The expanded glass market was valued at USD 57.6 billion in 2019 and is projected to reach USD 103.8 billion by 2027, growing at a CAGR of 7.6% from 2020 to 2027.
OREGON, PORTLAND, UNITED STATES, Sept. 22, 2022 /EINPresswire.com/ — According to a report published by Allied Market Research, the global advanced glass market was valued at USD 57.6 billion in 2019 and is estimated to reach 103, 8 billion USD by 2027. The CAGR was 7.6% from 2020 to 2027. The report offers extensive analysis of changing market dynamics, key winning strategies, business metrics, major segments, and competitive scenario.
Rapid growth in the construction industry, booming automobile industry, and surge in the need for better infrastructure due to rapid urbanization are contributing to the growth of the global modern glass market. However, the complications associated with implantation and the high cost of advanced glass implants hinder the growth of the market. On the other hand, strict government legislation on the use of energy-efficient products and the desire to use renewable resources create new opportunities in the coming years.
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The leading market players analyzed in the study include Asahi Glass Co., Advanced Glass & Mirror Inc., Fuyao Glass Industry Group Co. Ltd., Corning Inc., Koch Industries, Huihua Glass Co. Limited, Saint Gobain, Sisecam Group, Nippon Sheet Glass Co. Ltd. and Tyneside Safety Glass.
The Covid-19 scenario:
• The quarantine situation has halted manufacturing activities in various industries such as automotive, defense equipment and electronics, reducing the demand for modern glass.
• Income from construction and installation work is expected to decline for several months amid the lockdown, as construction work has been halted to avoid the spread of the coronavirus among construction workers.
• Leading glass manufacturers in China and India have huge opportunities to grow and maximize profits during the COVID-19 pandemic. The effects of the pandemic are slowly waning in these countries, and governments are now lifting quarantines to allow industrial activity to resume.
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The global advanced glass market has been segmented on the basis of function, product type, end-use industry, and region. Based on functions, the safety and security segment contributed the most in 2019, accounting for approximately two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the solar power control segment is estimated to exhibit the highest CAGR of 8.6% during the forecast period.
Based on product type, the coated glass segment accounted for the largest share in 2019, holding nearly one-third of the total share, and is expected to retain the largest share throughout the forecast period. However, the laminated glass segment is expected to register the highest CAGR of 8.5% from 2020 to 2027.
On the basis of region, North America contributed the largest share accounting for nearly one-third of the total market share in 2019 and will maintain its dominance during the forecast period. However, Asia Pacific is expected to grow at the highest CAGR of 9.9% from 2020 to 2027.
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Allied Market Research (AMR) is the full-service market research and business consulting division of Allied Analytics LLP located in Portland, Oregon. Allied Market Research provides global enterprises, as well as medium and small businesses with unrivaled quality Market Research Reports and Business Intelligence Solutions. AMR has a single-minded focus on providing business analysis and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We maintain professional corporate relationships with various companies and this helps us dig up market data that helps us generate accurate research data tables and confirms the utmost accuracy of our market forecasting. Pawan Kumar, CEO of Allied Market Research, plays an important role in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients succeed in every way possible. All the data given in our published reports are obtained as a result of primary interviews with senior officials of leading companies in the relevant field. Our secondary data procurement methodology includes in-depth online and offline research and discussions with experienced industry professionals and analysts.
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