According to a new report published by Allied Market Research, titled, Tempered glass Market by End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global tempered glass market was valued at $46 billion in 2016, and is projected to reach at $65 billion by 2023, registering a CAGR of 5.0% from 2017 to 2023.
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Tempered glass or toughened glass is one of the types of flat glass, which is four times stronger than annealed glass. Tempered glass finds wide range of usage in automotive and construction applications. It is manufactured during the preparation of flat glass. Silica mix is heated up to 600C and then rapidly cooled to produce tempered or toughened glass. Tempered glass also finds its application in furniture and interior building activities.
Growth in the automotive and construction industry in the emerging economies such as, India, Brazil, UAE, Saudi Arabia, and Africa majorly drives the tempered glass market. Moreover, the increased consumer expenditure on interior designing of their houses boost the market growth. In addition, the increased usage of tempered glass in furniture support the growth. However, the market growth for tempered glass is restricted by the stringent regulations towards automotive and building & construction industry.
In 2016, the construction segment accounted for the highest share, and is expected to maintain its dominance during the forecast period, owing to the upsurge in construction and renovation projects globally.
Key Findings of the Tempered Glass Market:
- Asia-Pacific was the leading region in the global tempered glass market in 2016, followed by Europe
- The construction segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 5.1% during the forecast period
- The automotive segment is projected to witness the highest growth rate of 5.8% during the forecast period
- The Asia-Pacific tempered glass market is anticipated to register the highest CAGR of 5.2%, followed by LAMEA
- Europe accounted for approximately one-sixth share in the global market, and is expected to grow at a CAGR of 4.8%.
Asia-Pacific and Europe collectively contributed about 81% share of the global market in 2016 owing to the increased consumption of tempered glass from automotive industry. Also the construction and renovation activities in Asia-Pacific and Europe respectively drives the market.
The key players profiled in the report include Saint-Gobain, Guardian Industries, NSG Group, Asahi Glass Company (AGC), PPG Industries, AFG Industries, Pilkington, Cardinal FG, Shanghai Northglass Technology & Industry Co., Ltd., and AYG Coating Glass Co., Ltd.