Functional Glass Coatings Market for the Automotive Industry projected to reach US$ 399.5 million in the forecast period (2019-2024)
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Highlights of the Report:
The global functional glass coatings market for the automotive industry is projected to reach an estimated value of US$ 399.5 million in 2024. Over the next five years, the growth prospects of the functional glass coatings market for the automotive industry seem promising with a plethora of opportunities across regions for both existing as well as new players. The development of more innovative solutions is an indispensable focus area for the industry players, manufacturing functional coatings, due to the changing customer needs with evolving trends, rapid transformation in vehicle design and technologies, and intense market competition.
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The global functional glass coatings market for the automotive industry is segmented based on vehicle type as Passenger Car, LCV, and M&HCV. The passenger car is expected to remain the growth engine of the global functional glass coatings market during the forecast period of 2019 to 2024. Increasing demand for SUVs and hatchbacks in the developing economies as well as in the highly congested cities of the developed economies is the key factor, propelling the demand for functional coatings in passenger cars.
Based on the application type, the functional glass coatings market for the automotive industry is segmented as Windshield, Sidelite, Backlite, and Sunroof. Sunroof is expected to be the highest-growing segment in the functional glass coatings market for the automotive industry during the forecast period of 2019 to 2024, owing to an increasing size of the sunroof to cover the entire rooftop of the vehicle. This, in turn, demands more functional coatings per vehicle.
Based on the material type, the functional glass coatings market for the automotive industry is segmented as Black Glass Enamels, Glass-Ceramic Enamels, and Conductive Silver Paste. Black glass enamel is a traditional functional coating material and is expected to remain the largest segment of the global functional glass coatings market for the automotive industry during the forecast period.
Based on the glass type, the functional glass coatings market for the automotive industry is segmented into Laminated Glass and Tempered Glass. The laminated glass is also known as laminated safety glass as it provides safety to the driver and passengers during an incident of a vehicle. Different automotive glass such as windshield, sidelite, backlite, and sunroof are made by using laminated glass or tempered glass.
Based on the regions, Asia-Pacific is expected to remain the largest functional glass coatings market for the automotive industry during the forecast period. China, India, and Southeast Asia are the growth engines of the Asia-Pacific’s functional glass coatings market in the foreseeable future. It is more likely that the region will take more share of the developed economies including the USA and Europe in the coming years. North America and Europe are also likely to signpost positive growths during the same period, driven by passenger car and LCV segments.
The supply chain of this market comprises raw material suppliers, functional coatings manufacturers, automotive glass manufacturers, distributors, and automotive OEMs. The key functional coating manufacturers are Ferro Corporation, ICD High Performance Coatings, Johnson Matthey Plc, Shenzhen Octopus Technology Co., Ltd, and SHINCERAMIC Co., Ltd. Development of high-performance functional coatings, expansion in untapped and growing markets, and execution of mergers & acquisitions strategy are the key strategies adopted by the major players to gain a competitive edge in the market.
Features of the Report
Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth
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