Tempered Glass Market worth over $40 billion by 2024
Published Date: December 21, 2017 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Tempered Glass Market size is likely to exceed $40 billion by 2024. Increasing government initiatives on infrastructure facilities accompanied with widening application outlook in construction sector will favor product demand in the coming years.
Improving standard of living along with rising consumer spending on interior furniture designing owing to disposable income and rapid urbanization in India, China and Brazil will stimulate industry growth.
Rise in tempered glass demand owing to high strength, safety, anti-breakage, and heat resistance properties coupled with its wide usage in public buildings including phone booths, bus terminals, canopies gymnasiums and sports arenas should stimulate market demand. Rising government regulatory support to favor infrastructure development towards residential and commercial buildings should stimulate the tempered glass market growth.
U.S. tempered glass market is likely to be over USD 7.5 billion by 2024 due to rising consumer expenditure on interior and exterior designs resulting to high aesthetic value. Increasing application outlook in construction, automotive, and furniture sectors should stimulate industry growth in the region. Emergence of various car manufacturing companies including Nissan, Honda, and Volkswagen may have a positive impact in the overall industry.
Automotive applications segment may exceed USD 11 billion up to 2024. It is preferably used inside and rear windows on account of its durability, safety, tensile strength and thermal resistance will favor product demand. Increasing product usage for automobile manufacturing owing to lightweight and anti-breakage characteristics should stimulate the tempered glass market share.
Nickel-sulfide, silicon dioxide, sodium oxide, and calcium oxide are key raw materials used in the production process of toughened glass. Raw material volatility owing to widespread usage in automotive, greenhouse, and construction industries may challenge industry profitability & hinder the tempered glass market supply demand gap.
Browse key industry insights spread across 250 pages with 500 market data tables & 18 figures & charts from the report, “Tempered Glass Market Size By Application (Construction [Residential, Commercial, Industrial], Automotive [Rear Windows, Side Windows], Greenhouse, Home appliances [Cookware, Refrigerators, Washing Machines, Microwave Ovens], Gadgets [Smartphones, Tablets, Laptops/Computers]), Regional Outlook, Price Trend, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Residential construction may register gains close to 5.5% over the projected timeframe. Government focus towards various construction projects accompanied with shift in consumer trend towards modern infrastructure should favor the tempered glass market revenue. Residential construction resources, technologies, and practices must be in compliance to local building authority regulations and codes of practice.
Germany tempered glass market demand should exceed consumption at over 1.2 million tons by 2024. Rising smartphone penetration rate owing to high disposable income, and high demand for technically advanced products owing to its superior properties including scratch resistance, heat resistance, shock protection and durability should boost industry growth in the region. Increasing innovation to enhance passenger reliability and safety along with R&D spending towards advanced technology may favor automotive sector in the region.
Toughened glass market size from greenhouse applications is likely to witness steady growth close to 3.5% over the forecast timeframe. It is preferably used for greenhouse walls, doors, and roofs on account of its ability to handle fluctuating climatic conditions. Rising green and energy efficient buildings construction along with safety glazing should stimulate industry growth.
India is poised to exceed USD 4 billion during the forecast timeframe. Increasing consumer awareness regarding safety along with growing automotive industry will have a positive impact on the regional growth. Availability of skilled labor at cheaper costs coupled with easy raw material procurement may enhance product demand. It is used in rear and side windows of vehicles including cars, trucks, vans and SUV’s due to safety purposes and preventing damage caused from rollover accidents.
Fuso, Guardian Industries, NSG, Asahi, PPG Industries, and Saint-Gobain are the prominent tempered glass industry participants in toughened glass market. Manufactures are engaged in various strategies including partnerships & acquisitions in order to enhance the product portfolio and global reach.