in consumption of total glass products by the US motor vehicle industry. Growth in demand for flat glass products was contained early in the 2000s by the cyclical contraction in the nonresidential building market, but supported by record demand in the housing market and a cyclical recovery in commercial building activity during the middle of the 2000s. Flat glass shipments grew by an average 2.1% per annum over the five years to the 2006ASM (to account for 14.2% of total industry revenue), but have since declined sharply by 6.4% per annum over the five years to 2009 corresponding with the unprecedented slump in housing investment and has contracted to approximately 12.2% of industry revenue. The glass container segment has gradually lost market share to substitute products over the past decade. The value of shipments by this segment of the industry declined by an average 1.3% per annum over the five years to the 2006ASM, and maintained a decline by around 0.9% per annum over the five years to 2009 (accounting for 21.6% of industry revenue). The table below shows the annual level and growth of industry revenue by industry segment since the mid1990s based on Census Bureau Survey of Manufactures, US Economic Census data, and IBISWorld estimates. Industry Revenue (shipments) By Segment
Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 estimate 2008 estimate 2009 estimate %pa Annual Average Growth 2001 to 2006 ASM 2004 to 2009 2.1 -6.4 Million Dollars Flat Glass 3652 3515 3623 3727 3256 3291 3346 3698 3818 3605 3390 3120 2650 Percent Million Dollars Growth Pressed/Blown N/C -3.8% 3.1% 2.9% -12.6% 1.1% 1.7% 10.5% 3.2% -5.6% -6.0% -8.0% -15.1% N/C N/C -404.8% -7.7 -5.4 7957 7830 7151 6976 6293 5711 4827 4561 4455 4221 4040 3640 3460 Percent Growth N/C -1.6% -8.7% -2.4% -9.8% -9.2% -15.5% -5.5% -2.3% -5.3% -4.3% -9.9% -4.9% N/C N/C -29.9% -1.4 -0.9 Million Dollars Containers 5485 5448 5369 5142 5121 5217 5109 4923 4678 4780 4800 4725 4700 Percent Growth N/C -0.7% -1.5% -4.2% -0.4% 1.9% -2.1% -3.6% -5.0% 2.2% 0.4% -1.6% -0.5% N/C N/C -35.7% -0.8 -2.7 Million Dollars Made from Purchased Glass 12627 12494 13599 14341 13225 12644 12703 12555 12784 12698 12250 11645 10940 Percent Growth N/C -1.1% 8.8% 5.5% -7.8% -4.4% 0.5% -1.2% 1.8% -0.7% -3.5% -4.9% -6.1% N/C N/C 237.5%
Source: US Dept of Commerce, Annual Survey of Manufactures Note: Value of shipments in constant prices. IBISWorld estimates calendar years 2007 to 2009.
Two segments of the industry are principally driven by the USA building market, the glass products made from purchased glass segment, and the flat glass segment. The glass containers segment is driven by household consumption patterns and preferences and has been subject to substitution impact of alternative materials. Growth in demand for glass jars for the packaging of processed fruit and vegetable products is estimated to have steadily fallen since the early 1990s due to the substitution by plastic (PET) jars and sealed plastic containers in many condiments and spreads (e.g., peanut butter,
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jelly etc.). One area of growth in demand from glass jars has emerged from the specialty preserved foods market (e.g., pasta sauces) but this has been partially offset by the growing trends towards prepared frozen and fresh foods. Growth in demand within the glass bottle segment of this industry is understood to have been supported during the mid2000s by the growth in wine and beer production, although the dominant long term trend is for the substitution of glass bottles with plastic bottles and aluminum cans (particularly for soda). The steady downward trend in the pressed or blown glass industry segment has prevailed despite buoyant consumer demand during the mid-2000s for kitchenware and lighting products associated with the resilient housing market. This segment of the industry is exposed to a higher level of import penetration than other segments of the glass industry, with imports currently accounting for around 46% of domestic demand in 2009, up from 42.5% in 2005. The table below shows the growth in the key downstream markets for glass products since the late 1990s. Percentage growth in the key determinants of demand for glass products.
Calendar Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 estimate Ann Ave Growth %pa 2004 to 2009 -12.9 5.3 -5.1 1.5
Source: US Department of Commerce Note: Value of construction put into place. Auto assembly production. Real private consumption.
Percentage Housing Construction 4.1 1.7 6.5 9.9 16.0 11.1 -2.8 -21.5 -28.4 -17.3
Percentage Nonresidential Building 8.0 0.0 -9.7 -4.0 3.0 3.8 9.7 15.3 6.3 -7.3
Percentage Auto Production -1.9 -10.6 7.5 -1.6 -1.1 -0.1 -5.8 -4.3 -10.0* -5.0*
Percentage Food & Beverage Consumption 3.8 2.5 2.7 2.8 3.6 3.0 3.0 2.8 0.2* -1.5*
