Advanced Glass Market Worth $61.57 Billion by 2020
Factors such as improving economic conditions in countries and increasing end-use applications are the major drivers of the advance glass market. Advanced glass is one of the special grades of glass, which has specific characteristics and properties and is designed for some particular end use. Advanced glass is segmented on the basis of type into laminated glass, coated glass, and toughened glass. In terms of application, the market for advanced glass is classified into commercial construction, residential construction, infrastructure, automobiles, electronics, sports, and leisure. Laminated glass dominated the advanced glass market with ~ 39% market shares in 2014.
Emerging countries such as China, India, Brazil & Argentina are transforming into key markets for advanced glass, due to extensive development of automobile and construction sector in these countries. The emergence of China as global electronics manufacturing hub makes it a lucrative market for advanced glass manufacturers. The increasing demand for advanced glass in research & development as well as medical applications, has created new opportunities for advanced glass manufacturers. Considering the extensive investment in aerospace and defense sector in Asia-Pacific and North American region, the demand for advanced glass is bound to increase in forthcoming years.
The advanced glass market is projected to reach $61.57 Billion by 2020, growing at a CAGR of around 9.6% from 2015 and 2020. In terms of volume, the advanced glass market is estimated to be 4912.36 Million sq. ft. by 2020.