Global Tempered Glass Market Size is Anticipated to Acquire USD 89.54 Billion by 2032 Growing at a CAGR of 6%
The Brainy Insights
6 min read
The Brainy Insights
The global tempered glass market size is anticipated to grow from USD 50 billion to USD 89.54 billion in 10 years. The market will experience rapid growth due to the growing automotive and construction sectors during the forecast period. The demand for other consumer electronics and electrical, given the increasing demand for smart homes, offices and utilities globally, has contributed to the rising demand for tempered Glass market.
Newark, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 50 billion in 2022 global tempered glass market will reach USD 89.54 billion in 2032. tempered glass is a type of safety glass that has been strengthened and made safer, stronger, and more durable than ordinary glass through carefully controlled chemical and thermal processing. Tempered glass is also very resistant to heat. It is less likely to cause serious injuries when it does break. The best option for applications needing strength, security, and heat resistance is tempered glass. Tempered glass is safer overall, more robust, and more resistant to thermal shock. Tempered glass is often used in aquariums, refrigerator trays, mobile phone screen protectors, bulletproof glass pieces and bathroom or shower doors. Additionally, it is perfect for making plates, windows for passenger cars, and diving masks.
The increasing demand for consumer electricals and electronics
Opportunities
The increasing demand for cars and homes
Restraints
Tempered Glass is not foolproof
Key Insight of the Global Tempered Glass Market
Asia Pacific will dominate the market during the forecast period.
The region's need for tempered glass is rising as a result of the building industry being driven by the growing demand for residential and commercial real estate. Given the area's population, significant consumer demand for electronics and electrical goods will further fuel market expansion. Strong manufacturing and expanding production facilities to meet the growing demand for tempered glass is encouraging for the local market. The main market participants in the area are promoting innovation, which lowers retail prices and increases demand for tempered glass.
In 2022, the construction segment dominated the market with the largest market share of 35% and market revenue of 17.50 billion.
The end-user segment is divided into automotive, consumer electricals and electronics, construction, and others. In 2022, the construction segment dominated the market with the largest market share of 35% and market revenue of 17.50 billion.
Advancement in market
Toughened Glass Systems, purveyors of superior quality glass and glazing materials, has announced new roof-based construction enhancements for clients throughout the United Kingdom. To satisfy clients' expanding and varied needs around the UK, the team at Toughened Glass Systems expanded its inventory of glazing solutions and toughened glass products. In the UK, Toughened Glass Systems is still a highly sought-after glass manufacturer, providing skylights, roof lanterns, and other roof-based architectural enhancements.
Driver: The rising demand for electronics and consumer appliances.
People in the digital age own many smart, linked devices. The demand for cell phones, laptops, PCs, and other devices has surged due to the growing population and rising disposable income. Given the wide range of products accessible, innovation and growing market players have decreased retail costs and improved consumer choice. The need for smart, networked devices has grown due to rising digital service use. Initiatives by the government to digitize have also made it possible for the market to expand. Furthermore, the growing need for smart homes, businesses, and utilities worldwide has increased demand for other consumer electronics and electrical products, increasing demand for tempered glass. Thus, the need for tempered glass will grow globally due to customers' desire for electronics and electrical goods.
Restraints: Tempered glass isn't completely safe.
Tempered glass is safer, tougher, and more resilient than regular and laminated glass, but it is still susceptible to shattering when dropped. It may shatter with significant force and require expensive repairs. Moreover, the installation is challenging. Since it is not the safest choice, the market's expansion over its safer alternatives may be restricted.
Opportunities: the rising demand for homes and automobiles.
The demand for vehicles and dwellings has increased due to the growing population, rising disposable income, fast urbanization, and expanding infrastructure projects. The rise of the automobile sector is also being propelled by innovation. Since tempered glass is widely utilized in cars, the market for tempered glass is expected to rise along with the industry. Tempered glass is also often used in buildings. Infrastructure initiatives, both public and private, will be beneficial to the market's expansion. The global market for tempered glass is predicted to benefit greatly from the anticipated growth in the automotive and construction segments throughout the forecast period.
Challenges: the stringent government regulations.
To protect consumer interests and ensure their safety, a set of rules and regulations need to be followed by market players. They are held accountable by relevant authorities established by the government. Since the automotive and construction industry directly impacts consumer interests, the use of tempered glass or any relevant material is subjected to scrutiny, a set of rules, regulations and protocols that must be followed by the manufacturers and intermediaries using these products. Therefore, the stringent government regulations may challenge the market's growth.
Some of the major players operating in the global tempered glass market are:
• Abrisa Technology • AGC Inc. • Asahi India Glass Ltd. • Cardinal Glass Industries • Gentex Corporation • Vitro • Saint Gobain • Press Glass Holding SA. • NorthGlass • Koch Industries Inc.
• Automotive • Consumer Electricals and Electronics • Construction • Others
By Region
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the UK, Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