Housing and auto slump drives down glass demand The Glass and Glass Product Manufacturing industry has recorded a sustained cyclical contraction since the mid-2000s stemming from the unprecedented cyclical collapse in demand for flat and fabricated glass products in the housing construction market, and the recessionary decline in US automobile production In 2006, industry revenue declined marginally by 1.7% to $25,304 million reflecting the impact of the early stages of cyclical contraction in the housing construction market. Shipments of flat glass products declined 5.6% in 2006 and sales of glass products made from purchased glass contracted by 0.7% as the value of new housing construction declined 5.4% in response to rising mortgage interest rates and deteriorating housing affordability. Over the past three years to 2009, the cyclical contraction in domestic demand for all types of glass products has deepened considerably, declining by around 5.5% per annum to total $22,300 million in calendar year 2009. The slump in domestic demand has been broadly equated by the subsequent downward trend in industry revenue, which has contracted by 3.3% in 2007, 5.5% in 2008 and a further 6.0% to total $21,750 million in 2009, or 28% below the previous cyclical peak recorded in the 2000 Annual Survey of Manufactures (i.e., $30,187 million). Industry employment is estimated to have fallen by around 10,000 persons over the past three years to total 90,000 persons in 2,100 establishments in 2009, representing a decline by 2.7% per annum over the past five years.
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The collapse in housing demand over recent years has seen the value of new housing construction fall by 65.5% since the 2005 record cyclical peak, and new housing starts fall by 68.5% over the same period. This resulted initially from the deterioration in housing affordability and rising interest rates as the housing market was overheated, but the downward trend was exacerbated by the collapse in the subprime mortgage finance market in 2007, the surge in housing foreclosures, and the subsequent tightening of mortgage lending arrangements. In addition, the onset of recessionary conditions during the current years has seen US automobile production and domestic sales, fall by around 70% of the levels in the early 2000s and this has driven down demand for glass used for windows, mirrors and instrument fittings. By contrast, glass manufacturers boosted sales to the nonresidential building market during the mid-to-late 2000s, despite the sharp decline in commercial building construction from the record cyclical peak in 2008. The robust cyclical upswing in the value of nonresidential building activity by 15.3% in 2007 and 6.3% in 2008, included accelerated growth in the glassintensive office construction which significantly boosted consumption of glass panels, windows and curtain walls. The cyclical contraction in the shipments of flat glass and glass products made from purchased glass resulting from the housing slump has been partly cushioned by the strong demand across most nonresidential building markets. Over this period, weaker general economic growth has dampened growth in consumer spending which negatively impacts on demand for glass containers and glass used in appliances, and furniture. Industry export earnings climbed by 4.9% in 2007 and a further 2.1% to $4,790 million in 2008 reflecting the impact of the more competitive $USD exchange rate and strategic marketing by multi-national glassmakers located in the US. However, glass exports are estimated to have fallen by 4.0% to $4,600 million in 2009 associated with the slump in global economic conditions. Import penetration into this market fell by 6.7% to $5,511 million in 2008 and is estimated to have declined by 6.6% in 2009 associated with the marked downturn in domestic demand conditions. Demand flattens in the mid-2000s Domestic demand and industry revenue both stabilized during the mid-2000s, totaling $26,664 million and $25,735 million respectively in 2005. Demand conditions were buoyed by the robust growth in the value of housing construction by 11.1% in 2005 (i.e. boosting demand for glass used in windows, lighting, furniture and appliances), and the moderate cyclical recovery by 3.8% in the value of commercial building construction. The downward trend in the volume of automotive production in the USA by 1% to 2% per annum during the mid-2000s, along with the continued penetration of imports into the automotive glass market (i.e. windshields, mirrors, lighting etc.), significantly dampened demand for many industry participants. Despite the stable level of total industry revenue, varying results were recorded in the key industry segments, with shipments of glass containers declining by 5.0% in 2005, and shipments of pressed and blown glass falling by 2.3%, while moderate growth was evident in the other glass segments which are more tied to downstream building activity. Employment declined by 4.0% in 2004 and by a further 1.2% to 101,904 persons in 2005, as companies shed staff and focused on labor saving production techniques.
HISTORICAL PERFORMANCE
The onset of recessionary conditions in the US economy during the early 1990s impacted severely on the Glass Product Manufacturing industry, with glass production and sales falling by around 15% to 20% between the cyclical peak in 1990 and the trough in 1992, as demand for glass collapsed in the commercial building market (particularly in the glassintensive office and hotel construction markets), and in the automotive production market. Industry revenue gradually climbed from the 1992 recessionary trough supported by robust cyclical growth in the downstream building markets and automotive manufacturing market, however, during the mid-to-late 1990s, two factors significantly constrained the pace of industry expansion: the steady penetration of glass imports into the US market; and the ongoing substitution of glass containers with alternative materials (e.g., aluminum cans, plastic bottles etc.).
