Laminated glass is manufactured by bonding two or more layers of glass with an interlayer, usually polyvinyl butyral (PVB). It offers all round safety and security benefits over ordinary glass by holding the shards together when broken, thus preventing injuries. The automotive and construction industries are the major end-users of laminated glass owing to stringent safety regulations. In automotive, laminated glass is used for windshields, sidelites, and rear windows to protect vehicle occupants from injury in case of accidents or breakage. In construction, it is used for façades, sloped glazing, railings, and skylights where safety from falls is a concern.
The global Laminated Glass Market is estimated to be valued at US$ 23997.84 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the laminated glass market is the increasing demand for advanced interlayer materials beyond PVB. Manufacturers are developing eco-friendly and high-performance alternatives such as ionoplast polymer, polyvinyl butyral containing plasticized polyvinyl chloride (PVB-PVC), and thermoplastic polyurethane (TPU) interlayers. These new materials offer properties like light weight, thermal insulation, sound proofing, and durability against UV radiation. For instance, TPU based interlayers provide superior flexibility and impact resistance at low temperatures compared to PVB. There is also a rise in laminated glass applications in the renewable energy industry, where it is used for mounting solar PV modules on rooftops and in solar thermal plants. The enhanced safety and longevity offered by laminated glass structure enhances the overall output and lifespan of solar installations.
Threat of new entrants: The threat of new entrants into the laminated glass market is moderate as significant capital investments are needed to build infrastructure and gain technological expertise. However, threats are likely to increase if profit margins are high in the industry.
Bargaining power of buyers: The bargaining power of buyers in the laminated glass market is moderate. Large buyers can negotiate prices, but a vast customer base limits the ability of buyers to influence prices significantly.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are multiple suppliers who manufacture raw materials for laminated glass production. However, suppliers of some key materials needed have some control over pricing.
Threat of new substitutes: The threat of substitutes is low as there are limited options that can offer the security and safety features provided by laminated glass. However, alternatives like bulletproof and blastproof glasses pose a medium threat.
Competitive rivalry: The competitive rivalry in the laminated glass market is moderate to high as numerous regional and global manufacturers compete for market share. Manufacturers focus on product differentiation, expanding geographical presence, and mergers & acquisitions for growth.
The Global Laminated Glass Market Demand is expected to witness high growth over the forecast period supported by rising infrastructure development and burgeoning construction industry. The Asia Pacific region is likely to remain the dominant as well as the fastest growing market for laminated glass due to the presence of major emerging economies like China and India.
Regional analysis: the Asia Pacific region accounts for more than 40% share of the global laminated glass market led by China, India, Japan, and other developing Southeast Asian countries. This can be attributed to significant growth in construction spending and rapid urbanization in the region. The construction industry in Asia Pacific is anticipated to provide lucrative opportunities for laminated glass manufacturers during the forecast years.
Key players: Key players operating in the laminated glass market are Agilent Technologies, Inc., F. Hof Thermo Fisher Scientific Inc., Danaher Corporation, GE Healthcare, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., Merck KGaA, luminex Corporation, and Affymetrix, Inc. F. Hof is one of the leading manufacturers of laminated glass for architectural applications globally.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it