Laminated glass market revenue is expected to reach $32.1 billion in 2028
According to the “Laminated Glass Market Forecast 2028 – COVID-19 Impact and Global Analysis” report by an industry research firm (The Insight Partners), the laminated glass market is expected to grow from USD 20.76 billion in 2021 to USD 321 in 2028 billion, with a CAGR of 6.4% from 2021 to 2028, the report highlights the key factors driving the market and important players and their development in the market.
The laminated glass market is segmented by region into North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2020, the Asia-Pacific region holds the largest revenue share in the global laminated glass market, and the building construction industry is the largest laminated glass consumption industry in the Asia-Pacific region.
The region is experiencing significant growth in urbanization, which has increased the number of residential and commercial construction projects, directly increasing the demand for laminated glass. The Asia-Pacific region has the dominance of the automotive industry and has the highest automotive production of all regions.
Growing application of laminated glass in the automotive industry owing to its high strength, soundproofing properties is also contributing to the market growth. Laminated glass can also be used in hotels, airport terminals, railways and other places. Government investments in infrastructure development projects such as airports and public transport systems are driving the demand for laminated glass in Asia Pacific.
Impact of COVID-19 Pandemic on Laminated Glass Market
The COVID-19 pandemic impacted the laminated glass market in 2020.
The shortage of laminated glass continues until 2021, causing various business disruptions. Due to various issues, including the global pandemic and international tariffs, glass supplies are tightening and buying is becoming more expensive.
Due to the global pandemic, many factories and manufacturers have had to suspend or slow down glass production, making meeting current demand extremely difficult.
Recovering a factory after a shutdown or prolonged period of low production can be challenging, especially if the company is not operating at full capacity due to health and safety regulations.
Moreover, as COVID-19 vaccination is a high priority for the public and health business, the supply of glass has been redirected for this reason, which has resulted in glass being unavailable to other industries, thereby creating a shortage of glass in the market.
The construction industry is expected to drive the growth of the laminated glass market during the forecast period
With the increasing use of glass as a structural element and preference for more creative building designs, the demand for laminated glass in the construction industry has gained significant momentum. The need for safety in residential and commercial buildings has increased the demand for safety glass and other glass products as laminated glass adds safety and durability to modern designs.
The use of glass as an architectural element is gaining popularity in mainstream architectural projects. Today, more glass than ever is used in interior elements, creating a huge demand for laminated glass. Laminated glass has a wide range of applications in the construction industry such as railings and handrails, flooring, partitions, interior and front doors, interior or exterior signage, and building facades. Laminated glass is ideal for creating a modern and comfortable interior space and also helps in designing bright, spacious and safe spaces, all these factors are driving the demand for laminated glass across the world.
Moreover, the need for complex glass solutions in modern building designs has increased the demand for laminated glass as it supports creativity by bringing innovations to architecture and structures. Several emerging economies are focusing on constructing modern buildings and structures, creating demand for modern equipment, which, in turn, aids the growth of the global laminated glass market.
Based on application, the building construction industry accounted for the largest share of the global laminated glass market in 2020. Laminated glass is used in residential and commercial buildings due to its strength and shatter-resistant qualities. It is widely used in buildings such as glass railings, glass floors, skylights, roofs, sun spaces, curtain walls, and glass facades.
Laminated glass is used in areas that require safety. The growth of the construction industry, especially in emerging regions such as the Middle East, Africa, and Asia Pacific, can be attributed to the growing demand for laminated glass in the construction industry.