Advanced Glass Market Projected To Hit $103.8 billion By 2031 | Growth With Recent Trends & Demand

According to a new report published by Allied Market Research titled, "Advanced Glass Market by Type, Technology, End-User Industry, and Region: Opportunity Analysis and Industry Forecast, 2020-2027," the global advanced glass market size valued at $57.6 billion in 2019, and is projected to reach $103.8 billion by 2027, growing at a CAGR of 7.6% from 2020 to 2027.

Advanced glass is a specialized grade of glass. Advanced glasses have unique features and properties designed to suit various applications. This advanced glass property makes them applicable across diverse end-user industries such as building & construction, aerospace & defense, automotive, electronics, sports & leisure, and optical. The report includes a detailed description of the different product types used to produce advanced glass.

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Technological Advancements Fueling Market Growth:
One of the key drivers propelling the advanced glass market is the continuous development of cutting-edge technologies. Manufacturers are investing heavily in research and development to create glass products with enhanced functionalities. Smart glass, for example, can change its properties in response to external stimuli, such as temperature or light. This technology is increasingly being used in energy-efficient buildings and automotive applications, contributing to the overall growth of the market.

Growing Demand in Construction and Automotive Sectors:
The construction industry is a major consumer of advanced glass, with increasing emphasis on sustainable and energy-efficient building solutions. Advanced glass products, such as electrochromic glass and thermochromic glass, are gaining popularity for their ability to control light and heat, leading to reduced energy consumption.

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Key Findings Of The Study:
• Based on function, the safety & security segment emerged as the global leader with more than 40% share in 2019. This can be highly attributed to high demand of solar control based glass in various end use industries
• By product type, coated glass segment dominated the global advanced glass market with around 30% global market share in 2019
• Countries such as China, India, and Indonesia are emerging as an investment centric hub due to wide scope in manufacturing sector

Key Market Players:
Advanced Glass & Mirror Inc., Nippon Sheet Glass Co. Ltd., Saint Gobain, Tyneside Safety Glass, Sisecam Group, Fuyao Glass Industry Group Co. Ltd., Corning Inc., Koch Industries, Asahi Glass Co., Huihua Glass Co. Limited

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Building & construction industry held a largest advanced glass market share in the year 2019. Moreover, increase indemand for value-added products in some end-use industries such as the automotive. In addition, increase inurbanization fuels thedemand for residential & commercial buildings, which is expected to accelerate market growth in the near future. However, uncertainty in the prices of raw material restrains the market growth.

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