Laminated Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Laminated Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The laminated glass market is projected to register a CAGR of more than 5% during the forecast period.

In 2020, COVID-19 had a detrimental effect on the market.However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The rising application of laminated glass in replacing bricks in the construction sector and the growing need for safety and thermal and isolation properties in buildings are the key factors for the market's growth.
• Production of laminated glass is more expensive than regular windows because a lot of steps are involved in the manufacturing process, which is expected to hinder market growth.
• Also, the trend of people moving to cities is expected to give the laminated glass market more chances to grow.
• Asia-Pacific has the highest growth rate because countries like China, India, and Japan are getting more and more of what they want.

• The application of laminated glass offers various benefits. Some of the key advantages are security, sound reduction, resistance to shattering, and protection from adverse weather conditions.
• Automobile manufacturers have been using laminated glass since long ago for windshields, enhancements in sound absorption, and infrared and UV radiation reflectiveness.
• High-end cars use laminated backlights with embedded tungsten wires for defrosting purposes. The use of laminated side glass started with popular passenger car models such as the Audi A8 (1994), followed by the Mercedes S class (1996), and the Volvo S80.
• Therefore, with rising automobile production, the demand for laminated glass in the automotive industry is expected to rise.
• According to the China Association of Automobile Manufacturing, the production of New Energy Passenger Vehicles in the country witnessed a year-on-year increase of 97.8% in December 2022.
• Further, the production of new-energy commercial vehicles in the country witnessed a year-on-year increase of 81% in December 2022. Thus, the expanding automotive market is expected to increase the demand for laminated glass during the forecast period.
• Hence, owing to the above-mentioned factors, the market is expected to witness a decline in growth during the forecast period.

• Asia-Pacific is expected to dominate the market due to the highly developed automotive sector in China and the continuous investments made in the region through the years to advance the construction sector.
• The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturing, in 2022, China's automobile exports grew 12.3 percent from September to 337,000 units in October, a 46 percent increase over the previous year.
• Furthermore, according to the latest data published by the Society of Indian Automobile Manufacturers, the country witnessed a significant increase in the production of passenger vehicles. For instance, the production of passenger vehicles reached 3,650,698 for the FY 2021–2022, representing an increase of 19% compared to the FY 2020–21.
• The Asia-Pacific construction industry has been growing steadily over the past few years, thanks to fast-growing economies, rapid urbanization, and more money being spent on infrastructure. Foreign companies are moving into the Asia-Pacific region more and more, which has led to a need for new offices, buildings, production houses, etc.
• Most of China's growth comes from the fast growth of the residential and commercial building industries. China is encouraging and going through a process of urbanization that will reach 70% by 2030. thus supporting market growth.
• Also, China's construction output peaked in 2021 at a value of about USD 4.3 trillion yuan. As a result, these factors tend to increase the demand for laminated glass in the region.

All of these things are expected to have a big effect on the growth of the market in the region over the next few years.

The laminated glass market is partially consolidated in nature. Some of the major players in the market include Saint-Gobain, AGC Inc., Guardian Industries Holdings, Nippon Sheet Glass Co., Ltd, and Fuyao Group, among others (in no particular order).

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