Laminated glass is a type of safety glass that holds together when shattered. It is made of two or more glass sheets and one or more interlayers of polyvinyl butyral (PVB), ethylene-vinyl acetate (EVA) or thermoplastic polyurethane (TPU). Laminated glass is used in windshields and side windows of automobiles to increase impact resistance and security and in architectural applications such as doors, partitions and bulletproof glass barriers. The global laminated glass market is driven by rising construction activities and increasing adoption of safety glass in automotive and transportation applications.
The global laminated glass market is estimated to be valued at US$ 23997.84 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in Construction Industry
The growth in construction industry particularly in developing regions is expected to be a major driver for the laminated glass market. Rapid urbanization, rising income levels and changing lifestyles are propelling the demand for new residential and commercial construction projects globally. Laminated glass is extensively used in architectural applications such as windows, doors, partitions, railings and canopies owing to its safety and security features. The growth in construction spending is therefore likely to boost the uptake of laminated glass over the forecast period.
Another major driver for the market is increased adoption of laminated glass in the automotive industry. Laminated glass offers superior strength, noise reduction qualities and protection against UV rays. Many countries have made laminated glass mandatory in windshields of vehicles due to its safety advantages. Hence, the rising automotive production worldwide will augment the consumption of laminated glass between 2023 and 2030.
Segment Analysis
The laminated glass market can be segmented into monolayer and bilayer. The bilayer segment currently dominates the market and is expected to continue its dominance over the forecast period. This is because bilayer laminated glass provides enhanced safety and security against blast, bullets and privacy. It helps reduce noise pollution and provides better insulation against heat and cold.
PEST Analysis
Political: Governments across countries are introducing regulations to mandating the use laminated glass in buildings, vehicles and other applications for safety purposes which is driving the market growth.
Economic: Increasing construction of commercial buildings and infrastructure is propelling the demand for laminated glass. Additionally, growth in the automotive industry especially in developing nations is boosting sales.
Social: Rising consumer awareness about safety and security features is a key factor augmenting the adoption of laminated glass in automotive and construction industries.
Technological: Advancements in lamination interlayers like PVBs are improving the mechanical strength and sound insulation properties of laminated glass. Introduction of smart laminated glass with technologies such as fingerprint detection and wireless charging is also fueling the market expansion.
Key Takeaways
The Global Laminated Glass Market Growth is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis:
The Asia Pacific region currently dominates the global laminated glass market and is expected to maintain its lead over the forecast period. This is attributed to rapid growth of the construction and automotive industries in China and India. Rapid urbanization and increasing disposable income are driving the demand.
Key players:
Key players operating in the laminated glass market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., Danaher Corporation, Merck KGaA, PerkinElmer, Inc., GE Healthcare, Qiagen N.V., Lonza Group, Bio-Rad Laboratories, Inc., and Illumina, Inc.
Key players operating in the laminated glass market are Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., Danaher Corporation, Merck KGaA, PerkinElmer, Inc., GE Healthcare, Qiagen N.V.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it