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Performance in the early-to-mid 1990s During the immediate post recession period from 1992 to 1994, strong growth in the housing construction market generated increased demand for glass and glass products and particularly flat glass used for windows, doors and shower screens. However, the continued to cyclical contraction in several glass intensive downstream nonresidential building markets through to 1993 (particularly office and educational building construction), contained the pace of industry expansion until the return to strong synchronized cyclical growth in the downstream building markets towards the mid1990s. This corresponded with the increased demand for automotive glass replacement and assembly. The office construction market and the other commercial building market (principally retail stores and hotels), surged by over 10% per annum during the period 1994 to 1997, and generated robust demand for glass for curtain walls and window systems. The educational building market also grew at an accelerated pace over this period, supported by additional federal funding to refurbish existing schools. Performance in the late 1990s After reaching a moderate cyclical peak in industry revenue at $29,720 million in the 1997 Economic Census, the industry's performance deteriorated in 1998 in response to the combined impact of: the 2.2% fall in export earnings in the aftermath of the economic crisis in east Asia and Brazil; a 5.1% increase in import penetration (up 17% in the glass products made from glass segment); and a minor reduction by 1% in domestic automotive vehicle production. Industry revenue contracted by 1.5% to $29,288 million in the 1998 Annual Survey of Manufactures (1998 ASM) with industry employment dropping by 1.1% to 127,206 persons and the number of industry establishments fell to 2,257 units. During the 1999 and 2000, the industry regained modest revenue growth of 1.5% per annum, representing subdued growth given the robust demand conditions in the downstream building construction markets, and growth in automotive production. The pace of industry expansion was constrained by the combined threats of competition from imports and substitute products. The underlying demand conditions for glass and glass products were particularly good during this period with solid growth displayed in all downstream building markets, automotive production and domestic food and beverage consumption, however, this underlying demand failed to generate significant growth in industry revenue. Performance in the early-to-mid 2000s Following the record cyclical peak in calendar year 2000, industry revenue declined markedly during the early 2000s corresponding with the recessionary slowdown in the US economy, the sharp contraction in the commercial building market, and a slump in local auto production. Industry revenue fell by 7.6% to $27,894 million in the 2001 ASM, corresponding with a sharp decline in several glass-intensive commercial construction markets (notably office construction down 4.6%, and hotel construction by 14.3%), the 10.6% slump in the volume of automotive assembly in the aftermath of the US recession, and the slower growth in the total value of residential building activity (1.5%). Industry employment fell by 3.4% to 122,504 persons in calendar year 2001, with the number of production workers declining by 4.5% to 99,249 persons. The 2002 Economic Census saw industry revenue fall by 3.7% to $26,863 million, mainly driven down by the 16.7% collapse in the value of construction in the commercial building market, and subdued demand in the food and beverages market. During calendar year 2002, the slump in demand for glass products was partially cushioned by the resurgence in total residential construction activity (6.8%), and the upswing in the volume of auto production by 7.5%, and hence demand for glass used in windshields, windows and lighting fixtures. The contraction in industry revenue during 2002 was most evident in the pressed and blown glass segment of the industry (down by 9.2%), and the glass products made from purchased glass (down 4.4%), both of which were responses to movements in the general economy and demand from the housing and automotive assembly markets. It is likely that import penetration into these segments of the industry, eroded local market share during the early 2000s. The flat glass manufacturing segment of the industry recorded a modest upswing of 1.1% in revenue during 2002, but remained well below the levels of the late 1990s.
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The downward trend in industry revenue continued through calendar years 2003 and 2004, declining to $25,738 million in the 2004 ASM (its lowest level in a decade), and the decline in sales saw companies shed staff and focus on the introduction of labor saving production techniques, which resulted in industry employment declining by 12% over this period to 103,091 persons. During this period, demand for glass products was partially buoyed by the robust growth by around 25% in the value of housing construction, but the further contractions in the value of commercial building construction offset the boost in housing demand. The demand for glass products was also contained by downward trend in the volume of local automotive production (i.e. little stimulus to demand for the windshield and mirror manufacturing segments). Revenue (constant prices)
Revenue $ Million 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 26,922.0 27,845.0 27,753.0 28,938.0 29,720.0 29,288.0 29,741.0 30,187.0 27,894.0 26,863.0 25,985.0 25,738.0 25,735.0 25,304.0 24,480.0 23,130.0 21,750.0 Growth % N/A 3.4 -0.3 4.3 2.7 -1.5 1.5 1.5 -7.6 -3.7 -3.3 -1.0 0.0 -1.7 -3.3 -5.5 -6.0
Revenue
Revenue Growth Rate
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Gross Product (constant prices)

