Advanced Glass Market to be majorly driven by rising number of Construction projects
The advanced glass market has gathered immense pace in recent years because of the product’s unique properties on account of which it finds applications in mobile gadgets, cookware, the automotive industry, and the construction industry. The increased importance of safety systems in the automobile industry has led to a rise in the demand for advanced glass. In the construction industry, the construction of energy-efficient buildings and increased green projects has driven growth for the advanced glass Market.
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Developments in automotive industry and its impact on the Advanced glass market
The automotive industry is considered a vital element of economic development for a country. In the Asia Pacific region, where the automotive sector is on a rise, the advanced glass market is projected to show commendable growth in the coming years with China predicted as the main contributor. Due to the growing demand and availability of cheap and efficient labor, the China advanced glass market size is expected to grow significantly by 2024.
The European automotive markets are considered one of the oldest in the world for exports and employment with the majority of the world’s leading automobile brands having European roots. These major brands have made significant strides in auto Glass and windshield technology which has proved to be another driver for advanced glass market growth.
Growth drivers are –
• North America: Growth in energy efficient building projects
• Growth in passenger and commercial vehicle production
• Increase use of glass in building facades along with growth in construction projects
• Asia Pacific:
• Increase in infrastructure spending
• Rise in automobile sales along with increase in vehicle manufacturing capacities
• LATAM: Growth Acceleration Program in construction and transportation sectors in Brazil
• MEA: Government support on recycling of used glass
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Revolutionary breakthroughs in Security Standards
The glass materials that were once known to be quite brittle are now capable of providing full security standards using nanotechnology. Products are now being manufactured focusing on preventing glass penetration by dramatically using glass strength. In the UAE strides have been made to manufacture glass that is light in weight but is still 100 times stronger than steel. Not only do these glasses protect from forced entry and ballistic attacks but they also have properties that repel rainwater.
Increased attention from investors
Advanced glass has proven itself as industry having applications in various fields. This has attracted investments from various firms. New acquisitions and mergers in the industry have seen glass developers like Click Materials and window manufacturers Cardinal glass come together. Softbank’s vision fund has also become a major investor in View Inc. which is a company that manufactures smart glass based on electrochromism.
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