New York, June 12, 2023 (GLOBE NEWSWIRE) -- The advanced glass market size is anticipated to surpass USD 311 billion by 2035, as per latest study by Research Nester.
The industry growth is attributed to fast-paced urbanization and industrialization around the globe. The shift of population from rural to urban areas has been a trend for many years now. The main reason for this is that people are looking for better opportunities regarding access to resources, quality of life, and infrastructure. With an increasing number of people living in urban areas, there is a heightened demand for buildings and construction projects. This leads to a higher demand for advanced glasses, which are used in a variety of construction projects. As of 2018, nearly 81% of North America's population lived in urban areas, making it the most urbanized region in the world. In addition, a wide range of glasses, including smart and security glass, are widely used in the construction of houses and offices.
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Increasing use of advanced glass in automotive production, such as coated glass and laminated glass, to boost advanced glass market
In automobiles, advanced glass is used to produce windshields, side windows, lights, screens, and more, as it is more durable and offers greater protection than regular glass. They are also more resistant to heat and shatterproof, which makes them safer to use in car windows. The requirement for lighter, more fuel-efficient vehicles in addition to the increase in sales and manufacturing of automobiles is poised to increase the demand for advanced glass in automobiles. According to the International Trade Administration (ITA), China has the world's largest auto industry, and the Chinese government predicts that by 2025, the number of automobiles manufactured in the country will reach 35 million. A total of 24 million vehicles were sold in China in 2020, including 18 million passenger vehicles and 4 million commercial vehicles. Further, increasing production rates of luxury-class vehicles are requiring the use of advanced glasses that are capable of blocking out the sun's rays from entering the vehicle as well as eliminating low-frequency noise.
Increasing consumption of solar energy to drive the growth in the United States region
The North America advanced glass market is expected to generate the most revenue by the end of 2035, owing to the increased use of advanced glass in a wide range of end-use industry applications owing to its light weight, transparency, and chemical and heat resistance properties. Moreover, the advent of vehicle safety films and shatterproof films in the automobile sector in North America and an increase in solar energy use, along with the rising adoption of solar panels in the region, are slated to accelerate regional advanced glass market growth. It was observed that there were more than 20 million solar panels installed in the United States in 2022, and approximately 1.5 million households in the country used solar energy.
Increased use of advanced glass in the construction industry to foster the growth in Asia Pacific region
The advanced glass market in the Asia Pacific is estimated to garner the highest CAGR by the end of 2035 on account of the increase in construction, building, and infrastructure projects in developing countries such as India and China. According to estimates, by 2030, Asia-Pacific is anticipated to generate USD 7.3 trillion of construction revenue. Also, smart city projects are expected to grow by 39% in the region. Advanced glass is widely used in the construction industry as a material for windows, skylights, and glass doors. The chemical process used to manufacture such glass ensures that it is stronger and more durable than standard glass, making it ideal for use in construction.
Moreover, manufacturers in various end-use industries, such as automotive, electronics, and aerospace, are becoming increasingly aware of the advantages of advanced glass, such as UV filtering, safety, noise reduction, and protection. As a result, Asia Pacific region is expected to experience significant growth in the coming years.
Market Segmentation by End Use Sector (Commercial, Residential Construction, Infrastructure, Automobiles, Electronics, Sports & Leisure)
Advanced glass market from the electronics segment is anticipated to hold the largest revenue by the end of 2035. The electrical & electronics industry is one of the largest consumers of glass, with advanced glass being used in a variety of applications such as flat panel displays, touchscreens, solar cells, and LED lighting. Furthermore, the development of improved glasses such as OLEDs that utilize organic materials to emit light is found in a variety of electronic devices, including smartphones, TVs, and computer monitors. Nowadays, OLEDs are mostly used in mobile devices, including advanced smartphones. In a recent study, it was discovered that display manufacturers produce 450 - 500 million OLED panels annually.
Moreover, the ICT sector is growing rapidly and with that, the demand for electronics is also increasing. Electronics play an integral role in many of the functions performed by the ICT sector. The ICT sector in India is expected to grow to USD 1 trillion by 2025, which represents 19 percent of its annual gross domestic product. As well, in 2021, India imported electronic and computer equipment from the United States worth over USD 2.3 billion. Therefore, the rapid growth of the ICT sector and the increased use of electronic items by the general population are expected to drive segment growth over the forecast period.
Market Segmentation by Application (Safety & Security, Solar Control, Optics & Lighting, High Performance)
The safety & security segment is anticipated to hold the largest share of the advanced glass market by 2035 due to the rising use of advanced glass for safety and security purposes. Moreover, the increase in home burglaries and crimes led to a rise in the use of advanced glass in residential areas. It was observed that there is an average of one home burglary every 25 seconds worldwide, along with property crimes occurring every 4.2 seconds. Also, the number of reported home burglaries increased to 1.3 million in 2019. These glasses incorporate additional safety features that reduce the likelihood of them breaking or posing a danger during a break. Also, advanced glass is used in a variety of applications where safety and security are crucial, such as bulletproof glass, shatterproof glass, and windshields, which is slated to drive segment growth in the coming years.
Top participants in the global advanced glass market are Tyneside Safety Glass Co. Ltd, Advanced Glass & Mirror Inc., Sisecam Group, AGC Group, Compagnie de Saint-Gobain S.A, Fuyao Group, Huihua Co., Limited, Koch Industries, Inc., Nippon Sheet Glass Co., Ltd., Corning Incorporated.
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