Automotive Glazing Market to Grow at a CAGR of 9.8% During Forecast Period 2022-2027

Automotive Glazing Market | IndustryARC
Increasing adoption of polycarbonate in automotive glazing will drive the Automotive Glazing Market growth.

The Automotive Glazing Market size is forecast to reach US$23.4 billion by 2027 after growing at a CAGR of 9.8% during 2022-2027. Laminated glass is expected to dominate the majority of the market share in the forecast period. It comes with high impact resistance which makes it suitable for manufacturing windshields in automobiles. Polycarbonate is projected to witness significant demand in the target market in the forecast period. Furthermore, the passenger car segment is poised to contribute immensely to the market’s growth owing to its increasing production volume, especially in the electric vehicle type. The demand for the electric vehicle is on the rise during the last few years due to strict emission norms and this will contribute to the target market’s growth. The windshield is anticipated to drive the automotive glazing market due to the increasing production of automotive globally. Materials like thermoplastic elastomer and polyvinyl chloride are used for glass encapsulation in windshield, sidelite and backlite which are an important part of vehicle assembly. The advancement in automotive design led to the increased usage of the larger windshield which will expand the automotive glazing market globally. However, the scratch-prone nature of polycarbonate might hinder the growth of the automotive glazing market globally in the forecast period.

COVID-19 Impact

The automotive glazing market got severely affected due to the COVID-19 pandemic. Owing to the employee’s safety and lockdown guidelines, the suppliers in the automotive glazing market stopped the production and shutdown factories which ultimately resulted in a massive drop in the demand, and the supply chain got disrupted across the globe. Due to this, the demand for automotive production also got lowered in many countries, which, in turn, affected the automotive glazing market during the pandemic. For instance, according to Klynveld Peat Marwick and Goerdeler (KPMG) data, China’s car sales dropped by 18 percent in January 2020 due to the effect of the pandemic. However, the automotive glazing market is witnessing a rapid demand post-COVID-19 owing to expansion in automotive production globally. This automotive boost will contribute to the growth of the target market in the coming years.

Automotive Glazing Market – By Product Type

Laminated glass dominated the automotive glazing market in 2021. This segment is projected to contribute maximum growth to the automotive glazing market in the forecast period. It is a safety glass used massively in automotive windshields due to its high impact resistance property. The high impact resistance helps prevent the windshield from shattering even when the glass is cracked. According to July 2019 Vehicle Escape Tool Evaluation report by American Automobile Association (AAA), laminated glass is widely used in the automotive windshield due to the increased risk of high-speed impact. Laminated glass is also used in the manufacturing of side windows of vehicles. This massive usage of laminated glass in automotive applications will drive the growth of the automotive glazing market in the coming years. Apart from laminated glass, polycarbonate material is anticipated to witness significant usage in automotive glazing in the coming years due to its lightweight property. It helps in achieving the growing demand for lightweight vehicles in automotive. Polycarbonate is anticipated to witness significant demand in the automotive glazing market in the forecast period.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503424

Report Price: $ 4500 (Single User License)

Automotive Glazing Market – By Type

The passenger vehicle segment dominated the automotive glazing market in 2021 and is growing at a CAGR of 9.9% during the forecast period. This segment is poised to contribute immensely to the market’s growth in the forecast period due to massive development in the passenger automotive. Automotive glazing finds its application in numerous glass components in automobiles such as windshields, rear windows, side windows, headlamps, sunroofs, etc. The growing demand for passenger vehicles globally will boost the usage of automotive glazing in the coming years. For instance, according to the August 2020 report by the China Association of Automobile Manufacturers (CAAM), the passenger vehicle segment in China is poised to cross 30 million units by 2029 in comparison to 21.44 million units in 2019. This increasing passenger automotive will drive the market’s growth in the coming years. Similarly, according to India Brand Equity Foundation (IBEF) data, the Passenger vehicle (PV) segment registered a growth of 28.39%. as sales in March 2021 clocked 279,745 units compared with 2,17,879 units in March 2020. This increasing demand for passenger vehicles globally will also increase the demand for automotive glazing applications, thereby driving the market’s growth in the forecast period.

Automotive Glazing Market – By Application

The windshield dominated the automotive glazing market in 2021 and is growing at a CAGR of 10.2% during the forecast period. The massive development in the automotive sector globally increased the manufacturing of automotive parts. Thermoplastic elastomer and polyvinyl chloride are used widely for sealing and glass encapsulation in windshield which is considered as one of the crucial tasks in vehicle assembly. Furthermore, the rising demand for premium segment cars and new vehicle model launches have amplified the demand for exterior automotive components like a windshield. The windshield in automotive provides clear visibility, protection of ultraviolet (UV) rays and debris, and efficient aerodynamic design. Innovation and advancing windshield technology are taking center stage which is driving the incorporation of automotive glazing materials in the automotive market. For instance, according to Corning Incorporated, in July 2021, Jeep’s Performance Parts division (JPP) introduced new Gorilla Glass windshields for its Gladiator pick-up truck models and Wrangler SUV. This new windshield by JPP is made up of Corning Gorilla along with soda-lime glass. Soda lime glass is the main material for laminated glass. Such enhancement in the windshield technology will increase the demand for glazing materials, ultimately driving the growth of the automotive glazing market in the forecast period.

