The Advanced Glass Market size is valued at USD 57.6 Billion in 2019 and is projected to reach USD 103.8 Billion by 2027, growing at a CAGR of 7.6% from 2020 to 2027
OREGON, PORTLAND, USA, October 17, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, The advanced glass market by function (safety and security, solar control, optics and lighting and high performance), product type (coated glass, laminated glass, tempered glass and ceramic glass) and end-user industry (building and construction, aerospace and defense , Automotive, Electronics, Sports & Leisure, Optical and Others): Global Opportunities Analysis and Industry Forecast 2020-2027. The global advanced glass market generated USD 57.6 billion in 2019 and is expected to reach USD 103.8 billion by 2027, registering a CAGR of 7.6% from 2020 to 2027. The report offers an in-depth analysis of changing market dynamics, key winning strategies, business performance, major segments and competitive scenario.
Rapid growth in the construction industry, booming automotive industry, and increased need for better infrastructure owing to rapid urbanization are driving the growth of the global advanced glass market. However, implant-related complications and high cost of advanced glass implants are hampering the market growth. On the other hand, strict government legislation regarding the use of energy efficient products and willingness to use renewable resources create new opportunities in the coming years.
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Major market players analyzed in the research include Asahi Glass Co., Advanced Glass & Mirror Inc., Fuyao Glass Industry Group Co. Ltd., Corning Inc., Koch Industries, Huihua Glass Co. Limited, Saint Gobain, Sisecam Group, Nippon Sheet Glass Co. Ltd. and Tyneside Safety Glass.
• The lockdown situation has suspended manufacturing activities in various industries such as automotive, defense equipment and electronics, which has reduced the demand for advanced glass.
• Revenue generated by the building and construction sector is expected to decline for a few months due to the lockdown as construction activities have been halted to prevent the spread of coronavirus among construction workers.
• Advanced glass manufacturers in China and India have huge opportunities for growth and maximum revenue generation during the COVID-19 pandemic. The pandemic effect in these countries is slowly receding and governments are now lifting the lockdown to start industrial activities.
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The global advanced glass market has been segmented on the basis of function, product type, end-use industry, and region. Based on function, the safety and security segment contributed the largest share in 2019, accounting for about two-fifths of the total share, and is expected to maintain its dominant position over the forecast period. However, the solar control segment is estimated to exhibit the highest CAGR of 8.6% during the forecast period.
Based on product type, coated glass segment accounted for the largest share in 2019, holding nearly one-third of the total share, and is expected to retain the largest share throughout the forecast period. However, the laminated glass segment is expected to register the highest CAGR of 8.5% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 9.9% from 2020 to 2027.
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