Specialty Glass Market is projected to register a CAGR of 7% and cross USD 35 Billion by 2027. Specialty glass accounted for approximately a quarter of the overall glass market in 2018.
Specialty glass is used for technical applications such as electronics, optics, engineering, lightening, ophthalmic lenses, and glass ceramics. The specialty glass market consists of diverse products including lighting, cookware, flat-screen displays, fiber optics, and ophthalmic lenses. Specialty glasses have high mechanical strength, thermal expansion rate, chemical resistance, and optical transmission.
The global specialty glass market is expected to witness robust growth during the forecast period. This can be attributed to high demand in the electronics and telecommunication industries. Furthermore, the applications of specialty glass are constantly evolving owing to the increasing investment in research and development activities. The global production by the electronics and IT industries was valued at USD 2,935 billion in 2018 and is expected to register a CAGR more than 5% during the forecast period. The display devices accounted for a 5% share and the telecommunication segment accounted for about 18% share of the production by the global electronics and IT industries. The increasing demand for smartphones, TVs and other consumer electronics driven by increasing disposable income, changing lifestyles, and economic growth is driving the demand for specialty glass.
The other prominent use of specialty glass is in the construction industry for architectural design. The global construction industry was valued at USD 8.5 trillion in 2018 and is projected to witness significant growth during the forecast period. Further, the increasing population, rapid industrialization, and urbanization in developing countries such as India, China, Malaysia, South Africa, Philippines, and Brazil are expected to boost the growth of the global specialty glass market during the forecast period.
Regulatory, Pricing, and Trade Analysis:
Stringent regulations set by regulatory bodies such as the Integrated Pollution Prevention and Control (IPPC), International Finance Corporation (IFC), REACH, and the US Environmental Protection Agency have increased innovation in the market. Furthermore, stringent regulations have resulted in the development of new technologies with an emphasis on reducing greenhouse gas emissions and energy consumption. The specialty glass price witnessed an increase over the past few years owing to increasing raw material and energy costs. The average price for specialty glass varied for USD 700–1600 per ton.
The total export valve of specialty glasses across the globe was USD 2,041 million in 2018, witnessing an increase of 5% or USD 102 million as compared with 2017, while the total imports were valued at USD 2,134 million in 2018, 4% up as compared with 2017. The trade data includes the products under the HS codes 7011, 7014, 7015, and 7017.
By Material Type
Borosilicate Glass: Borosilicate glass segment is expected to witness significant growth owing to increase in the number of solar power plants and high demand in the laboratories & pharmaceutical segments across the globe.
Aluminosilicate Glass: Aluminosilicate glass offers high impact protection, scratch resistance, and increased strength, due to which its demand is increasing in the manufacturing of space shuttle windows, smartphones, gauges, and thermometers.
Soda-Lime Glass: Soda-lime glass is composed of 70% silica, 15% soda, and 9% lime. Soda-lime glass accounted for the largest share of the global specialty glass market in 2018.
Alkali-lead Silicate Glass: Alkali-lead silicate glass offers superior chemical resistance, corrosion resistance and other technical properties, however, the high cost of the products restricts its application in high valued products such as X-Ray machines and others.
Others: The segment includes aluminoborosilicate glass and ceramic glass. The segment is expected to witness significant growth during the forecast period albeit having a small market share.
By End-Use Industry
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material Type, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Nippon Sheet Glass Co., Ltd (Japan), AGC Inc (Japan), Guardian Industries (US), Corning Inc. (US), Saint-Gobain S.A. (France), Borosil Glass Works Ltd (India), Technical Glass & Aluminium Co. L.L.C. (UAE), Fabricated Glass Specialties, Inc (US), Schott AG (Germany), Technical Glass Products (US), Xinyi Energy Holdings Limited (China), Auer Lighting GmbH (Germany)|
|Key Market Opportunities||The growth of the electrical & electronics & construction industries is expected to drive the growth of the market|
|Key Market Drivers||
The global specialty glass market is predicted to touch USD 35 billion by 2025.
The specialty glass market is predicted to grow at an 7% CAGR between 2017-2025.
Asia Pacific is predicted to have lions share in the specialty glass market during the forecast period.
Leading players profiled in the specialty glass market include Auer Lighting GmbH (Germany), Xinyi Energy Holdings Limited (China), Schott AG (Germany), Fabricated Glass Specialties, Inc (US), Technical Glass & Aluminium Co. L.L.C. (UAE), Borosil Glass Works Ltd (India), Saint-Gobain S.A. (France), Corning Inc. (US), Guardian Industries (US), AGC Inc (Japan), and Nippon Sheet Glass Co., Ltd (Japan).
Growing electronic industry, growth of residential construction activities, and increasing investment on infrastructure development are boosting market growth.