The global Laminated Glass Market is estimated to be valued at US$ 19.3 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Laminated glass is a type of safety glass that is made by sandwiching a layer of polyvinyl butyral (PVB) film between two or more glass layers. This type of glass offers various advantages such as improved safety, security, noise reduction, and UV protection. The increasing demand for safety and security in various end-use industries such as automotive, construction, and aerospace is driving the growth of the laminated glass market. Additionally, stringent government regulations regarding safety standards and the growing awareness about the benefits of laminated glass are further contributing to market growth.
Market Key Trends:
One key trend in the laminated glass market is the growing adoption of laminated glass in the automotive industry. Laminated glass is increasingly being used in automobile windshields due to its high strength and resistance to shattering upon impact. This helps to reduce the risk of injury to the vehicle occupants in the event of a collision. Furthermore, laminated glass offers improved sound insulation, UV protection, and heat reduction, enhancing the overall comfort and safety of the vehicle. The rising demand for passenger vehicles and the increasing focus on automobile safety are expected to drive the adoption of laminated glass in the automotive industry over the forecast period.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the laminated glass market is relatively low. This is due to high entry barriers in terms of capital investment and technology required for production. Additionally, established players in the market benefit from economies of scale, making it difficult for new entrants to compete on pricing. Therefore, the threat of new entrants is low.
Bargaining Power of Buyers:
Buyers in the laminated glass market have moderate bargaining power. This is because there are several suppliers available in the market, providing buyers with options and choices. However, buyers may still face some limitations in terms of customization and specialized products, which can limit their bargaining power to some extent.
Bargaining Power of Suppliers:
Suppliers in the laminated glass market have relatively high bargaining power. This is due to the limited number of glass manufacturers and their control over the production process. Suppliers can dictate terms, such as pricing and delivery schedules, to some extent. Additionally, suppliers may face increased bargaining power if they offer unique or specialized products.
Threat of New Substitutes:
The threat of new substitutes in the laminated glass market is low. Laminated glass offers superior safety and security features compared to traditional glass products. Additionally, the increasing adoption of laminated glass in various industries, such as automotive and construction, further reduces the likelihood of substitution.
Competitive Rivalry:
The competitive rivalry in the laminated glass market is high. There are several key players operating in the market, and they compete on various factors such as pricing, product differentiation, and distribution networks. Additionally, technological advancements and the development of innovative products further intensify the competition among market players.
Key Takeaways
The Global Laminated Glass Market Demand is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period. This growth can be attributed to increasing demand from the automotive and construction industries. The use of laminated glass in automotive windshields for enhanced safety features and in construction for improved energy efficiency and security are major drivers of market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the laminated glass market. The region's rapid urbanization, infrastructural development, and increasing automotive production are driving the demand for laminated glass. Additionally, the presence of major automobile manufacturers and construction projects in countries like China and India further contribute to the region's dominance in the market.
Key players operating in the laminated glass market include Asahi India Glass Limited, Central Glass Co., Ltd., CSG Holdings Co., Ltd., Fuyao Group., GUARDIAN GLASS LLC., Nippon Sheet Glass Co. Ltd., Saint-Gobain India Pvt. Ltd., Sisecam Group, Taiwan Glass Ind. Corp., and Xinyi Glass Holdings Co., Ltd. These companies dominate the market due to their strong distribution networks, technological advancements, and product innovation.
Overall, the laminated glass market is poised for significant growth due to the increasing demand from various industries and the dominance of key players. The market's high growth potential and competitive landscape provide lucrative opportunities for both existing and new market players.
