According to Zion Market Research, the global laminated glass market is valued at approximately US$20,692.1 million in 2021 and is expected to grow to US$29,021.41 million by 2028, at a CAGR of approximately 5.80% during the forecast period. The report analyzes the laminated glass market drivers, constraints, challenges, and their impact on demand during the forecast period. Additionally, the report explores emerging opportunities in the Laminated Glass market.
Laminated glass is a glass product that is bonded together by a polymer and does not shatter if damaged, making it a highly safe alternative to regular glass. Fragments of ordinary regular glass when shattered are dangerous and can even prove to be the cause of major fatal injuries. The increasing emphasis on safety in the construction industry has boosted the demand for laminated glass, a trend that will prevail over the forecast period.
Rising demand from the construction and automotive industries, growing preference by builders, and increasing exterior and interior applications are some of the factors driving the growth of the laminated glass market through 2028.
However, the high cost of laminated glass is expected to be a major hurdle for the market growth, which is expected to dampen the emerging economies markets in particular with less spending potential.
Laminated Glass Market: Growth Dynamics
An increase in building and construction applications will boost its growth
The need for infrastructure development has been crucial in recent years and this trend will only grow over the forecast period. Glass has become a key element in the construction industry and this is expected to drive sales of laminated glass through 2028. Extensive use of glass for interiors, as well as applications in exterior construction and construction, is also expected to enhance the market potential of laminated glass over the forecast period. The added safety aspect in modern laminated glass designs is also expected to contribute to the growth of the laminated glass market in 2028.
Laminated Glass Market: Restraining Conditions
Higher Initial Investment Restrains Laminated Glass Market Growth
Laminated glass is expensive compared to ordinary glass, which is a major factor restraining the market growth. The high-cost factor is especially worrisome for those economies with low consumption potential, as neither companies nor individuals can invest in this high-quality glass.
Laminated Glass Market: Industry Segmentation
The global laminated glass market is segmented by interlayer, end-use, and region.
By end-use, the market is segmented into construction and automotive. The construction segment accounts for the majority of laminated glass sales and is expected to remain the most lucrative segment during the forecast period. The increasing adoption of laminated glass in the automotive industry will also contribute to the growth of the laminated glass market until 2028. Rising construction activities across the globe will also play a key role in driving the demand for laminated glass.
Figure 1 The global laminated glass market
In June 2019, Asahi Glass, a leading manufacturing company, announced a collaboration with the Tokyo Institute of Technology to expand research in glass, ceramics, and other materials.
Major players in the laminated glass market include Saint-Gobain, Asahi Glass, Ban Glass, Central Glass, Sisecam Group, Taiwan Glass Group, Xinyi Glass Holdings Co., Ltd., CSG Group Co., Ltd., Fuyao Glass Industry Group Co., Ltd., SCHOTT AG.
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