Automotive Glass Market projecting 4% CAGR through 2030

The global demand for automotive glass has declined significantly in 2020, with the Covid-19 pandemic restricting automotive production and reducing new orders in the manufacturing sector. However, long-term prospects remain bullish, with a new report by FMI projecting 4% CAGR through 2030. The report opines that market players will benefit from smart glass technology and the rising popularity of electric vehicles.

The report opines that volatility in raw material pricing and high capital requirements will hold back market developments.

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The automotive glass industry has witnessed steady growth in recent years backed by the massive global automobile production sector, implementation of strict automotive safety standards, and improvements in material and auto tech. Further, businesses have invested in smart glass and wider windshield and sunroof designs for their offerings, catering to premium automobile consumer requirements.

While revenue from the automotive glass market rises steadily, the fragmented nature of the market limits the potential for revenues. Also, issues in terms of energy efficiency and raw material fluctuations are problems faced by key players.

Key Takeaways
• The automotive glass market will reach US$ 16 billion, with demand receding in 2020

• Door glass offerings remain in high demand, with the higher volume of glass required for these products and innovations in material strength and temperature control.

• Applications of automotive glass in conventional passenger cars reflect higher growth than LCV, HCV and electric vehicle applications owing to higher demand and production, driven by higher disposable incomes globally.

• East Asia is a key market for production and sales, supported by the prevalence of numerous regional and international automobile manufacturing plants in the region, supported by lower labour and material costs.

“The growth in production rate of electric and hybrid vehicles in addition to the integration of varied new technologies for visibility and safety are expected to positively influence the global demand for automotive glass throughout the forecast period till 2030,” said a lead analyst at Future Market Insights

Covid-19 Impact on Automotive Glass Market
The coronavirus pandemic is expected to have a negative effect on the short-term prospects of the automotive glass industry. Lockdown restrictions have limited the production of automobiles and associated materials across North America, Asia, and Europe, which are key markets for auto glass.
Also, the demand for new automobiles has fallen sharply, and the uncertainty over the severity and duration of the pandemic and the impact on the global economy are key factors that could hamper market prospects, and delaying the recovery of the industry in the long term. However, the automotive industry will gain traction following the end of the pandemic, with the anticipated growth in demand for electric and autonomous vehicles on a global scale.

Some of the leading players in the market include Dura Automotive Systems, Saint-Gobain S.A., Asahi Glass Co. Ltd., Fuyao Glass Industry Group Co. Ltd., Nippon Sheet Glass Co. Ltd., Xinyi Glass Holdings Ltd., Central Glass Co. Ltd., Glas Trosch Holding AG, Gentex Corporation, and Magna International Inc. among others.

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Key Segment

Application
• Windshield
• Back Glass
• Door Glass
• Quarter Glass
• Vent Glass
• Moon/Sun Roof
Glass Type
• Laminated Glass
• Tempered Glass

Sales Channel
• Original Equipment Manufacturer
• Aftermarket

Vehicle Type
• Passenger Vehicles
• Compact
• Mid-size
• Luxury
• SUV
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Electric Vehicles
• BEV(Battery Electric Vehicles)
• HEV(Hybrid Electric Vehicles)
• PHEV(Plug-In Hybrid Electric Vehicles)

Regional Outlook
• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of LATAM)
• Europe (Germany, Italy, France, U.K., BENELUX, Spain, Russia, Rest of Europe)
• South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Australia, New Zealand, Rest of South Asia & Pacific)
• East Asia (China, Japan, South Korea)
• Middle East & Africa (Turkey, South Africa, Rest of MEA)

Key Questions Answered by the Report

• Which is the largest market for automotive glass?
East Asia is the largest market for automotive glass. Growth in the electric vehicles segment is a key driver

• What are the applications of automotive glass?
Automotive glass is largely used for visibility for drivers and passengers in vehicles, in compliance with automotive safety standards imposed around the world. Also, automotive glass is also finding new use with the development of HUD technologies.

• In what types are automotive glass available?
Automotive glass is available in two types. These include laminated glass and tempered glass. Of these, tempered automotive glass witnesses higher demand, accounting for over 65% of the overall market share through 2030.

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Key Challenges
Despite the challenges of the coronavirus crisis, the prospects of the automotive glass market are largely positive in the long term. However, sustained growth will entail effective maneuvering through various challenges.

For instance, volatility in the pricing of raw materials required for the production of automotive glass, and the resulting gap between supplies and demand is a key challenge often facing manufacturers.

According to the Association for the Advancement of Automotive Medicine, inadequate standardization of glass quality is a problem in terms of safety from lacerations and ejection in accidents.

Also, automotive glass market players require high capital for research and development and the necessary infrastructure. Also, products needing certification have to go through stringent testing and regulations that restrain growth prospects in the industry.

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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.