"Advanced Glass Market: Innovations, Applications, and Sustainability in Construction, Automotive, and Electronics"

TEXES, AUSTIN, UNITED STATES, June 6, 2024 /EINPresswire.com/ -- The SNS Insider report reveals that the Advanced Glass Market, valued at USD 57.9 billion in 2023, is projected to reach USD 105.5 billion by 2031, registering a robust CAGR of 7.8% throughout the forecast period of 2024-2031.

The construction industry's rapid expansion has significantly boosted the demand for advanced glass, propelling the global market forward.
The thriving automotive industry is expected to further drive market growth. The increasing need for better infrastructure due to rapid urbanization has made advanced glass a preferred choice for manufacturers prioritizing consumer safety.

• In June 2023, AGC Inc.completed a new production facility for automotive laminated glass in Belgium, expanding its capacity to meet the surging demand.

While the high installation costs of advanced glass pose a potential challenge to market growth, stringent government regulations favoring energy-efficient materials and renewable resources are expected to create lucrative opportunities for key players.
The market's growth is closely linked to advancements in the electronics sector, with advanced glass-finding applications in notebooks, tablets, and smartphones.

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Some of the Key Players Included are:
• Advanced Glass & Mirror Inc.
• Corning Inc.
• Fuyao Glass Industry Group Co. Ltd.
• Huihua Glass Co. Limited
• Nippon Sheet Glass Co. Ltd.
• Saint Gobain, Sisecam Group
• Tyneside Safety Glass
• Asahi Glass Co.
• Koch Industries
• Other Players

The expansion of handheld electronics like semiconductor keyboards and radios also contributes to the market's growth. Further, expanding applications in the construction and automotive sectors are expected to accelerate market expansion in the coming years.

• In May 2023, Schott AGunveiled SCHOTT RealView^® 2.0, an upgraded augmented reality waveguide technology with improved image quality and a wider field of view.
The versatility of advanced glass, with applications ranging from noise cancellation and safety to UV management and sound reduction, is expected to drive market growth. Its utilization in residential panes and shopfronts further fuels demand.

Recent Developments
• In March 2023, Corning Incorporatedpartnered with Samsung Electronics to develop ultra-thin glass substrates for foldable displays, enhancing the durability and performance of future devices.
• In January 2023, PPG Industries, Inc.acquired Ferro Corporation, a leading provider of functional coatings and color solutions, to strengthen its position in various markets, including glass coatings.

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Segment Analysis
By Product Type, the tempered glass sub-segment dominates the market, holding a 45% share in 2023, driven by the growth of the automotive and construction sectors in developing economies.

By Application, the safety & security sub-segment leads, capturing a substantial 40% share in 2023, due to the diverse applications of advanced glass in residential panes and shopfronts.

By Product Type
• Tempered Glass
• Laminated Glass
• Ceramic Glass
• Others
 
By Application
• Solar Control
• Optics & Lighting
• Safety & Security
• High Performance
• Others
 
By End-Use
• Construction
• Infrastructure
• Automobiles
• Electronics
• Aerospace & Defense
• Others

Impact of the Russia-Ukraine War
The Russia-Ukraine war has indirectly impacted the advanced glass market. The conflict has disrupted supply chains, particularly for raw materials and energy, leading to increased production costs. Additionally, economic sanctions imposed on Russia have affected trade and investment flows, further impacting market dynamics. For instance, the reduced availability of natural gas from Russia, a key component in glass manufacturing, has led to higher energy prices and production challenges for manufacturers in Europe.

Impact of Economic Slowdown
Economic slowdowns can negatively impact the advanced glass market. During periods of reduced economic activity, construction projects may be delayed or canceled, leading to decreased demand for advanced glass products. Consumer spending on electronic devices and automobiles may also decline, further affecting market growth. For example, the global economic slowdown caused by the COVID-19 pandemic in 2020 led to a temporary decrease in demand for advanced glass, particularly in the automotive and construction sectors.

North America dominated the advanced glass market in 2023 due to increased utilization in construction, building, and infrastructure projects.
The region's emphasis on energy efficiency and sustainable building practices has further fueled demand. Asia Pacific is the fastest-growing region, driven by rapid industrialization and urbanization in countries like India and China. The region's growing automotive and electronics industries also contribute to market growth. Europe is experiencing moderate growth, supported by a focus on sustainable construction and renewable energy initiatives.

Key Takeaways
• While high installation costs pose a challenge, stringent government regulations and the need for energy-efficient materials are creating new opportunities.
• In September 2022, Gauzy Ltd., a manufacturer of liquid crystal films, secured $40 million in funding to expand its production capabilities and accelerate the adoption of switchable glass technologies.
• By End-user Industry, the automotive sub-segment dominates, capturing a commanding 46% market share in 2023.

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