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Advanced Glass Market to Witness Growth Acceleration During 2020-2024

Author : Ravi Chawat | Published Date : 2020-09-15 

Global advanced glass market size is projected to reach US$110 billion in value by 2024. Rise in disposable income among people in both developed and developing nations has steered the demand for improved interior aesthetics in both commercial, industrial and residential setup. An increase in industrialization primarily in emerging regions such as Latin America and Asia Pacific due to mounting FDIs is a major factor supporting global advanced glass market outlook.

In 2018, the global FDI was valued at nearly US$1.2 trillion, depicting a significant increase in industrialization across the globe. Another pivotal factor driving developments in the industry includes the robust automotive sector. Increasing purchasing power coupled with innovations in the sector is supplementing the production of vehicles worldwide. The total number of automobiles manufactured in Europe in the year 2018 was more than 19.2 million units.

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Laminated glass is witnessing increased adoption in the automobile windscreen application as they render enhanced driver vision primarily during bad weather conditions like fog, mud, storm or snow. The products help in improving the fuel efficiency of vehicles.

Air cooling uses a considerable amount of fuel, while deploying laminated glass lowers the heating up of car, reducing the overall burden of the vehicle’s cooling mechanism. Additionally, UV coating applied to the windshields provide protection from harmful UV radiations along with thermal, visual and acoustic comfort.

Increase in sale of consumer electronics and appliances

Tempered glass is expected to register significant demand in the coming years due to surging construction of residential and commercial buildings as well as electronic appliance production. Apparently, in the U.S. close to US$ 1.3 trillion worth of structures are built annually to meet the excessive demand from healthcare, IT, residential and electronics industries. 

Tempered glass carries various advantages such as heat resistance, scratch and damage resistance, pattern options, superior strength, safety, high quality and clarity. The product finds mounting usage in consumer electronics such as laptops, smartphones, and tablets as screen protectors.

Moreover, tempered glass is also used in household appliances like dishwashers, refrigerators, microwaves and cookware to render durability and make increase the product life cycle. The improved rate of affordability among people has increased the sale of consumer electronics across the globe.

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Favorable government policies in Europe Union

Regionally, Europe will be among the leading advanced glass consumers to the wide presence of automobile manufacturing units in the region. Stringent regulations established by the governments in the region to ensure energy efficiency and control the levels of carbon footprint will positively influence the adoption of solar control glasses in buildings to reduce the use of air conditioners, leading to a reduction in the consumption of electricity.

The EU commission has established targets in order to achieve 20% energy efficiency target by the end of 2020. Increased efforts towards the reduction in energy consumption will propel regional developments and impact advanced glass market forecast.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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