SAN FRANCISCO, U.S., Feb. 24, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Advanced Glass Market Size, Share, Growth Analysis Report By Product Type (Coated Glass, Laminated Glass, Toughened Glass, and Ceramic Glass), By Function (Optics & Lightning, High Performance, and Security), By Application (Automotive, Aerospace & Defence, Building & Construction, Electronics, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to Facts and Factors, the global advanced glass market size was worth around USD 67 billion in 2021 and is predicted to grow to around USD 135 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.12% between 2022 and 2030.”
Advanced Glass Market Overview:
Advanced glasses are upgraded versions of traditional glasses and are designed for specific purposes. Technically, they are a specialized grade of conventional glass that we use in our daily lives for multiple purposes like decorative items, protective gears for mobile phones, laptops, and important accessories in cars and construction units. The features and properties of advanced glass are designed to meet specific requirements depending on the industry they are being used for and because of these features, higher-grade glass has found applications across the growing and economically crucial sectors like aerospace, sports & leisure, automotive, defense, and optical industries to name a few.
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Various manufacturers of advanced glass have invested heavily in developing ultra-rich glasses as a means to stay ahead of competitors and leave a mark in the global market. These newer and specialized glass versions not only provide excellent resolution when used with other electronic devices but also offer higher protection, responsiveness, and durability as compared to their counterparts. Advanced glass is created to manage and uplift all the drawbacks associated with the use of conventional glass.
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- About 212+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 67 Billion |
| Projected Market Size in 2030 | USD 135 Billion |
| CAGR Growth Rate | 8.12% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | Asahi Glass Co. Ltd., Saint-Gobain Glass, Corning Inc., Guardian Industries, Sisecam Group, Nippon Sheet Glass Co. Ltd., PPG Industries Inc, and others. |
| Key Segment | By Product Type, Function, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Key Insights from Primary Research
- As per the analysis, the Advanced Glass market share is likely to grow above a CAGR of around 8.12% between 2022 and 2030.
- The Advanced Glass market size was worth around US$ 67 billion in 2021 and is estimated to hit approximately US$ 135 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The market is projected to grow at a significant rate due to rapid urbanization across the globe
- Based on product type segmentation, toughened glass was predicted to show maximum market share in the year 2021
- Based on application segmentation, building & construction was the leading application in 2021
- On the basis of region, North America was the leading revenue generator in 2021
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Market Dynamics:
Growth Drivers
- Rising use of the products in the aerospace industry
The global advanced glass market is projected to grow due to the growing use of the products in the aerospace industry. The products used for aeronautical expeditions have to be specially curated to meet the challenging needs of space exploration activities. Normal items including glass that is used in everyday situations cannot be used in the aerospace industry and hence to meet the stringent demands from the sector, market players have to invest in curating special glasses that perform a specific function while also ensuring passenger and resource safety.
The specifications for glasses and other accessories used in space activities are extremely narrow and limited and there is no scope for error. The global market could also benefit from the high adoption rate of advanced glasses in the consumer goods segment, especially for high-resolution television sets and entertainment devices. End consumers have become certain of their expectations from a certain product resulting in users demanding a fair share of return on their investment. To maintain or grow sales revenue and to remain relevant, market players have to deliver as per consumer expectations resulting in the use of advanced glasses.
Restraints
- Variations in the cost of the raw materials used to make the products
However, the global market may face growth restrictions due to the fluctuating prices of the raw materials used to manufacture the products as well as challenges faced during the safe transportation of the final goods. The changing political situation across the globe could lead to losses as uncertainties regarding international trade relations remain yet to be explored.
Opportunities & Challenges
The increasing research & development in the automobile segment may provide growth opportunities while a lack of awareness could act as a major challenge.
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Segmentation Analysis
The global advanced glass market is segmented based on product type, function, application, and region
Based on product type, the global market divisions are coated glass, laminated glass, toughened glass, and ceramic glass. In 2021, the global market registered the highest growth in the toughened glass segment driven by greater applications of the product in producing high-grade furniture as well as a higher adoption rate for mobile accessory production.
A toughened glass is produced by using various chemical and thermal processes on annealed glass and the end product is known to exhibit many qualities like added strength, resistance to thermal breakage, and resilience. The tempered glass segment may grow at a CAGR of 5.9% by 2030.
Based on function, the global market segments are optics & lightning, high performance, and security. The global market is projected to register the highest growth in the security segment due to the higher use of the products in various fields where employee safety is extremely critical. Some of these industrial sectors include oil & gas factories, mining units, and chemical industries. Advanced glasses are used in these units for the protection of the workers as they are constantly exposed to hazardous and life-threatening products or events. As per the International Labor Organization, the mining industry is responsible for 8% of work-related fatal accidents.
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Regional Analysis:
- North America to register highest CAGR during the forecast period
North America is projected to witness the highest growth in the global advanced glass market due to the growing use of the products in the consumer goods segment. The US could register itself as the leading regional revenue-generating unit driven by the technological growth in the country along with higher product adoption rate across various other industrial sectors like the oil & gas industry.
Europe may generate a high CAGR due to the presence of some of the largest producers of advanced glasses and the aggressive strategies adopted by them to recharge a larger consumer database. Growing regional investment in research & innovation could further fuel the growth rate in Europe. Asia-Pacific is projected to witness high revenue due to the growing number of manufacturing units set up by domestic and international players owing to low labor costs.
Competitive Players:
Some of the main players in the global Advanced Glass market include;
- Asahi Glass Co. Ltd.
- Saint-Gobain Glass
- Corning Inc.
- Guardian Industries
- Sisecam Group
- Nippon Sheet Glass Co. Ltd.
- PPG Industries Inc.
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Recent Industry Developments:
- In December 2020, Blackstone Group Inc. bought the glass division of Piramal Enterprises Ltd. (PEL) for USD 1 billion
- In May 2021, DigiLens unveiled a new prototype for its much-awaited extended reality glasses (XR) segment
The global advanced glass market is segmented as follows:
By Product Type
- Coated Glass
- Laminated Glass
- Toughened Glass
- Ceramic Glass
By Function
- Optics & Lightning
- High Performance
- Security
By Application
- Automotive
- Aerospace & Defence
- Building & Construction
- Electronics
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Product Type, Function, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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