Automotive Glazing Market – By Geography

The Asia-Pacific region dominated the automotive glazing market in 2021 with a market share of 44%, owing to increased investment and rapid automotive manufacturing in the region, especially in emerging economies like China, India, and Japan. More production of automobiles will require higher usage of automotive glazing applications. Furthermore, due to the pandemic, the automotive market which took a back seat is now gaining traction post-COVID-19 which will also drive the higher consumption of automotive glazing materials. According to the data by the China Association of Automobile Manufacturers (CAAM), the Chinese automotive sector will stay on a progressive track with NEVs (New Energy Vehicles) poised to witness an increase in demand in the forthcoming years. Similarly, as per India Brand Equity Foundation (IBEF) report, Foreign Direct Investment (FDI) received between April 2000 to March 2021 by India for the automotive development sector stood at US$ 25.85 billion. Such massive development and investment in the automobile sector will incorporate more automotive glazing material which, in turn, will drive the automotive glazing market’s growth in the forecast period. The European region is expected to contribute significantly to the growth of the automotive glazing market owing to the massive expansion in the automobile sector in the region.

Automotive Glazing Market Drivers

Increasing adoption of polycarbonate in automotive glazing will drive the market’s growth

Polycarbonate is gaining traction in automotive glazing applications owing as it helps in making lightweight automobiles and achieving complex automotive design. The automotive market is expanding primarily due to the rise in demand for weight reduction in automobiles due to strict emission norms imposed by governments across the globe. This is where polycarbonate is found useful as it possesses lightweight properties. The use of polycarbonate makes the vehicle lightweight due to which fuel efficiency increases, ultimately reducing vehicle emission to a greater extent. As per SABIC, a TIER I supplier in the automotive glazing market, the use of polycarbonate in vehicle windows reduces the weight of windows by 50% as compared to the conventional glass window, which ultimately helps in the reduction of vehicle weight and checking vehicle emission. Apart from windows, polycarbonate installation is done in other automotive glazing applications like front and rear lightings, sunroofs, windshields, etc. This growing usage of polycarbonate in automobile glazing will contribute to the automotive glazing market in the forecast period.

Expanding automobile sector will drive the automotive glazing market

The booming automotive sector will witness the massive implementation of automotive glazing applications which will drive the market’s growth in the forecast period. There is a huge demand for automobile production and this growth is going to expand in the coming years. As per India Brand Equity Foundation (IBEF), India was the fifth-largest automobile market in 2020 with 3.49 million units of automotive sold combinedly in the passenger and commercial vehicles segment. Similarly, as per the European Automobile Manufacturers Association (ACEA) data, hybrid electric vehicles (HEVs) accounted for 11.9% of total cars sold in 2020 which is huge growth compared to the 5.7% in 2019. This rise in automotive sales and growth will witness increased uses of automotive glazing applications, thereby driving the growth of the automotive glazing market in the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503424

Automotive Glazing Market Challenges

Scratch prone nature of polycarbonate might hinder the market’s growth Polycarbonate material uses is on the rise in the last few years owing to its lightweight and high strength properties. However, it is prone to scratches which are putting the manufacturers in the target market in confusion regarding the use of polycarbonate in automotive glazing, especially in vehicle windshields. Glazing materials and parts are widely used in vehicles for clear visibility purposes. Clear visibility is a key factor in vehicle safety. This is where polycarbonate materials face a challenge. The light transmission is more in polycarbonate sheets than glass and still, the material is prone to scratches. This scratch-prone nature is considered fatal as it impacts the driver’s visibility. Despite the high strength and weight reduction benefits, OEMs are against the use of polycarbonate in windshields due to the scratch-prone nature, which, in turn, might affect the growth of the automotive glazing market in the forecast period.

Automotive Glazing Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Automotive Glazing top 10 companies include:

Saudi Basic Industries Corporation (SABIC)
Teijin Limited
Covestro AG
Corning Inc.
Webasto SE
Chi Mei Corporation
Pilkington Group Ltd
Saint Gobain S.A.
Freeglass
Others

Acquisitions/Product Launches

In October 2019, Saudi Basic Industries Corporation (SABIC) launched its polycarbonate based on certified renewable feedstock which is the first in the industry. This solution allows the usage of fossil feedstock during the production process and helps in the reduction of CO2 emissions. This development in polycarbonate will allow usage of polycarbonates in automotive glazing applications and boost the market’s growth in the coming years.

Key Takeaways:

Laminated glass is projected to drive the target market’s growth during the forecast period owing to its high usage in automotive windshields. Laminated glass possesses high impact resistance which helps in enhancing the safety standard in automobiles.

The passenger vehicle segment is poised to contribute hugely to the automotive glazing market due to the rise in the production of passenger vehicles globally. According to the European Automobile Manufacturers Association (ACEA) statistics, the passenger cars segment registrations increased by +10.4% in July 2021 compared to the registrations done in the same period in 2020.

The windshield is anticipated to drive the automotive glazing market in the forecast years owing to automotive production boost and advancement in automotive design. According to Autoglass data, Audi announced in March 2021 that all-electric Q4 e-tron SUV models will sport a dynamic windshield display powered with augmented reality (AR) functionality.

Relevant Report:

Global Modular Glazing Industry Market 

https://www.industryarc.com/Research/Global-Modular-Glazing-Industry-Market-Research-511735

For more Chemicals and Materials related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/