June 28, 2022 09:05 ET | Source: Research Dive Research Dive
New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global advanced glass market is envisioned to generate a revenue of $90.21 billion and rise at a CAGR of 7.2% over the estimated period from 2019 to 2026.
As per our analysts, the increasing adoption of advanced glass in construction industries for numerous applications, such as UV control, noise and sound reduction, security, eco-friendly infrastructures, and many more, are expected to upsurge the growth of the advanced glass market during the forecast period. Besides, the increasing adoption of advanced glass in the automobile sector, together with recent innovations in electronic gadgets, smartphones’ screen protectors, and several home appliances are predicted to bolster the growth of the market over the analysis period. Moreover, the new trends of premium advanced glasses, such as bioactive glass and self-cleaning glass are expected to create huge growth opportunities for the advanced glass market by 2026. However, the high costs of advanced glass along with the shortage of raw materials may hinder the growth of the market during the analysis period.
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Segments of the Advanced Glass Market
The report has divided the market into segments based on function, product, application, and region.
Function: Safety & Security Sub-Segment to be Most Productive
The safety & security sub-segment is expected to garner a revenue of $32,837.4 million over the forecast period. The advanced glasses are multifaceted and have adaptable applications for house windows and shop-fronts, which is expected to fortify the growth of the market sub-segment during the estimated timeframe.
Product: Laminated Glass Sub-Segment to be Most Beneficial
The laminated glass sub-segment is predicted to garner a revenue of $26,522.5 million during the analysis timeframe. This is mainly due to the rising growth in infrastructural development projects, such as public transit systems and airports. Moreover, the beneficial characteristics of laminated advanced glass, such as greater strength, binding power, and durability, are expected to amplify the growth of the advanced glass market sub-segment during the forecast period.
Application: Building & Construction Sub-Segment to be Most Profitable
The building & construction sub-segment is predicted to garner a revenue of $21,019.5 million during the analysis period. The rapid growth in green constructions, energy-efficient buildings, the increasing rate of the population all across the globe, and high disposable income among individuals are the factors expected to fuel the growth of the market sub-segment over the forecast period.
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Region: Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region of the advanced glass market is expected to generate a revenue of $30,250.1 million during the estimated timeframe. This is majorly because of the significant growth in the infrastructure and automotive industry in this region. In addition, the rising development of the real estate market in this region and increasing investment made by the market players are expected to drive the regional growth of the market throughout the forecast period.
Key Players of the Advanced Glass Market
The major players of the advanced glass market include
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain leading positions in the global industry.
For instance, in December 2020, Vuzix, a leading American multinational technology firm pioneering in augmented reality, wearable computing, display engines, and smart glasses, announced its collaboration with Topcon, a Japanese manufacturer of optical equipment for ophthalmology and surveying. With this collaboration, the companies aimed to bring AR-based smart glasses into the construction industry across Europe. By using these AI-based smart glasses, workers and contractors can readily access and identify positioning data with more accuracy without carrying extra materials physically.
Further, the report also summarizes other important aspects including the financial performance of the key players, SWOT analysis, the latest strategic development, and product portfolio.
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