Gross Product $ Million 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 15,606.0 16,715.0 16,791.0 17,397.0 18,374.0 18,009.0 18,238.0 18,400.0 16,573.0 15,660.0 14,762.0 14,645.0 13,905.0 13,966.0 13,350.0 12,375.0 11,425.0 Growth % N/A 7.1 0.5 3.6 5.6 -2.0 1.3 0.9 -9.9 -5.5 -5.7 -0.8 -5.1 0.4 -4.4 -7.3 -7.7
Gross Product
Gross Product Growth Rate
40
OUTLOOK Glass Product Manufacturing in the US

March 31 2009
Outlook
Revenue (constant prices)
Revenue $ Million 2010 2011 2012 2013 2014 22,125.0 22,450.0 22,780.0 23,120.0 23,375.0 Growth % 1.7 1.5 1.5 1.5 1.1
Revenue
Revenue Growth Rate
Gross Product (constant prices)

Gross Product $ Million 2010 2011 2012 2013 2014 11,725.0 11,950.0 12,200.0 12,450.0 12,625.0 Growth % 2.6 1.9 2.1 2.0 1.4
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Gross Product
Gross Product Growth Rate
The Glass Product Manufacturing industry is forecast to record subdued growth over the next five years to 2014, with revenue trending steadily upwards in response to the improved demand conditions in the housing market and the gradual cyclical recovery in the nonresidential building market and general economic activity towards the middle of the outlook period. Local glass and glass product manufacturers will continue to be constrained by import penetration during the outlook period (particularly from East Asia), although the import share of domestic demand is expected to stabilize. Industry revenue is forecast to record subdued growth averaging 1.5% per annum over the outlook period to 2014, roughly matching the projected growth in domestic demand (1.7% per annum), and lagging well behind the cyclical recovery in US GDP growth (2.8% per annum). Annual industry revenue is forecast to average $22.77 billion per annum over the next five years, or 5.4% below the average of $24.08 billion per annum over the preceding five years to December 2009. An improved value added and profit performance Industry value added is forecast to average growth of 2% per annum over the outlook period, rising as a share of industry revenue from currently around 52.5% to reach 54% of revenue by 2014, reflecting the improvement in industry profitability and modest growth in labor costs. Continued import penetration of glass products, and the substitution of glass containers with alternative materials (especially plastics), will contain pricing margins for much of this industry, although the strength of the cyclical recovery in the downstream housing construction market will allow some widening of profit markets, particularly for manufacturers of flat and fabricated glass products. Industry gross operating surplus is forecast to average growth of around 3% per annum growth over the outlook period and climb as a share of revenue from around 28% in 2009 to 30% by 2014. Industry employee compensation is forecast to climb by around 1% per annum over the five years to 2014, with the minor downward trend in industry employment (1.1% per annum), offset by solid growth in real unit labor rates. Slowing trend towards product substitution During the past decade there has been a marked trend away from glass containers in several preserved food and beverage markets, towards substitutes using plastics, aluminum and cardboard, and although vigorously contested by the glass container manufacturers, this process of substitution is forecast to continue during the outlook period. The pace of substitution is expected to slow during the medium term as glass container manufactures continue to exploit new technologies in design and labeling and promote marketing programs based on recycling, however the threat of
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substitution will continue to suppress industry price margins. Growth in glass container sales over the outlook period will be supported by the cyclical recovery in household consumption of food and beverages. Construction Market Trends The outlook for demand for glass products used in building and construction applications is for solid cyclical growth driven by the cyclical recovery by 11.3% per annum over the five years to 2014 in total housing construction (climbing from the current cyclical trough), and the continued solid growth in institutional building construction (2.3% per annum), although negligible demand is expected to be derived from the growth of 0.6% per annum in the commercial building market. The outlook for glass demand from automotive assembly and replacement is not strong as this segment will continue to face strong import competition (particularly from China and South American exporters) and the local automotive manufacturing industry is expected to maintain subdued production levels of around 8.75 to 9.25 million units per annum over the outlook period. The volume of automotive assembly production is projected to continue to gradually decrease by 0.9% per annum over the next five years. The table below shows the projected growth in the key construction markets for glass products over the outlook period to 2014. Forecast growth in the key downstream construction markets for glass products
Calendar year 2009 estimate 2010 2011 2012 2013 2014 Ann Ave Growth %pa 2009 to 2014 11.3 0.6 2.3
Source: IBISWorld Estimates Note: Percentage growth in the value of construction put into place in constant prices.
Percentage Housing construction -17.3 20.8 11.3 8.8 9.2 6.7
Percentage Commercial building -16.3 -11.6 -0.6 3.9 5.5 6.8
Percentage Institutional building 2.7 1.3 3.0 3.6 2.0 1.9
Outlook for industry segments The flat glass segment of this industry is forecast to record strong cyclical growth in shipments averaging 5.5% per annum over the five years to 2014, the glass products made from purchased glass segment is forecast to also record moderate growth of around 1.8% per annum, will marginal declines in shipments are forecast in the glass container and pressed and blown glass product segments of this industry. Import penetration is expected to contain the performance of the glass products made from purchased glass segment, although this segment is likely to record moderate growth due to the strengthening of the commercial building market from the middle of the period and the resultant demand for specialist lighting and construction products. The table below shows the projected growth in revenue by each of the key industry segments through to December 2014. Forecast Growth in Shipments By the Key Industry Segments
Calendar Year 2009 estimate 2010 2011 Million Dollars Flat Glass 2650 2770 2900 Percent Growth N/C 4.5% 4.7% Million Dollars Pressed and Blown 3460 3425 3390 Percent Growth N/C -1.0% -1.0% Million Dollars Glass Containers 4700 4700 4700 Percent Growth N/C 0.0% 0.0% Million Dollars From Purchased Glass 10940 11230 11460 Percent Growth N/C 2.7% 2.0%
43

