Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) -- Driven by the increasing demand for passenger cars, and the rising automotive industry. The Global Automotive Glass Market is forecasted at approximately US$ 30 Bn by 2028 says Ken Research Study. Automobile glass is commonly referred to as laminated glass or tampered glass. Laminated glass is manufactured by fusing a thin layer of polyvinyl butyral with two solid glass layers. Tempered glass is made by heating glass and then rapidly cooling it to room temperature to increase its tensile and compressive strength. Tempered glass is most commonly used for car windows, sunroofs, backsides, and others.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Asia Pacific’s Budding Automotive Industry is a Driving Factor for Automotive Glass Market Growth.
According to Ken Research Analysis, the Global Automotive Glass Market was valued at US$ 15 billion in 2017, it is estimated to be ~US$ 20 billion in 2022 and is forecasted to reach a market size of ~US$ 30 billion opportunities by 2028, owing to Increasing demand for electric vehicles, hybrid vehicles, and luxury cars.
According to Invest India, the Indian automobile industry is expected to reach US$ 300 billion by 2026 from US$ 222 billion in 2022. In the automobile market in India, passenger cars accounted for 17.4% of the market share. Passenger car sales are dominated by small and midsized cars. According to Japan External Trade Organization, domestic automobile production in 2019 was 9.68 million units and domestic automobile sales in the same year were 5.2 million units. The growing automotive industry is expected to directly propel the growth of the automotive glass market.
2. Increasing Vehicle Production, and Rising Demand for Passenger Cars, are Fuelling the Growth in Automotive Glass Market
COVID-19 halted vehicle production and sales worldwide, however, the current situation is getting better, the demand for passenger cars including SUVs, electric cars, light commercial vehicles, and midsize passenger cars, is increasing. The rising population and spending of people also lead to growth in the sale of passenger cars. Regular upgradation in vehicle structure and technology as per the demand from the customers is likely to boost the sale of vehicles.
The International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturers and assemblers stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Increasing the production and sales number of vehicles directly helps the automotive glass market to grow.
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3. Fluctuating Raw Material Price is Hampering the Growth of the Automotive Glass Market
The higher raw material price of manufacturing glass is hampering the growth of the market. As per the Chemical and Engineering News (C&EN), soda lime glass is the most common material used in the manufacturing of glass, it accounts for roughly 90% of all manufactured glass including bottles, jars, building windows, and others. During the COVID-19, the prices of soda ash have declined significantly but as the demand surged and supply reduced due to the low production volume, the prices of these materials have soared to an all-time high, owing to the prices of automotive glass also fluctuating and restraining the growth of the market.
Market Taxonomy
By Glass Type
- Laminated Glass
- Tempered Glass
By Vehicle Type
- Passenger Car
- Light Commercial
- Heavy Commercial
- Electric Vehicles
By Application
- Windscreen
- Backlite
- Sidelite
- Sunroof
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By End-Use
- Original Equipment Manufacturer
- Aftermarket
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia Pacific (China, Japan, South Korea, India, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- FUYAO Glass Industries Co., Ltd.
- Nippon Sheet Glass Co., Ltd
- Saint-Gobain
- Xinyi Glass Holdings Limited
- AGC Inc.
- Central Glass Co., Ltd.
- Corning Incorporated
- Guardian Industries Holdings
- Sisecam
- Webasto Group
For more insights on the market intelligence, refer to below link:-
Global Automotive Glass Market
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