Laminated Glass Market Revenue to Cross USD 32.10 Billion by 2028, a Recent Study by The Insight Partners

NEW YORK, Dec. 1, 2021 /PRNewswire/ --According to The Insight Partners study on " Laminated Glass Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type (Polyvinyl Butyral, Ethyl Vinyl Acetate, Ionoplast Polymer, Aliphatic TPU, and Others) and Application (Building and Construction, Automotive, Electronics, Solar Panels, and Others)," the laminated glass market is projected to reach US$ 32.10 billion by 2028 from US$ 20.76 billion in 2021 it is expected to grow at a CAGR of 6.4% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.

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Based on region, the laminated glass market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2020, Asia Pacific held the largest revenue share of the global laminated glass market. Building & construction industry is the largest consumer of laminated glass in APAC region. The region is experiencing significant growth in urbanization, which is boosting the number of residential and commercial construction projects which directly boost demand of laminated glass. APAC region has a dominant automotive industry, and it records the highest production of vehicles among all regions. Growing utilization of laminated glass in automotive industry due to its high strength, noise-insulation properties also support the market growth. Laminated glass can also be used at hotels, airport terminals, railways, etc. Growing investments by governments in infrastructural development projects such as airports, and public transit systems is driving the demand for laminated glass in APAC.

Impact of COVID-19 Pandemic on Laminated Glass Market

The COVID-19 pandemic significantly impacted the laminated glass market in 2020. The laminated glass shortfall is expected to last until 2021, causing disruptions in various businesses. Glass supply is tightening and has become more costly to purchase because of various issues, including the worldwide pandemic and international tariffs. As a result of the global pandemic, many factories and manufacturers have had to suspend or slow down glass production, making it exceedingly difficult to satisfy current demands. Restarting the factories after being closed or producing at a low level for an extended period of time may be exceptionally challenging, especially if the companies aren't operating at full capacity due to health and safety regulations. Further, with COVID-19 vaccinations being a high priority for both the public and the health business, the availability of glass has been redirected to the cause, which has led to the unavailability of glass for other industries, thus creating a shortage of glass in the market.

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Increasing Application in Building & Construction Industry is Expected to Drive the Laminated Glass Market Growth During Forecast Period

With the increasing use of glass as a structural element and the preference for more creative architecture designs, the demand for laminated glass in the building & construction industry has gained significant momentum. The need to keep homes and commercial buildings safe has fueled the demand for safety glass and other glazing products, as laminated glass adds safety and durability to modern designs.

The use of glass as a structural element in mainstream building projects is becoming more popular. Nowadays, interior elements include more glass than ever before, creating substantial demand for laminated glass. Laminated glass finds extensive application various interior and exterior applications in the building & construction industry, such as railing and handrail, floor, partition, interior door and front door, indoor or outdoor signage, and frontage. Laminated glass is quite suitable in creating a modern and comfortable interior space. It also helps in designing spaces that are bright, spacious, and safe at the same time. All these factors are boosting the demand for laminated glass across the world.

Furthermore, the need for complex glazing solutions in modern architectural designs has increased the demand for laminated glass as it supports creativity by bringing innovation to buildings and structures. Several emerging economies are focusing on constructing modern buildings and structures, creating a requirement for modern equipment and, in turn, aiding the growth of the global laminated glass market.

Laminated Glass Market: Segment Overview

Based on application, the building & construction segment held the largest share in the global laminated glass market in 2020. Due to its strength and shatterproof quality, laminated glass is used in both residential and commercial construction. It is widely in construction of glass railings, glass floors, skylights, roofs, sunspaces, curtain walls, glass facades, etc. Laminated glass is used for safety or security reasons. The growth in building & construction industry especially in emerging regions such as Middle East and Africa and Asia-Pacific can be attributed to the growing demand of laminated glass for building & construction.

Laminated Glass Market: Competition Landscape and Key Developments

Saint Gobain, Asahi India Glass Limited, Fuyao Group, Central Glass Co., Ltd., and Cardinal Glass Industries these companies have been identified as key companies operating in the laminated glass market. These companies operate their production and distribution services in various countries worldwide, which helps them in catering to a wider customer base.

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