The market for the Tempered Glass is expected to grow at a CAGR of more than 6% globally during the forecast period.
- Increasing demand from automobiles and construction Industries and other reasons are driving the tempered glass market.
- The impact of COVID-19 lead to lower production and consumption and other factors are expected to hinder the market growth.
Key Market Trends
Growing Demand for Automobile and Construction Industries
- Tempered Glass is also known as toughened glass. It is widely being used for safety purposes in surrounding windows of automobiles and some stunning infrastructure activities because of its higher tensile (bending strength) and high thermal shock and temperature resistance properties.
- Automobile companies have been mainly preferring tempered glasses for windows in passenger cars as it is shattered into small pieces during accidents and is less likely to cause added injury or damage.
- Recently, the demand for the novel interior infrastructure has been rising in developed as well as developing countries. Majorly, the demand from residential and commercial buildings is high.
- In buildings, the tempered glass can be used for sliding doors, storm doors, building entrances, bath and shower enclosures, interior partitions, and other applications requiring excellent strength and safety properties.
- But, the impact of COVID-19 resulted in lockdown of many activities across the world. Due to this, the production of automobiles and construction activities have been stopped. So, the demand for tempered glass from these end-user Industries is estimated to slowdown in 2020.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, coupled with the continuous investments done in the region to advancements in the construction sector through the years.
- Moreover, the increase in population has increased the demand for construction in China and India. The growing Information technology sector in India has support ed the expansion of commercial buildings in recent times.
- Singapore, China and few other countries from Asia-Pacific have witnessed a positive growth in the Construction Industry in 2019. Designers in the region are majorly preferring glass interiors for sliding doors and glass balcony doors, windows, skylights, glass facades, elevators, and many more applications.
- Although there is a decline in the production of automobiles in 2019, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. China is the largest producer of automobiles and China alone produced 2,57,20,665 vehicles in 2019.
- Tempered glass is also employed in electronics sector for ensuring durability of screens. China, Vietnam, Korea, and Japan are the leading producers of electronics and electronic components globally.
- But recently, the COVID-19 outbreak has impacted all the end-user industries of tempered glass. After implementing necessary precautions and tackling the COVID-19 outbreak, recovery of industrial operations is expected to contribute to the growth of tempered glass market in later phases of the forecast period.
The global Tempered Glass Market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Saint Gobain, Asahi Glass Co, Guardian Glass, Cardinal Glass Industries, and GSC Glass, amongst others.
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