Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) — Driven by the growing demand for passenger cars and the growing automotive industry. Global Automotive Glass Market Expected to be About $30 Billion by 2028 Says Research study Ken. Automotive glass is commonly called laminated glass or engineered glass. Laminated glass is made by fusing a thin layer of polyvinyl butyral with two layers of solid glass. Tempered glass is made by heating the glass and then rapidly cooling it to room temperature to increase its tensile and compressive strength. Tempered glass is most commonly used for car windows, sunroofs, rear and others.
“Ken Research shares 3 key insights about this high-opportunity market from its latest research study.”
1. Asia Pacific’s budding automotive industry is a driving factor for the growth of the automotive glass market.
In accordance with Ken Research Analysis, the Global automotive glass market was valued at USD 15 billion in 2017, is estimated to be ~ USD 20 billion by 2022, and is expected to reach a market size of approximately USD 30 billion by 2028, owing to the increase of the demand for electric vehicles and hybrid vehicles. , and luxury cars.
According to Invest India, the Indian automobile industry is expected to reach $300 billion by 2026 from $222 billion in 2022. In the automobile market in India, passenger cars accounted for 17.4 % of market share. Passenger car sales are dominated by small and medium-sized cars. According to the Japan External Trade Organization, domestic automobile production in 2019 was 9.68 million units, and domestic automobile sales in the same year were 5.2 million units. The growing automotive industry is expected to directly drive the growth of the automotive glass market.
2. Increasing vehicle production and increasing demand for passenger cars are driving the growth of the automotive glass market
The COVID-19 halted the production and sales of vehicles worldwide, however, the current situation is improving, the demand for passenger cars, including SUVs, electric cars, light commercial vehicles and mid-size passenger cars, is increasing. The increase in population and people’s spending also leads to the growth in the sale of passenger cars. Regular upgrading of vehicle structure and technology as per customer demand is likely to increase vehicle sales.
The International Organization of Motor Vehicle Manufacturers (OICA), an organization that works on behalf of vehicle manufacturers and assemblers, said vehicle production rose 3% between 2020 and 2021 after declining 13% between 2019 and 2020. Increase in the number of vehicle production and sales directly helps the automotive glass market to grow.
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3. The fluctuating price of raw materials is hindering the growth of the automotive glass market
Higher price of glass manufacturing raw material is hampering the growth of the market. According to Chemical and Engineering News (C&EN), soda-lime glass is the most common material used in glass manufacturing, accounting for approximately 90% of all manufactured glass, including bottles, jars, building windows and others. During COVID-19, soda ash prices have decreased significantly, but as demand increased and supply decreased due to low production volume, prices for these materials have skyrocketed to an all-time high, due to auto glass prices. also fluctuating and slowing down market growth.
Taxonomy of the market
By type of glass
- laminated glass
- tempered glass
By Type of Vehicle
- Passenger car
- Light commercial
- Heavy commercial
- Electric vehicles
By Application
- windshield
- Backlit
- Sidelite
- Solar roof
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For final use
- Original Equipment Manufacturer
- Aftermarket
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, United Kingdom, France, Spain, Italy)
- Asia Pacific (China, Japan, South Korea, India, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key players
- FUYAO Glass Industries Co., Ltd.
- Nippon Sheet Glass Co., Ltd
- Saint-Gobain
- Xinyi Glass Holdings Limited
- AGC Inc.
- Central Glass Co., Ltd.
- Corning Incorporated
- Guardian Industries Holdings
- Sisecam
- Webasto Group
For more information on market intelligence, please refer to the following link:
Global automotive glass market
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