Laminated Glass Market to Grow to USD 30 Billion by 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global laminated glass market was worth USD 20.9 billion in the year 2021. The global laminated glass market is projected to grow at a CAGR of 5.60%, with revenues reaching USD 30.5 billion by 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global laminated glass market was worth USD 20.9 billion in the year 2021. The global laminated glass market is projected to grow at a CAGR of 5.60%, with revenues reaching USD 30.5 billion by 2028. The market is gaining pace due to the widespread use of these products in a variety of sectors, such as automobile, construction, electronics and others. In addition, rising building activity is driving up demand for laminated glass on the market. However, the high cost of laminated glass may act as a huge restraining factor for market growth.
Wide Range of Application of Laminated Glass is Propelling Market Growth
The laminated glass is used in a wide range of industries and for various purposes, which fuels its market demand. It is being increasingly used at airport terminals, hotels, aircraft, recording studios, etc., for its sound insulation properties. This type of glass is also commonly used as structural glass such as glass floors, curtain walls, glass railings, etc. When combined with toughened glass, laminated glass can be turned into bulletproof glass.
Laminated Glass Market - By End-User
Based on end-user, the global laminated glass market is segmented into automotive, building and construction, electronics, and other end-user industries. The automotive segment accounts for the largest market share owing to the use of laminated glass in automobiles due to its higher resistance to breakage and therefore, offers higher safety to the passengers from external attacks or accidents. The expanding production of automobiles is presenting a lucrative market for the laminated glass market.
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Laminated Glass Market - Regional Insights
Geographically, the global laminated glass market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the laminated glass market. The region’s growth is mainly attributed to the increasing construction activities owing to the infrastructural development in emerging economies such as China, India, Thailand, Vietnam, etc. Moreover, the high concentration of automobile manufacturers in these countries also acts as a major driving factor for the growth of the laminated glass market.
Impact of COVID-19 on Laminated Glass Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the laminated glass market. Since laminated glass is a non-essential item, its production was immediately halted post the imposition of lockdown in various countries. Furthermore, the manufacturing and production operations of the automobile as well as construction industry were also obstructed due to hindrance in the supply chain and shortage of labor workforce, which resulted in a significant decline in the demand for laminated glass in the market.
Competitive Landscape
The leading market players operating in the global laminated glass market are AGC Inc., Taiwan Glass Ind. Corp., Asahi India Glass Limited, Stevenage Glass Company Ltd, Cardinal Glass Industries Inc., Saint-Gobain, Central Glass Co. Ltd, Nippon Sheet Glass Co. Ltd, Fuyao Glass Industry Group, JE Berkowitz, GSC Glass Ltd, Guardian Glass LLC, Xinyi Glass Holdings Co., Ltd, Motherson Group, Webasto Group, Hitachi Chemical Co., Corning Incorporated, Gentex Corporation, and other prominent players.
The global laminated glass market is slightly consolidated with the presence of multinational corporations that dominate the market. Leading market players are constantly launching new products to suit the needs of different industries. They are also investing in expanding their production capacities to meet the surging global demand for laminated glass. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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