Advanced Glass Market Size

Advanced Glass Market Size

Advanced Glass Market size was over USD 60 billion in 2016 and industry expects consumption of above 10.5 billion square meters by 2024.
 

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Increasing demand for better aesthetics in both residential & non-residential buildings along with growing industrialization rate in India, Brazil and China has stimulated advanced glass market size. Growth in automotive manufacturing base with supportive government initiatives for development of infrastructure has propelled product demand. Increase in energy efficient buildings growth in Germany, UK, France and The Netherlands along with FEMA and LEED standards for safety applications will enhance product demand.

Growing toughened glass demand in furniture, mobile gadgets and cookware owing to durability, reliability and thermal shock resistance will support industry growth. Global consumer electronics market may surpass USD 1.5 trillion by 2024. The product is used in mobile phones, tablets and computers, mainly as screen protectors. Rise in demand of electronic gadgets with increase in manufacturing base in Poland, South Korea and Japan has led to increased adoption of advanced glass market demand.

Rising demand for better infrastructure in commercial, institution and health has propelled the growth of advanced glass market. Global infrastructure expenditure may surpass USD 12 trillion at the end of 2024. These products can save up to 25% energy and cut down CO2 emissions, which are mainly wasted in these buildings due to installation of air-conditioning systems. Increased usage of coated glass in improving the energy efficiency of non-residential buildings including offices, institutions and hospitals will boost product demand.

Increased application range in windscreens and mirrors will stimulate advanced glass market size in automotive sector during the projected timeline. Over 18 million units of motor vehicles were manufactured in 2016 in Europe whereas commercial automotive production in China exceeded 3 million units. Change in consumer lifestyle with rise in disposable income have driven automotive industry, thus supporting product demand.

Soda ash, silica sand and natural gas are the prominent raw materials used during the advanced glass production. Demand supply gap in raw material availability with high transportation and infrastructural cost may challenge industry profitability and impact industry growth. Strong emphasis on usage of renewable energy resources along with stringent regulations pertaining to energy efficiency will provide advanced glass market growth opportunities.