Global tempered glass market 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 tempered glass 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 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.
Further key findings from the report suggest:
- Automotive application is expected to grow at a CAGR of over 4.0% from 2015 to 2022. Rapid industrialization in developing countries, coupled with increasing disposable income of the middle class is expected to be primary drivers for the automotive industry which in turn will propel demand particularly in Asia Pacific and Latin America over the forecast period.
- Construction application is expected to witness significant growth over the forecast period. The product finds application as both exterior and interior elements of the structure, in order to improve aesthetic value and to avoid fragility. It is increasingly being used in construction applications on account of enhanced characteristics including energy saving, anti-breakage and insulating properties, thus propelling growth.
- Europe market is expected to witness below average rate growing at a CAGR of over 3.0% from 2015 to 2022. In Europe, the product is mandated for use in applications including safety glazing, fire knock-out panels, all-glass entrances and storefronts, extreme wind loads and fireplace enclosures. However, with declining automotive production and maturing construction industry in the region product is expected to witness stagnant demand over the forecast period.
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- Asia Pacific market is expected to witness significant growth over the forecast period and will account for over 19% of the volume share by 2022. Raw material availability coupled with low cost of skilled labor in these countries of Asia Pacific has resulted in major automobile manufactures setting up their production units in the region. This is expected to augment tempered glass demand in the region.
- Key companies have been adopting various strategies including R&D and acquisition & merger in order to strengthen their position in global market. Saint-Gobain, AGC Group, Guardian Industries and NSG Group are major players with global presence and integration across the value chain. The market is fragmented in nature owing to a number of local manufacturers and fabricators present globally.