Tempered Glass Market– Statistics And Analysis & Forecast To 2022Posted by Mrudula Anil Karmarkar on December 24th, 2020 Global tempered glass market size is expected to reach USD 54.31 billion by 2022, according to a new report by Grand View Research, Inc. Growing automobile demand on account of rising disposable income is expected to be the major driver for market growth. Transition in building architecture which includes maximizing natural light through use of glass in facades and roofs is further expected to propel demand over the next seven years. The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor. The product is widely used in construction industry for various applications on account of its lightweight and high strength properties. Asia Pacific market is expected to witness rapid growth on account of increased spending on large-scale infrastructure development in India, China, Indonesia, and Malaysia. Tempered glass is manufactured by chemical treatment or controlled thermal processes to increase its strength as compared to annealed glass. The product is employed in numerous applications including shower doors, passenger vehicle windows, refrigerator trays, and architectural doors and tables. Moreover, it is used as a component in the manufacturing of bulletproof products, mobile screen protectors, cookware, and diving masks on account of superior properties including high strength and safety features. The global tempered glass market size was 2,542.1 million square meters in 2014 and is expected to witness growth on account of rising demand from the automotive sector. Increasing awareness regarding tempered glass benefits in the automotive and electronic industries among consumers in developing regions is expected to propel industry growth over the forecast period. Further key findings from the report suggest:
Rising construction spending in various regions including North America, Europe, Asia-Pacific, and MEA, coupled with rising need for durable building materials, is expected to fuel product demand over the next few years. Moreover, growing architectural trend toward the use of glass in building façades is expected to positively impact the demand for tempered glass during the forecast period. Growing automobile industry, particularly in emerging economies of Asia Pacific including India and China, is another factor driving the market. However, rising use of laminated glass for automobile manufacturing on account of properties such as lightweight and anti-breakage is expected to challenge industry growth over the next few years. Tempered glass is particularly employed when safety, thermal resistance, and strength are the key considerations. Over the past few years, screen protectors have been developed and introduced in the market for mobiles. They serve as an additional protection cover for cell phones as compared to the traditional plastic type screen protector. Growth of the global smart phone industry is expected to boost the product consumption over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2742/ibb Key industry participants include Guardian Industries, AGC Group, NSG Group, and Saint-Gobain. In March 2013, Dillmeier Glass Company expanded the capacity of its glass fabrication plant at Van Buren Industrial Park to achieve more inventory storage, reduce handling time on deliveries, and install the latest machinery. In November 2014, Trulite acquired Texas Tempered Glass Inc., a Houston-based company. This acquisition will expand the company’s reach in the Texas market by offering a wide range of insulated, tempered, and fabricated glass products. In July 2012, Interpane Glas Industrie AG and AGC formed an alliance to complement each other in the market by a larger network, number of locations, and a new range of products. Automotive was the largest application segment, accounting for a revenue share of 40.3% in 2014. Increasing use of tempered glass in the manufacturing of backlights and windows is expected to propel its demand over the forecast period. Although, it faces competitive disadvantage as compared to laminated glass as it is more resilient to breakage and comprises greater capabilities in terms of pressure resistance. Grand View Research has segmented the global tempered glass market on the basis of application: Tempered Glass Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2012 - 2022)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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