Tempered Glass Market Size

Tempered Glass Market Size

Tempered Glass Market size was over USD 24.5 billion in 2016 and the industry may expect consumption above 4.3 billion square meters by 2024. Increasing application scope in automotive and construction industries along with increasing consumer demand for improved infrastructure facilities should drive the product demand.

Increasing product demand in the automotive industry mainly in rear and side windows owing to its superior properties such as safety, durability, thermal shock resistance, reliability and tensile strength should stimulate tempered glass market growth. The products must be in compliance with OEM standards which are either sourced from suppliers or original equipment manufacturer. Global automotive industry may surpass USD 3 trillion by 2024. Europe’s motor vehicles production was over 18 million units in 2016.

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Technological advancement along with strict government norms regarding reducing carbon emission to enhance vehicle safety should drive the automobile business demand. Germany, France, UK, Spain, and Italy are the largest automobile market owing to increasing consumer demand for luxury & premium cars, easy car financing accompanied with government incentives and high economic conditions will have a positive influence in the tempered glass market trends.

Increase in infrastructure spending in China, India, Malaysia, Brazil, and Philippines along with rise in need for durable building materials should drive tempered glass market share. Global construction industry was valued at over USD 8 trillion in 2016 and is poised to surpass USD 10 trillion by 2024 owing to increasing government investments in infrastructure facilities.

Construction spending in Asia Pacific accounted for over 40% of the total demand in 2016. Rapid industrialization along with expanding foreign investment funding should drive regional industry growth. Rising architectural facilities towards and increasing application in building facades may fuel product demand.

Tempered glass is available as single, double and triple pane types. It has increasing application scope in greenhouse sector as it provides four to six times more shatter resistance than annealed types which should stimulate the tempered glass market demand. Increasing awareness regarding energy efficient and greener building will also help propel the industry growth.

Tempered glass is highly preferred for greenhouse construction to maximize heat-reflecting properties in hot climates, which provides an aid in blocking the heat more effectively. Moreover, these products prove to be an ideal choice for greenhouse construction due to its ability to withstand contraction and expansion during seasonal temperature changes.

Major raw materials used for manufacturing this product includes nickel-sulfide, calcium oxide, silicon dioxide, and sodium oxide. Volatility in raw material costs owing to increasing usage in construction and automotive industries may pose threat to industry profitability and affect the tempered glass market price.