Large paragraph: Heat treated glass finds widespread applications in various end-use industries such as automotive, construction, and electronics owing to its high mechanical strength and thermal resistance properties. It is produced by heating glass above its softening point followed by either cooling or tempering process. This enhances the impact, abrasion and scratch resistance of glass. The global Heat Treated Glass Market is estimated to be valued at US$ 474.5Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The heat treated glass market is primarily driven by increasing use of heat treated glass in automobile and construction industries. Heat treated glass such as tempered glass is widely used in automotive industry for manufacturing windshields and windows owing to its high strength and impact resistance properties which provide safety in case of accidents. Moreover, growing construction of residential and commercial buildings is fueling the demand for heat treated glass in architectural applications such as doors, balustrades, interior partitions, and shower enclosures where heat strengthened or tempered glass provides safety, durability and low maintenance. The increasing stringent safety regulations regarding the use of heat strengthened and tempered glass in these industries is expected to propel the growth of global heat treated glass market over the forecast period.
Strength: The heat treated glass market offers a wide range of products for various applications. The products are highly durable and energy efficient.
Weakness: Setting up of manufacturing units require large investments which is a challenge for new players. Dependence on raw materials imports makes the industry vulnerable to price fluctuations.
Opportunity: Rising construction activities along with infrastructure development projects across regions provide new growth opportunities. Advances in technologies aid development of specialized glass products.
Threats: Intense competition among existing players may lead to pricing pressures. Stringent environmental regulations regarding glass production pose challenges.
The global heat treated glass market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
The Asia Pacific region dominates the global heat treated glass market currently. Rapid urbanization and growth in construction activities in developing countries such as India and China are driving demand. Key infrastructure initiatives in the region will further aid market expansion.
Key players operating in the heat treated glass market are Cincinnati Gasket & Industrial Glass Products and Solutions, Asahi Glass Co.,Ltd., Corning Incorporated, SCHOTT North America, Inc., SCHOTT AG, CoorsTek, Inc., Vesuvius PLC, Nippon Sheet Glass Co., Ltd., CeramTec and others. SCHOTT AG dominates due to its long presence and extensive geographical reach. Strategic collaborations with construction majors have helped Asahi Glass Co.,Ltd. strengthen its position significantly.