Increasing government initiatives on infrastructure facilities accompanied with widening application outlook in construction sector will favor tempered glass market demand. Improving standard of living along with rising consumer spending on interior furniture designing owing to disposable income and rapid urbanization in India, China and Brazil will stimulate industry growth.
Sellbyville, DE -- (SBWIRE) -- 06/13/2019 -- Tempered glass market demand from furniture applications may surpass USD 1.3 billion by the end of forecast period. These are highly used in table tops, book shelves, cabinets, television stands and side tables construction. Increasing household expenditure for interior decorations in order to accentuate the overall appeal and safety purposes will drive industry growth.
Toughened glass is used for protecting the screens of various gadgets such as smartphones, tablets and laptops. Tempered glass market from gadget applications may expect gains at over 5% by 2024 owing to increase in phone usage among the youth population. Growing smartphone market in Poland, Taiwan, Australia, and Brazil is likely to drive market demand.
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Growth in commercial construction such as offices, malls, hospitals and hotels accompanied with rise in infrastructure spending should drive tempered glass market demand. Rising awareness regarding energy-efficient buildings owing to high threat of GHG emissions and increasing usage of solar thermal panels for electricity generation will stimulate market demand. It is four to five times stronger than the normal or annealed glass providing resistance to thermal breakage and antibreakage properties leading to high safety and security.
Positive outlook in automotive industry owing to high production of passenger and commercial vehicles in China, India, and Japan may drive overall industry growth. Tempered glass market demand from automotive applications is poised to surpass USD 11 billion over the forecast timeframe. It is fitted in the rear and side windows of vehicles enabling passenger safety from various accidents and injuries. It is treated by heating through various chemical processes followed by rapid cooling where it gains strength and shatters in harmless pebble like pieces thereby providing safety for the passengers.
North America led by the U.S. and Canada tempered glass market demand may register growth at over 4% by the end of forecast period. High economic conditions along with increasing government spending on infrastructure facilities should foster regional growth.
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Europe, led by Germany, UK and France toughened glass market should exceed USD 9.5 billion by the end of foreseeable timeframe. Rising construction spending in residential sector owing to massive movement of immigrants to western European countries such as Germany and the Netherlands may fuel regional industry growth. Moreover, various automobile giants such as BMW, Mercedes and Audi are based in Europe which is positively affecting the tempered glass market demand.
Asia Pacific led by China, India and Japan tempered glass market is likely to exceed USD 15 billion by 2024. Increase in number of greenhouses along with rapid growth in industrial and commercial construction should favor regional market growth. Increase in automotive industry along with rise in consumer awareness regarding safety may drive industry growth.
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Global tempered glass market share is competitive and moderately fragmented with industry players include Guardian Industries, Fuso, Asahi, PPG Industries, and Abrisa Technologies. Manufacturers are focusing on enhancing their product portfolio and global reach by establishing partnerships and acquisitions.