Tinted Laminated Glass Market Expected Growth Opportunities Forecast by 2029
The global tinted laminated glass market size reached USD 7.68 billion in 2021. The market value is projected to rise from USD 8.02 billion in 2022 to USD 12.33 billion by 2029, registering a CAGR of 6.3% during 2022-2029. To increase the absorption capabilities of final glass goods, laminated glass is colored with various colors. The tinting procedure also improves the aesthetic appeal, which aids in attracting customer attention for a range of end uses. Polyvinyl Butyral (PVB) or SentryGlas Plus (SGP) interlayers are sandwiched between two tinted glass panes to create these glasses. The outside glass pane shatters during impact while the inside panes are protected. These products are an excellent choice for construction, automotive, and furniture applications due to their safety features, says Fortune Business Insights™ in its report titled “Tinted Laminated Glass Market, 2022-2029”.
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In the global market, chemical industry is the second largest manufacturing industry in Japan. In recent years, the Japanese chemical industry was the fourth largest industry globally following China, the United States, and Germany. Furthermore The Japanese chemical industry is dominated by a group of major corporations and tech Giants. The chemical industry is the backbone of Japan’s economy.
COVID-19 Led to Slowdown of Automotive and Construction Sectors
Due to halted construction operations and crippled car production, glass manufacturing enterprises, as well as those manufacturing flat glass, had to curtail their production. In order to protect their employees, companies in the glass manufacturing industry have to implement additional safety measures and maintain COVID-19-compliant behavior. China is one of the world’s largest producers of glass, including tinted laminated glass. Manufacturing enterprises had to deal with considerable swings in demand, production downtime, and logistical delays as a result of the restrictions imposed during the pandemic, as well as trade tensions between the U.S. and China. Manufacturers and other connected companies have struggled to maintain consistent production and distribution networks since the outbreak began.
By Application, Construction Segment Held Dominant Market Share During 2021
In terms of application, the market is divided into automotive, construction, and others. Among these, the construction segment is expected to dominate the market and register the fastest growth as compared to other segments during forecast period. Over the years, increasing urbanization has created positive environment for growth of all applications such as building construction, automotive manufacturing, furniture, and others. Increasing consumer spending on modern architecture as well as refurbishing activities is boosting demand for high quality & aesthetically appealing products for doors, windows, and decorative applications.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increasing Application in Automotive Sector to Augment Growth
Due to rapidly growing population, developing economies, such as China and India, are expected to see a surge in demand for mobility solutions during the forecast period. Consumer spending power in developing economies is expected to rise, resulting in increased demand for both commercial and passenger automobiles. Safety standard is one of the key reasons affecting the demand for laminated glasses, aside from performance and comfort. Automakers are using novel materials, such as tinted laminated glass, to boost safety standards in their automobile. As a result, the tinted laminated glass market growth is expected to be fueled by increased adoption of electric vehicles as well as increased emphasis on safety requirements in the automotive industry.
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Asia Pacific to Dominate Market Share Led by Expanding Construction Sector
Asia Pacific dominated the global tinted laminated glass market share in 2021, with a value of USD 4.59 billion. Attributed to the flourishing building activity in both developed and developing countries in Asia Pacific, the region is also predicted to grow rapidly during the forecast period.
The U.S. had the majority of the market share in North America, owing to its well-established construction and automobile industries. Demand for innovative products, such as colored laminated glass, is increasing as a result of technological improvements in both industries.
Due to rigorous government requirements, the demand for sustainable and environment-friendly building supplies is likely to rise throughout Europe.
Market Players Focus on Strengthening Supply Chains to Remain Competitive
A small number of significant market players dominate the global market. Tinted laminated glass adds value to regular glass production. Existing glass manufacturing companies can simply take use of this to execute vertical integration. Furthermore, businesses are investing in R&D to improve their products. As a result, the market growth is aided by strong competition among companies. Local players are concentrating on improving their supply chains by getting into long-term contracts with distributors and directly with architects or automotive manufacturing companies to differentiate themselves from the competition.
Key Industry Development:
February 2022: Polar Glass OÜ, a subsidiary of Barrus AS, agreed to buy Saint-Gobain’s glass processing business in Estonia. The sale is one of the many divestitures the group has made in Europe for its glass processing business since 2018.
List of Key Players Covered in the Report:
- Saint-Gobain (France)
- AGC Inc. (Japan)
- Guardian Industries Holdings (U.S.)
- Noval Glass (China)
- PFG Glass (Canada)
- Beijing Northglass Technologies Co., Ltd. (China)
- CARDINAL GLASS INDUSTRIES, INC. (U.S.)
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