Global tempered glass market is expected to reach USD 54.31 billion by
2022, according to a new report by Grand View Research, Inc. Growing automobile
demand on account of rising disposable income is expected to be the major
driver for tempered glass market growth. Transition in building architecture
which includes maximizing natural light through use of glass in facades and
roofs is further expected to propel demand over the next seven years.
The product is widely used in construction
industry for various applications on account of its lightweight and high
strength properties. Asia Pacific market is expected to witness rapid growth on
account of increased spending on large-scale infrastructure development in
India, China, Indonesia, and Malaysia.
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Further key findings from the report suggest:
· Automotive application is expected to grow
at a CAGR of over 4.0% from 2015 to 2022. Rapid industrialization in developing
countries, coupled with increasing disposable income of the middle class is
expected to be primary drivers for the automotive industry which in turn will
propel demand particularly in Asia Pacific and Latin America over the forecast
period.
· Construction application is expected to
witness significant growth over the forecast period. The product finds
application as both exterior and interior elements of the structure, in order
to improve aesthetic value and to avoid fragility. It is increasingly being
used in construction applications on account of enhanced characteristics
including energy saving, anti-breakage and insulating properties, thus
propelling growth.
· Europe market is expected to witness below
average rate growing at a CAGR of over 3.0% from 2015 to 2022. In Europe, the
product is mandated for use in applications including safety glazing, fire
knock-out panels, all-glass entrances and storefronts, extreme wind loads and
fireplace enclosures. However, with declining automotive production and
maturing construction industry in the region product is expected to witness
stagnant demand over the forecast period.
· Asia Pacific market is expected to witness
significant growth over the forecast period and will account for over 19% of
the volume share by 2022. Raw material availability coupled with low cost of
skilled labor in these countries of Asia Pacific has resulted in major
automobile manufactures setting up their production units in the region. This
is expected to augment tempered glass demand in the region.
· Key companies have been adopting various
strategies including R&D and acquisition & merger in order to
strengthen their position in global market. Saint-Gobain, AGC Group, Guardian
Industries and NSG Group are major players with global presence and integration
across the value chain. The market is fragmented in nature owing to a number of
local manufacturers and fabricators present globally.
Grand View Research has segmented the
global tempered glass market on the basis of application and region:
Global Tempered Glass Application Outlook (Volume,
Million Square Meters; Revenue, USD Million, 2012 - 2022)
·
Automotive
·
Construction
·
Others
Global Tempered Glass Regional Outlook (Volume,
Million Square Meters; Revenue, USD Million, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