March 31 2009
2012 2013 2014 Ann Ave Growth %pa 2009 to 2014
3120 3350 3460
7.6% 7.4% 3.3% N/C
3360 3320 3290
-0.9% -1.2% -0.9% N/C
4675 4650 4650
-0.5% -0.5% 0.0% N/C
11625 11800 11975
1.4% 1.5% 1.5% N/C
5.5
N/C
-1.0
N/C
-0.2
N/C
1.8
N/C
Source: IBISWorld Estimates Note: Estimates and forecasts of shipments in constant prices.
Housing led recovery The projected cyclical recovery in the housing construction market early in the outlook period (surging by around 30% in two years to 2011), is forecast to support a moderate cyclical recovery in the domestic demand for glass products by around 2% per annum to reach $23,225 million in 2011. Demand conditions for glass products are projected to deteriorate marginally in the nonresidential building market over the short term associated with declines in the commercial building market, and particularly the steep contraction in the value of office construction (20.0% in 2010 and 7.3% in 2011), which will drive down demand for glass panels and curtain wall products. Further declines are projected by around 1% in the shipments by the pressed and blown glass segment associated with the continued loss of market share to low cost imports. Shipments by the glass containers segment of the industry are expected to remain stable in the short term as the demand generated by the gradual recovery in consumer spending is increasingly absorbed by substitute packaging materials. Import penetration is forecast to climb by just 1% per annum early in the outlook period, while industry export earnings are expected to fall by around 1.5% per annum due to weak global trade conditions as economies gradually emerge from the current subdued growth cycle. Influenced by the divergent trends in the downstream markets and limited import penetration, industry revenue is forecast to climb by 1.7% in 2010 and a further 1.5% to $22,450 million in 2011, although industry employment is expected to continue to contract by around 0.7% per annum to 88,750 persons, reflecting ongoing improvements in labor and management productivities. Growth stabilizes Growth conditions are expected to stabilize from the middle of the outlook period under the combined influence of the return to synchronized cyclical growth in the downstream building markets (notably the recovery in investment into office construction), which will boost demand for flat and fabricated glass products, offset by the steady growth of import penetration (1.4% per annum over the three years to 2014). The local glass manufacturing industry is projected to be more cost competitive against imports due to ongoing rationalization (notably in the container glass, and pressed and blown glass segments), and improvements in productive efficiencies. However, the prospects for strong export expansion is limited due to the relatively weak growth in global demand for automotive glass and increased production capacity in the export targets (notably the Asian and EU markets). Domestic demand is forecast to climb by 1.2% to 1.6% per annum over the three years to total $24,275 million in 2014, and industry revenue is forecast to grow commensurately to reach $23,375 million by the end of the outlook period, to be around 7.5% above its current level, but remaining 22.5% below the level recorded in the 1998 record cyclical peak. Productivity improvements and plant closures are expected to result in industry employment contracting by an average 1.1% per annum over the outlook period to total 85,000 persons in 2,050 establishments by 2014.
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IBISWorld Industry Report

