Tempered Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The tempered glass market is projected to register a CAGR of over 6% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. The declining automotive industry, along with the temporary shutdown of automotive manufacturing units and building construction, majorly residential construction due to the government-imposed lockdown, had led to a decrease in the consumption of tempered glass products like vehicle glasses, building window glasses, and other glass products during the pandemic situation, which in turn negatively impacted the demand for tempered glass. However, the demand for laptops/computers has increased significantly during this situation as peoples prefer to work online from their residence, thus increasing the demand for monitors that use tempered glass, which in turn stimulates the demand for the studied market.

Key Highlights

• Over the short term, increasing demand for tempered glass from the construction industry is expected to drive the market’s growth.
• The impact of COVID-19 leads to lower production and consumption of tempered glass from various end-user industries.
• The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market Trends

Growing Demand from the Construction Industries

• Tempered glass is also known as toughened glass. It is widely being used in building and construction infrastructure because of its higher tensile (bending strength) and great thermal shock and temperature resistance properties.
• Recently, the demand for novel interior infrastructure has been rising in developed as well as developing countries. Majorly, the demand from residential and commercial buildings is high. Tempered glass can be used as a decorative panel in interior design.
• In buildings, tempered glass can be used for sliding doors, storm doors, building entrances, bath and shower enclosures, interior partitions, staircases, facades for buildings, and other applications requiring excellent strength and safety properties.
• The global construction industry was valued at about USD 12 trillion in 2019, with a growth rate of about 4%, compared to the previous year, thereby enhanced the demand for tempered glass for various construction activities.
• Furthermore, Canada's total residential and non-residential construction was valued at about USD 178 billion in 2019 and reached about USD 174.5 billion in 2020, with a decline rate of about 2%, thus negatively impacting the demand for the market studied.
• According to the Office for National Statistics of United Kingdom, the United Kingdom monthly construction output was valued at about USD 18.76 billion in December 2020, with a decline rate of 2.9% compared with the previous month, registering a first monthly decline in growth since the unprecedented fall of 40.7% in April 2020, mainly due to the impact of COVID-19 pandemic. However, the construction output grew by 0.9% in January 2021 compared with December 2020 because of monthly growth in most sectors.
• Thus, considering the post-pandemic scenario, the construction industry is recovering fast and is estimated to significantly impact the market demand for tempered glass in the coming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, coupled with the continuous investments done in the region to advancements in the construction sector through the years.
• Moreover, the increase in population has increased the demand for construction in China and India. The growing information technology sector in India has supported the expansion of commercial buildings in recent times.
• Singapore, China, and few other countries from Asia-Pacific witnessed positive growth in the Construction Industry in 2019. Designers in the region majorly prefer glass interiors for sliding doors and glass balcony doors, windows, skylights, glass facades, elevators, and many more applications.
• China was leading in the construction industry with market size of USD 1,092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year, thus increasing the consumption of tempered glass from the construction industry.
• Furthermore, Japanese construction output was decreased by 6.9% in July month of 2020 compared with the same month of the year 2019. Additionally, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%.
• According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. Around 25.23 million vehicles were produced in China during 2020 compared to 25.75 million vehicles produced in 2019, witnessing a decreasing growth rate of about 2%, thereby negatively impacting the demand for the market studied.
• Tempered glass is also employed in the electronics sector for ensuring the durability of screens. China, Vietnam, Korea, and Japan are the leading producers of electronics and electronic components globally.
• The total production by Japanese electronics and IT companies was valued at USD 327.1 billion in 2020 and is estimated to reach about USD 340 billion by 2021, with a growth rate of about 4%, which will enhance the market demand for tempered glass in the coming years.
• Therefore, the aforementioned factors are expected to impact the market in the coming years significantly.

Competitive Landscape

The tempered glass market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the key players include Saint-Gobain, AGC Inc., GUARDIAN GLASS LLC, GSC GLASS LTD, and CARDINAL GLASS INDUSTRIES INC., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support