Market Trends of Tempered Glass Industry
This section covers the major market trends shaping the Tempered Glass Market according to our research experts:
Growing Demand from the Construction Industry
- Tempered glass is also known as toughened glass. It is widely used in building and infrastructure construction because of its high tensile strength and great thermal shock and temperature resistance properties.
- The demand for modern interior infrastructure has been rising significantly. The demand for residential and commercial buildings is high. Tempered glass is used as a decorative panel in interior design.
- Tempered glass can be used in buildings for things like sliding doors, storm doors, building entrances, bath and shower enclosures, interior walls, stairs, building facades, and other places where strength and safety are important.
- The building construction sector is expanding rapidly across the globe. For example, China's growth is fueled mainly by rapid expansion in the residential and commercial building sectors. China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.
- Furthermore, China's construction output peaked in 2021 at a value of about 29.3 trillion yuan. As a result, these factors tend to make more people want to buy tempered glass during the time period in the forecast.
- Also, India is expanding its commercial sector. Several projects have been going on in the country. For instance, the construction of the CommerzIII Commercial Office Complex, worth USD 900 million, started in Q1 2022. The project involves the construction of a 43-story commercial office complex with a permissible floor area of 2,601,28 m2 in Goregaon, Mumbai. The project is expected to be completed in Q4 of 2027.
As a result of the aforementioned factors, as well as the expanding construction sector, demand for tempered glass is expected to rise during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Due to the growth of the construction, electronics, and other industries in big countries like China, India, Japan, and others, it is expected that Asia-Pacific will rule the world market.
- The increase in population has surged the demand for construction in China and India, thus supporting market growth. China's construction sector generated around 6.9% of the country's GDP in 2022. Further, according to the Ministry of Housing and Urban-Rural Development in China, the construction industry intends to maintain a 6% share of the country's GDP by 2025 under the 14th Five-Year Plan period (2021-2025).
- Statistics Korea says that in 2021, local builders at home and abroad took orders for construction worth USD 245.9 billion, up from KRW 31.9 trillion the year before.
- Tempered glass is also employed in the electronics sector to ensure the durability of screens. China, India, Korea, and Japan are the leading electronics and electronic component producers globally.
- The Indian electronics industry is one of the fastest-growing industries globally. The domestic electronics manufacturing sector has been expanding at a steady rate, owing to favorable government policies such as 100% foreign direct investment (FDI), no requirement for industrial licenses, and the technological transformation from manual to automatic production processes.
- Due to these and other factors, the Asia-Pacific region is expected to have a large share of the market over the next few years.
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