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The Specialty Glass Market is influenced by a diverse set of market factors that contribute to its growth and dynamics. One of the primary drivers is the increasing demand from various industries, such as electronics, healthcare, and automotive. Specialty glass, known for its unique properties like high thermal resistance, optical clarity, and chemical durability, finds extensive applications in these sectors. The expanding use of specialty glass in electronics for displays, in healthcare for medical devices, and in automotive for advanced safety features propels the market forward.
Raw material availability and pricing are critical factors affecting the specialty glass market. The primary raw materials for specialty glass include silica, soda ash, and limestone, among others. Fluctuations in the prices of these raw materials, influenced by factors like energy costs and supply-demand dynamics, directly impact the production costs of specialty glass. The availability of high-quality raw materials is crucial for maintaining the desired characteristics and performance of specialty glass products.
Technological advancements in glass manufacturing processes significantly impact the specialty glass market. Innovations in production technologies lead to the development of glass with enhanced functionalities, such as anti-reflective coatings, high strength, and specific optical properties. Continuous research and development contribute to expanding the applications of specialty glass in various industries. Companies investing in cutting-edge technologies can gain a competitive advantage by offering advanced and specialized glass products.
End-user industries play a pivotal role in shaping the demand for specialty glass. The growth of the electronics industry, where specialty glass is used in the production of displays and touchscreens, contributes significantly to market expansion. Similarly, the healthcare sector's demand for glass in medical devices and equipment influences the overall market dynamics. Companies in the specialty glass sector need to closely monitor the trends and requirements of these key end-user industries to align their strategies with market demands.
Environmental regulations and sustainability considerations are becoming increasingly important in the specialty glass market. Governments and consumers are placing a greater emphasis on environmentally friendly and recyclable materials. Specialty glass, known for its recyclability and low environmental impact, aligns well with these sustainability goals. Companies adopting green manufacturing processes and promoting the eco-friendly aspects of specialty glass can gain a competitive edge in the market.
Global economic conditions and trade policies also impact the specialty glass market. Changes in international trade agreements, tariffs, and geopolitical factors can influence the supply chain, affecting both producers and consumers. Companies in the market must navigate these global economic dynamics to ensure stability in their operations and to tap into emerging markets.
Consumer preferences for innovative and aesthetically pleasing products influence the specialty glass market. As consumers seek products with unique features and designs, specialty glass, with its versatility and aesthetic appeal, gains popularity in various applications. Companies that focus on product design, functionality, and customization can attract a broader consumer base.
Weather conditions can also play a role in market dynamics, particularly in the construction industry where specialty glass is used for architectural purposes. Harsh weather events, such as storms or extreme temperatures, may impact construction projects and subsequently the demand for specialty glass. Companies operating in this market need to consider these weather-related factors to effectively manage their production and distribution.
Specialty Glass Market Highlights:
Market Forecast
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.
Market Synopsis
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. Â 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.
Market Drivers
- Increasing investment in the research and development activities
- Growing electronics industry across the globe
- Increasing investment in infrastructure development and growth of residential construction activities
Market Restraints
- Stringent environmental regulations and increasing raw material & energy costs
Segmentation
By Material Type
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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.
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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.
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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.
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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.
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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
- Construction: The construction segment accounted for the largest market share in 2018. The increasing investments in infrastructure development and rising residential and construction activities are expected to drive the demand for specialty glass during the forecast period.
- Electrical & Electronics: The segment accounted for the second-largest share of the global specialty glass market. The segment is expected to be the fastest-growing segment owing to the increasing consumption of domestic appliances and smartphones.
- Telecommunications: The increasing demand for optical fibers is expected to be the key driving factor for the growth of the segment.
- Laboratories & Pharmaceuticals: The surge in the demand for high strength, chemical resistant and impact-resistant glass is driving the demand for specialty glass.
- Others: The other segment includes automotive and aerospace industries. Specialty glass is mostly used in the manufacturing of windshields and for other interior applications.
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Regional Analysis
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Asia-Pacific: Asia-Pacific was the largest market for specialty glass accounting for over one-third of the market share in 2018. The booming electrical & electronics industry across China, India, and Japan is propelling the growth of the specialty glass market. The electric component manufacturing industry in China grew by around 11% in 2018, this is expected to further augment the market growth during the forecast period. The high demand for specialty glass in the region can be mainly attributed to increasing investments in residential and commercial construction in the region. The construction industry in China was valued at USD 2.5 trillion in 2018. India is expected to create significant growth opportunities in the market. The growth of the construction industry in India is driven by increased government investment and support, which is projected to further augment the growth of the specialty glass market in India. In the union budget, 2019–20, the Government of India allocated around USD 63.20 billion for the growth of the infrastructure sector.
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North America: The growth of the specialty glass market in North America is mainly driven by the growth of the electrical & electronics industry, increasing automotive production, and increasing investments in residential construction in the US. In 2018, the residential construction spending was valued at USD 6.7 trillion and witnessing a growth of 7% as compared with 2017.
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Europe: The region is expected to witness relatively moderate growth driven by increasing automobile production and growth of the electronics industry in countries such as Germany, Italy, France, the UK, and Russia.
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Latin America: The growth of the specialty glass market in the region is driven by economic growth in the key Latin America countries such as Mexico, Brazil, Argentina, Chile, and Peru.
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Middle East & Africa: The growth of the construction industry in Saudi Arabia, UAE, Turkey, Iran, and South Africa is expected to propel the growth of the specialty glass market during the forecast period.
Key Players
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Nippon Sheet Glass Co., Ltd (Japan) - AGC Inc (Japan)
- Guardian Industries (US)
- Corning Inc. (US)
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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)
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