Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 9.9% from 2020 to 2027.
According to the advanced glass market report published by the Allied Market Research, the study presents impending revenue forecast of the industry for the next few years coupled with imminent market trends and opportunities. According to the report, the global advanced glass market was $57.6 billion in 2019, and is estimated to cross $103.8 billion by 2027, registering a CAGR of 7.6% from 2020 to 2027.
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Based on product type, the coated glass segment accounted for the largest share in 2019, holding nearly one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the laminated glass segment is expected to register the highest CAGR of 8.5% from 2020 to 2027.
The glass industry has come a long way through advancements. At the same time, the changed lifestyle and preference for natural light has boosted its utilization. However, there are certain challenges including the high prices of volatile material which restrains the growth to a certain extent. But at the same time, the development of the construction industry is leading to benefit the market. Furthermore, the increasing urbanization is playing a major role for the industry to grow. In addition to this, the demand for value-added products in specific end-using industries is increasing. All these factors, therefore are up surging the growth of the advanced glass market. Simultaneously, the wide range of designs and introduction of new trends are estimated to usher in an array of opportunities for the industry in the near future.
The global advanced glass market has been segmented on the basis of function, product type, end-use industry, and region. Based on function, the safety & security segment contributed to the largest share in 2019, accounting for around two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the solar control segment is estimated to portray the highest CAGR of 8.6% during the forecast period.
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Rapid growth of the construction industry, flourishing automotive industry, and surge in need for better infrastructure due to rapid urbanization drive the growth of the global advanced glass market. However, complications involved in the implant and high cost of advanced glass implants hinder the market growth. On the other hand, strict government legislation regarding the use of energy-efficient products and desire to use renewable resources create new opportunities in the coming years.
- The lockdown situation has suspended the manufacturing activities across various industries such as automobile, defense equipment, and electronics, which reduced the demand for advanced glass.
- The revenue generated from the building and construction segment is anticipated to decline for a few months amid lockdown as construction activities have been stopped to avoid spread of coronavirus among construction workers.
- Advance glass manufacturers across China and India have huge opportunities to grow and generate maximum revenue during the COVID-19 pandemic. The pandemic effect in these countries is receding slowly and governments are now lifting the lockdown to start the industrial activities.
Leading market players analyzed in the research include Asahi Glass Co., Advanced Glass & Mirror Inc., Fuyao Glass Industry Group Co. Ltd., Corning Inc., Koch Industries, Huihua Glass Co. Limited, Saint Gobain, Sisecam Group, Nippon Sheet Glass Co. Ltd., and Tyneside Safety Glass.
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