With the increasing application scope for glass across the electronics, residential, automotive, and commercial sectors, advanced glass market giants have lately been fortunate enough to have access to a plethora of lucrative growth opportunities. They have in fact, been prominently developing a variety of high quality and innovative glass products in order to consolidate their presence in this business space. In addition, to further expand their reach, companies have been adopting growth strategies such as mergers and acquisitions. The recent acquisition of TGP by Allegion is an instance of the efforts undertaken by the leading players of advanced glass market.
U.S. Advanced Glass Market Size, By Product, 2016 & 2024, (Million Square Meters)
Elaborating further on the aforementioned deal, the leading security products and solutions supplier, Allegion, acquired the North American manufacturer of advanced fire frames, Technical Glass Products (TGP), to primarily extend its reach across North America. The deal has also helped Allegion gain access to TGP’s integrity and innovative ideology. Furthermore, it is imperative to mention that regional governmental bodies have also been playing a pivotal role in increasing advanced glass industry size. For instance, in order to curb carbon dioxide emissions, several regional governments have already deployed a stringent regulatory framework to promote the construction of energy-efficient buildings.
Since last few years, advanced glass market has witnessed the launch of a slew of very interesting and innovative products. The launch of Gorilla Glass is one of the remarkable examples that depicts the continuous research undertaken toward new product development. This product is a next generation, scratch resistance, tough, and highly flexible glass. In fact, currently, many of the electronics and smartphone manufacturers preferably choosing Gorilla glass for their devices. This product offers numerous benefits over other materials like plastic and metal. The increasing adoption of advanced versions of glass by consumer electronics manufacturers is indeed poised to boost advanced glass industry share over the years ahead.
Speaking along similar lines, a few years ago, the Internet behemoth Google developed augmented reality (AR) based glasses, which garnered mass popularity no sooner than its release. Currently, the large-scale deployment of AR in everyday activities has also considerably transformed advanced glass market outlook. The American audio equipment manufacturer, Bose Incorporation has recently unveiled its plan to develop AR based glasses as well, and has launched its prototype of AR wearables, which comprise motion sensors. In another instance, the American multinational technology company, Vuzix has also developed smart glasses and is looking forward to launching advanced version of wearables for future generation. Initiatives such as the aforementioned are certain to augment advanced glass market size.
The shifting trends toward miniaturization of several electronics equipment are fueling the requirement for highly precise structured glass. In this regard, many players in advanced glass market are adopting new innovative technologies to develop versatile and highly accurate glass wafers. Moreover, some of the companies are focusing on inventions of light solutions for interiors of automobiles and aircraft. For instance, glass manufacturing company, AGC Glass Europe has developed an innovative solution for luxury car roofs. Presently, this light control glass has been installed in Daimler’s Mercedes S-Class model. The notable benefits of this glass include resistance to overheating and UV light, which are significantly attracting other giants in automotive sector. The ongoing research in glass technology for thin film and transparent structure for automotive applications is slated to stimulate advanced glass market outlook.
Heavy investments in research and development activities are likely to strengthen the commercialization potential of advanced glass market. The launch of next-generation wearable glasses and its increasing popularity among the masses will also have a favorable impact on the overall industry expansion. Indeed, the escalating adoption of smartphones and other electronics devices is certain to impel advanced glass market size, forecast to exceed USD 110 billion by 2024.