The Laminated Glass Market is estimated to be valued at US$ 23997.84 Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laminated glass consists of two or more pieces of glass held together by safety interlayers such as polyvinyl butyral (PVB), ethylene vinyl acetate (EVA) and ionoplast thermoplastic. It provides safety and security against glass breakage. Laminated glass has superior impact resistance, sound insulation and noise reduction properties which make it a preferred choice in applications such as architectural windows, transportation, furniture and other consumer durables.
Market key trends:
Rising demand from the construction industry is the major factor driving the growth of the laminated glass market. Laminated glass is extensively used in architectural applications such as windows, sliding doors, partition walls and roofing which provide security against accidental breakage and damage. The rapid growth of commercial construction such as hotels, malls, hospitals and offices is fueling the consumption of laminated glass. According to the US Census Bureau, the total spending on private residential and nonresidential constructions in the US is expected reach over USD 1.7 trillion during 2023-2027 period, thereby propelling the laminated glass market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The established players in the laminated glass market hold a significant market share that makes it difficult for new players to enter. Additionally, high initial investments required for setting up a production plant pose challenges.
Bargaining power of buyers: The presence of many established players provides buyers with alternatives to choose from. However, stringent performance and safety standards adopted by various end-use industries limits switching.
Bargaining power of suppliers: The availability of raw materials from numerous suppliers across regions reduces their bargaining power. However, companies depend on a limited number of specialized machinery suppliers increasing their influence.
Threat of new substitutes: Alternatives like tempered glass, polycarbonate glazing are available but laminated glass offers superior security against breakage minimizing threat from substitutes.
Competitive rivalry: Intense competition exists between key market players on the basis of product quality, pricing, innovation and performance leading to high rivalry.
SWOT Analysis
Strength: High durability and security against breakage. Enhanced safety in transportation and construction industries.
Weakness: Higher costs compared to other substitutes. Vulnerable to edge imperfections reducing light transmission.
Opportunity: Expanding automotive and construction industries especially in Asia Pacific. Rapid growth of smart technologies and electronics necessitating demand.
Threats: Stringent environmental regulations around PVB resin production. Economic slowdowns reducing infrastructure spending.
Key Takeaways
The Global Laminated Glass Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing construction of commercial buildings and infrastructure development projects across the world. By 2023, the market size is projected to reach US$ 23997.84 Mn.
Regionally, Asia Pacific dominates the laminated glass market and is expected to maintain its lead throughout the forecast period. This is attributed to robust growth in the construction and automotive sectors in China, India, Japan, and other emerging Asian countries.
Key players operating in the laminated glass market are Xinyi Glass, Flat Glass Group, AGC Inc., Cardinal Glass Industries, Inc, Fuyao Group, CSG Holding, Central Glass Co., Ltd., Fuso Glass India Pvt. Ltd., Shanghai Yaohua Pilkington Glass, Guardian Industries, NSG Group, Schott AG, Vitro, S.A.B. de C.V., China Luoyang Float Glass Group Co., Ltd., Arnold Glas Corporation, Saint-Gobain. The market is concentrated in nature with top players accounting for a major share.
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