Tempered Glass Market Expected to Reach $93.6 Billion by 2030

According to a new report published by Allied Market Research, titled, "Tempered Glass Market by End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global tempered glass market was valued at $46.9 billion in 2020, and is projected to reach $93.6 billion by 2030, growing at a CAGR of 7.1% from 2021 to 2030.

Tempered glass is a safety glass processed at controlled chemical or thermal treatment to increase its strength as compared to normal annealed glass. It possesses various significant properties, such as high strength, chemical resistance, impact resistance, and thermal resistance that makes it best suited for toughened glass applications in various end-use sectors, such as automotive, building & construction, consumer electronics, and others.

Growing population has surged the development of the building & construction sector in both, developed and developing economies where tempered glass is widely used in window frames, doors, and others.

This is expected to fuel the market growth during the forecast period. Furthermore, the increasing disposable income has led the automotive sector to witness a significant growth where tempered glass is used as a protective glass in side view mirrors, wind screens, and sunroofs. For instance, according to a report published by India Brands Equity Foundation, the automobile export reached 4.77 million vehicles in 2020, growing at a compound annual growth rate (CAGR) of 6.94% from 2016-20. This is expected to propel the demand for tempered glass in the growing automobile sector.

However, the use of tempered glass as a screen protector reduces the touch responsiveness in various touchscreen smartphones, tablets, computers, and other electronic devices. This has made customers more linear towards the use of laminated glass as a substitute over tempered glass. Thus, the presence of substitute is likely to hamper the market growth during forecast period.

On the contrary, the increase in technological advancements and R&D activities have surged the potential applications of tempered glass in various end-use sectors. For instance, tempered glass is widely used in windscreens of ships owing to its high strength, impact resistance, and thermal stability. Moreover, tempered glass is used in large aircrafts windshields owing to its compressive tensile strength and high thermal stability. These factors are anticipated to increase the sales of tempered glass among various end use sectors; thus creating lucrative opportunities for the market.

The tempered glass market is segmented on the basis of end-use industry and region. 

By end-use industry the market is divided into automotive, construction, consumer electronics, and others. The automotive is projected to grow at the highest CAGR of 7.7% during the forecast period. This is attributed to increase in disposable income, technological upgrades, new product developments, and the spurring rise in the original equipment manufacturers (OEMs) and aftermarkets have led the automobile sector to witness a significant growth where tempered glass are widely used in rear view windows, side windows, sunroofs, and other places.

Region-wise, the tempered glass market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific tempered glass market size is projected to grow at the highest CAGR during the forecast period, owing to rise in construction, automotive, consumer electronics, and other sectors. The automobile sector in India is growing rapidly owing to factors such as rise in disposable income, increasing youth population, and increasing foreign direct investment (FDI) inflow where tempered glass is widely used as a protective glass in side view mirrors, windscreens, and sunroofs. These factors drive the tempered glass market in the region.

Key players operating in the global tempered glass market include, Abrisa Technology, AGC Inc., Asahi India Glass Ltd., Cardinal Glass Industries, Gentex Corporation, Koch Industries Inc., NorthGlass, Press Glass Holding SA., Saint Gobain, and Vitro.

Covid-19 Analysis

The novel coronavirus (COVID-19) is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The tempered glass market is negatively impacted due to the wake of the COVID-19 pandemic owing to its dependence on electronics, automotive, building & construction, and other sectors. According to an article published by The Economic Times, the exports of electronic devices, such as computers, smartphones, and others have dipped due to supply chain issues. Also, several electronics companies have either shutdown or shrank their operations due to the risk of infections among the workforce where tempered glass is used as a protective glass for smartphones, computers, and other electronic devices. This has temporarily hampered the demand for tempered glass market amid the COVID-19 period. In addition, the falling income of customers has led to contraction of demand for tempered glass among the automotive sectors.

For instance, according to a report published by Wipro, the sales of passenger cars saw a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants. Also, COVID-19 has put a temporary break on various construction projects which in turn has shrank the demand for tempered glass among the building & construction sectors. 

However, the rise in sale of smartphones, laptops, tablets, and other consumer electronic devices have reported a rise in sales during the first quarter of 2021. This is anticipated to enhance the performance of the tempered glass market for consumer electronics segments post the COVID-19 scenario.

Key Findings Of Study

• The construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.0% from 2021 to 2030.
• Asia-Pacific garnered the highest share of 57.5% in 2020, in terms of revenue, growing at a CAGR of 7.5%.