The laminated glass market is projected to grow at a CAGR of 9.81% to reach US$ 37.282 billion by 2024, from US$ 21.265 billion in 2018. Laminated glass refers to a type of safety glass which is bonded together by an interlayer of plastic such as polyvinyl butyral (PVB), ethylene-vinyl acetate (EVA) or Sentry Glass Plus (SGP), etc. between two or more panes of glass. The interlayer of plastic acts as a glue keeping the glass bonded even when broken and its high strength prevents the glass from shattering into pieces preventing injuries. The panes of glass bonded together could be a basic float glass, tempered glass or a heat pane. Laminated glass is not only impacted resistant but also has sound resistance as well. In fact, music recording studios use laminated glass in their sound booths as a barrier for sound thereby insulating the space. Aside from impact and sound resistance it also has other exceptional qualities such as it can also block ultraviolet rays thus making it perfect for construction activities. Laminated glass is very durable as well as a very versatile type of glass and therefore has multiple applications for implementation, for instance, safety and security purposes along with construction sector among other activities. Laminated glasses are used as automotive windscreens and sunroofs, they are also used in aircrafts as well as in construction as window panes, skylights The emerging growth of the laminated glass market can be directly linked to the rising cognizance about the benefits in construction which can be considered as one of the key drivers of the market during the forecast period. Moreover, rigid regulations placed on the automotive industry for safety will increase the demand for laminated glass. Conversely, due to high capital investments and volatile raw material prices, the market may face some challenges.
Moreover, according to the United Nations, the global population is projected to increase to 8.5 billion by 2030, thereby driving the production and construction activities which will, in turn, supplement the growth of the market during the course of the forecast period. Additionally, Asia Pacific is estimated to hold a significant share in the market during the forecast period due to the FDI inflows in Asia amounting to $476 billion in 2017 (source: United Nations Conference on Trade and Development). In fact, according to the United Nations Conference on Trade and Development, the region regained its position for the largest recipient of FDI in the world ahead of the European Union and North America which will create a need for better infrastructure and in doing so will increase the demand for laminated glass. Furthermore, North America, as well as the European region, is anticipated to have a significant market share as well due to the various stringent safety regulations in the automotive industry creating a demand for laminated glasses. The European Union is the world’s largest glass market, both in terms of production and consumption (source: International Labour Organization (ILO)).
Segmentation
Laminated glass market has been segmented as follows:
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