Laminated Glass Market worth $27.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 20, 2021 /PRNewswire/ -- According to the report "Laminated Glass Market by Interlayer (Polyvinyl Butyral, Ionoplast Polymer), end-use Industry (construction and automobile),and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Laminated Glass Market size is projected to reach USD 27.8 billion by 2026, registering a CAGR of 6.0% from 2021 to 2026.The global laminated glass market size is expected to grow from USD 20.8 billion in 2021 to USD 27.8 billion by 2026, at a CAGR of 6.0% during the forecast period. Polyvinyl butyral interlayer is extensively being used in the processing of laminated glass. The versatile nature of polyvinyl butyral makes it suitable for application in both the construction and automobile industry.
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Construction industry holds a major share of the Laminated glass market in terms of value
Laminated glass is widely used in construction industry. It has developed multiple applications ranging from facades in commercial and public buildings to stairs or sun-roof in residential buildings. Laminated glass is also used as security glass in showrooms and partition wall in offices.
The COVID-19 pandemic resulted in a decline in construction activities in the first half of 2020 across the globe. It resulted in reduced demand for laminated glass on a global level.
Asia Pacific leads the non-residential laminated glass market due to the rapid rate of urbanization and awareness among consumers regarding laminated glass. The rapidly increasing urban population is giving a major boost to the demand. As the awareness is spreading, regarding less weight of glass, protection against UV & noise and better appeal, the need for laminated glass is rising.
COVID-19 had a major impact on the laminated glass market in the automobile industry. During lockdowns, companies had to put a hold on all manufacturing activities. This caused them to incur additional cost on inventory and ideal machine. As companies are restarting their production the demand for laminated glass in the industry is again increasing.
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Asia Pacific is expected to account for the largest market share in the laminated glass market during the forecast period.
North America accounts for the biggest share of the global laminated glass market. Europe is the second major consumer of laminated glass. However, the COVID-19 outbreak has affected the demand for laminated glass in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in laminated glass market. Such initiatives coupled with recovery in the construction industry will increase the demand for laminated glass in Asia Pacific and Europe region
The key players in the laminated glass market are Saint-Gobain S.A. (France), AGC Inc., (Japan), Nippon Sheet Glass Co. Ltd. (Japan), Central Glass Co. Ltd. (Japan), Sisecam Group (Turkey), Taiwan Glass Industry Corporation (Taiwan), Guardian Industries Corporation (US), Xinyi Glass Holdings Ltd. (China), CGS Holdings Co. Ltd. (China, Fuyao Glass Industry Group Co. Ltd. (China) and Schott AG (Germany) are some of the key players in the laminated glass market.
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