by The Global Laminated Glass Market is estimated to be valued at US$19.3 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laminated glass is a type of safety glass that is made by sandwiching a layer of polyvinyl butyral (PVB) between two layers of glass. This glass provides enhanced safety, security, and noise reduction properties. Laminated glass finds applications in various industries such as automotive, construction, and aerospace. In the automotive industry, laminated glass is extensively used for windshields as it offers improved strength and prevents shattering upon impact. In the construction industry, laminated glass is used for windows, doors, and facades, as it provides protection against break-ins and offers sound insulation.
Market Dynamics:
The global laminated glass market is driven by two main factors. Firstly, the increasing automotive production, especially in emerging economies, is driving the demand for laminated glass. Stringent safety regulations and the growing focus on passenger safety are further fueling the adoption of laminated glass in automobiles. Secondly, the growing construction industry, particularly in developing countries, is boosting the demand for laminated glass. The increasing urbanization and infrastructure development initiatives are driving the use of laminated glass in buildings for safety purposes. Moreover, the rising awareness regarding energy efficiency and the need for noise reduction in buildings are also contributing to the market growth.
SWOT Analysis:
Strengths:
– Laminated glass offers superior strength and safety compared to traditional glass, making it a preferred choice for various applications such as automotive and construction.
– The increasing awareness about the benefits of laminated glass in terms of security, UV protection, and noise reduction is driving the demand for the market.
– The growing adoption of laminated glass in emerging economies due to infrastructural development and increased disposable income is expected to fuel market growth.
Weaknesses:
– The higher cost of laminated glass compared to traditional glass can limit its adoption, especially in price-sensitive markets.
– The complex manufacturing process and the requirement for specialized equipment and expertise may pose challenges for small-scale manufacturers.
Opportunities:
– The booming construction industry, particularly in developing countries, presents significant growth opportunities for the laminated glass market.
– The increasing demand for energy-efficient buildings and the incorporation of laminated glass in green building projects offer promising prospects for market expansion.
Threats:
– The availability of substitute materials such as polycarbonate and acrylic sheets may pose a threat to the market growth of laminated glass.
– Fluctuations in raw material prices, such as interlayer materials and glass sheets, can affect the profitability of market players.
Key Takeaways:
The Global Laminated Glass Market Size is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period (2023-2030), driven by factors such as the increasing demand for safety glass, rising construction activities, and growing awareness about the advantages of laminated glass.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the laminated glass market. The rapid urbanization, infrastructural development, and increased disposable income in countries like China and India are contributing to the significant demand for laminated glass in the region.
Key players operating in the laminated glass market include Asahi India Glass Limited, Central Glass Co., Ltd., CSG Holdings Co., Ltd., Fuyao Group, GUARDIAN GLASS LLC., Nippon Sheet Glass Co. Ltd., Saint-Gobain India Pvt. Ltd., Sisecam Group, Taiwan Glass Ind. Corp., and Xinyi Glass Holdings Co., Ltd. These companies are focused on product innovations, strategic partnerships, and mergers and acquisitions to expand their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