Glass Product Manufacturing in the US: 32721

CONTENTS Glass Product Manufacturing in the US

Key Factors ........................................................................................................................................................ 25

Key Competitors ................................................................................................................................................. 27

Copyright 2009, IBISWorld Inc.

RECESSION UPDATE: MARCH 31 2009 Glass Product Manufacturing in the US

Recession Update: March 31 2009

Can the Industry Weather the Storm?

FORECAST - Overall flat growth anticipated

Recession 2009: Whitepaper Available

Copyright 2009, IBISWorld Inc.

INDUSTRY DEFINITION Glass Product Manufacturing in the US

ACTIVITIES (PRODUCTS AND SERVICES)

Copyright 2009, IBISWorld Inc.

INDUSTRY DEFINITION Glass Product Manufacturing in the US

DEMAND & SUPPLY INDUSTRIES

Copyright 2009, IBISWorld Inc.

KEY STATISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

KEY STATISTICS Glass Product Manufacturing in the US

Imports and Exports

Copyright 2009, IBISWorld Inc.

SEGMENTATION Glass Product Manufacturing in the US

Share 50.3% 21.6% 15.9% 12.2%

Copyright 2009, IBISWorld Inc.

SEGMENTATION Glass Product Manufacturing in the US

MAJOR MARKET SEGMENTS

Copyright 2009, IBISWorld Inc.

SEGMENTATION Glass Product Manufacturing in the US

Source: US Census - County Business Patterns

Copyright 2009, IBISWorld Inc.

SEGMENTATION Glass Product Manufacturing in the US

Units 463.0 434.0 388.0 362.0 195.0 131.0 106.0 78.0

Copyright 2009, IBISWorld Inc.

SEGMENTATION Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

DOMESTIC AND INTERNATIONAL MARKETS

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

MARKET CHARACTERISTICS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

INDUSTRY CONDITIONS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

INDUSTRY CONDITIONS Glass Product Manufacturing in the US

Mirrors for automotive Glass for candescent light bulbs Tableware

3.9 0.0 6.0

50.0 20.0 38.0

*Percentage of value unless otherwise specified

REGULATION AND DEREGULATION

Copyright 2009, IBISWorld Inc.

INDUSTRY CONDITIONS Glass Product Manufacturing in the US

Copyright 2009, IBISWorld Inc.

INDUSTRY CONDITIONS Glass Product Manufacturing in the US