According to the latest report by IMARC Group, titled "Automotive Glass Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global automotive glass market is currently witnessing healthy growth. Automotive glass is a type of safety glass that is designed to protect the occupants as well as the structure of a vehicle. Widely available in two forms, namely tempered and laminated glass, it not only offers resistance against water, fog, dust and ultraviolet (UV) radiations but also efficiently keeps external noises at bay. Laminated glass uses a layer of polyvinyl butyral (PB) to endure extreme heat and is used for the manufacturing of windshields. Whereas tempered glass, which is used for the manufacturing of the vehicle's side and back windows, is produced by a process called quenching, which aids in improving the strength of the glass and providing balanced internal stress capabilities.
Global Automotive Glass Market:
The global market is primarily driven by a significant increase in the sales of automobiles. Rapid urbanization, inflating consumer spending capacity and improving living standards of the majority of the population across the globe, especially in the developing economies, have increased the uptake of vehicles. Along with this, the rising adoption of hybrid and electric vehicles (EVs), owing to the implementation of stringent environmental regulations, is bolstering the demand for automotive glass. The growing popularity of luxury cars among the urban population is also acting as another major growth-inducing factor. Moreover, the rising demand for advanced variants with improved resistance and enhanced features such as glass sunroof is contributing to the market growth. For instance, the advent of smart automotive glass is significantly driving product demand. These variants tint the car windows at the touch of a button, which can improve the overall driving experience of the user. Extensive research and development (R&D) and increasing mergers and acquisitions (M&A) between the key industry players are expected to create a positive outlook for the market. For instance, Corning Incorporated, an American multinational company (MNC) specializing in specialty glass, has collaborated with the South Korean electronics company, LG Electronics Vehicle Component Solutions, to introduce economic and high-quality interior curved dual-display modules. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 22.7 Billion by 2025, expanding at a CAGR of 4.2 % during 2020-2025.
- On the basis of the glass type, the market has been divided into laminated, tempered and other types of glass.
- Based on the material type, the market has been categorized into IR PVB, metal coated glass, tinted glass and others.
- On the basis of the vehicle type, the market has been classified into passenger cars, light commercial vehicles, trucks, buses and others.
- Based on the application, the market has been segregated into windshield, sidelite, backlite, rear quarter glass, sideview mirror, rearview mirror and others.
- On the basis of the end user, the market has been bifurcated into OEMs and aftermarket suppliers.
- Based on the technology, the market has been segmented into active smart glass (suspended particle glass, electrochromic glass and liquid crystal glass), and passive glass (thermochromic and photochromic).
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market. Some of these players include AGC Inc., Corning Incorporated, Fuyao Glass Industry Group Co., Ltd., Gentex Corporation, Hitachi Chemical Co., Ltd., Magna International Inc., Nippon Sheet Glass Co., Ltd, PGW Auto Glass, LLC, Polytronix, Inc., Saint-Gobain Group, MothersonSumi INfotech & Designs Ltd (MIND), Webasto SE, and Xinyi Glass Holdings Limited.
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