June 14, 2022 06:21 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 14, 2022 (GLOBE NEWSWIRE) -- The global tinted laminated glass market size hit USD 7.68 billion in 2021. The market value is anticipated to increase from USD 8.02 billion in 2022 to USD 12.33 billion by 2029, registering a CAGR of 6.3% during 2022-2029. Laminated glass comprises different colors to boost the absorption capacity of finished glass goods. The tinting process also improves the aesthetic appeal, which helps to draw in customers for a variety of applications. To make these glasses, Polyvinyl Butyral (PVB) or SentryGlas Plus (SGP) interlayers are layered between two tinted glass panes. During an impact, the outside glass pane shatters, while the internal panes remain intact. Due to their safety characteristics, these items are a good choice for construction, automobile, and furniture applications, says Fortune Business Insights™ in its report titled “Tinted Laminated Glass Market, 2022-2029”.
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List of Key Players Covered in the Tinted Laminated Glass Market Report:
Disruption in Automotive and Construction Sectors Impacted Product Demand Glass manufacturing businesses, as well as those that manufacture flat glass, had to reduce production due to delayed construction operations and crippled vehicle production. Companies in the glass manufacturing business must install additional safety measures and maintain COVID-19-compliant behavior to protect their personnel. China is one of the largest producers of tinted laminated glass in the world. As a result of the restrictions imposed during the epidemic, as well as trade disputes between the U.S. and China, manufacturing businesses had to contend with significant swings in demand, production downtime, and logistical delays. Since the outbreak began, manufacturers and other associated businesses have fought to keep production and delivery networks consistent.
By Application, Construction Segment Dominated Market Share During 2021
Based on application, automotive, construction, and others. Among these, the construction segment is expected to dominate the market and register the fastest growth as compared to other segments during forecast period. Over the years, increasing urbanization has a created positive environment for growth of all applications such as building construction, automotive manufacturing, furniture, and others. Increasing consumer spending on modern architecture as well as refurbishing activities is boosting the demand for high quality & aesthetically appealing products for doors, windows, and decorative applications.
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Expanding Applications in Automotive Sector to Aid Market Growth
Developing economies, such as China and India, are likely to witness a surge in demand for mobility solutions during the forecast period due to their fast-rising populations. Consumer buying power is predicted to rise in developing nations, resulting in greater demand for commercial and passenger vehicles. Apart from performance and comfort, one of the main factors influencing the demand for tinted laminated glasses is safety norms. To improve safety requirements in their vehicles, automakers are employing innovative materials such as tinted laminated glass. As a result, greater adoption of electric vehicles and higher attention on safety regulations in the automotive industry are likely to drive the tinted laminated glass market growth.
Asia Pacific Garnered USD 4.59 Billion in 2021 owing to Expanding Construction Sector With a market value of USD 4.59 billion in 2021, Asia Pacific dominated the global tinted laminated glass market share. The region is also expected to grow faster during the forecast period, owing to burgeoning construction activity in both developed and developing countries in the region. Due to its well-established building and automobile industries, the U.S. had the majority of the market share in North America. As a result of technological advancements in both industries, the demand for new products, such as colored laminated glass, is expanding. Demand for sustainable and ecologically friendly building supplies is expected to expand across Europe as a result of stringent government requirements.
Market Players Focus on Strengthening Supply Chains to Remain Competitive
A small number of significant market players dominate the global market. Tinted glass adds value to regular glass production. Existing glass manufacturing companies can simply take use of this to execute vertical integration. Furthermore, the businesses are investing in R&D to improve their products. As a result, the market growth is aided by strong competition among companies. Local players are concentrating on improving their supply chains by getting into long-term contracts with distributors and directly with architects or automotive manufacturing companies to differentiate themselves from the competition.
February 2022: Polar Glass OÜ, a subsidiary of Barrus AS, agreed to buy Saint-Gobain's glass processing business in Estonia. The sale is one of the many divestitures the group has made in Europe for its glass processing business since 2018.
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