Market Synopsis
According to MRFR analysis, the Global Specialty Glass Market is expected to reach a value of USD 35 Billion by the end of 2025 registering a CAGR of 7%.
Specialty glass is high valued products for technical applications such as glass tubes, optical and ophthalmic glass, display panels, lighting glass, and glass ceramics. The growth of the electrical & electronics & construction industries is expected to drive the growth of the specialty glass market during the forecast period. Furthermore, socio-economic factors such as increasing disposable income, changing lifestyles, increasing population, rapid urbanization, and economic growth are expected to support the growth of the global specialty glass market.
Pricing and Regulatory Analysis
The prices of specialty glass increased in the past couple of years due to continuous increase in raw material cost and energy cost. Moreover, stringent environmental regulations set by regulatory bodies such as Integrated Pollution Prevention and Control (IPPC), International Finance Corporation (IFC), REACH, and US Environmental Protection Agency are expected to influence the pricing and the trading. The global specialty glass export value increased by around 5% and import value increased by around 4% in 2018. The specialty glass is traded under the HS codes 7011, 7014, 7015, and 7017.
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SEGMENTATION
By Application
- Borosilicate Glass: Borosilicate glass is an engineered glass developed particularly for its use in pharmaceutical, laboratories and in applications requiring harsh mechanical, chemical, and thermal conditions. Furthermore, borosilicate glass is resistant to thermal shock thereby is used for cookware and other applications.
- Aluminosilicate Glass: Aluminosilicate glass is used in high-end applications such as shuttle windows, smartphones, gauges, and thermometers attributed to its properties such as high impact protection, scratch resistance, and increased strength.
- Soda-Lime Glass: The segment accounted for the largest share of the global specialty glass market. The high-volume consumption of soda-lime glass is attributed to its low cost, chemical stability, and ease of workability. It is used to produce a wide array of products such as windows, dinnerware, lighting products, bottles, and art objects.
- Alkali-lead Silicate Glass: The alkali-lead silicate glass has superior chemical resistance, corrosion resistance, and optical properties, owing to which it is used in high-end technical applications such as X-Ray machines, solar panels, and nuclear technology.
- Others: The other segment includes aluminoborosilicate glass and ceramic glass.
By Region
- North America: The growth of the market in the region is driven by increasing construction activities and the growing electronics industry.
- Europe: Increasing automotive production and investment in research & development is expected to drive the demand for specialty glass in the market.
- Asia-Pacific: Asia-Pacific largest and fastest-growing regional market, led by China, Japan, and India.
- Latin America: Increasing investment in automotive and electrical & electronics industries across Brazil and Mexico is expected to boost market growth.
- Middle East & Africa: Increasing investment in construction activities and infrastructure development are set to boost regional market growth.
By End-Use Industry
- Construction: The construction segment accounted for the largest share of the global specialty glass market and is expected to witness significant growth during the forecast period. The high growth can be attributed to increasing residential construction activities across the globe coupled with increased spending on the renovation of buildings to build modern architecture. For, instance, the residential construction spending in the US was USD 6.5 trillion in 2018, an increase of USD 422 billion as compared with 2017.
- Electrical & Electronics: The specialty glass finds various applications in electrical & electronic devices such as smartphones, TV, and domestic appliances. The increasing demand for electronic devices and domestic appliances is likely to drive the demand for specialty glass in the electrical & electronics industry.
- Telecommunications: With the development of fifth-generation (5G) wireless technologies, the telecommunication segment is expected to unleash new growth opportunities for specialty glass market. Furthermore, the increasing demand for optical fiber and stiff competition among telecommunications companies is expected to augment the growth of the specialty glass market.
- Laboratories & Pharmaceuticals: The segment is expected to witness moderate growth primarily driven by the growing pharmaceutical industry, particularly in Asia-Pacific.
- Others: The other segment includes aerospace and automotive industries. Specialty glass is mostly used for windshield and other interior applications. Increasing automotive production and increasing prevalence of electric vehicles across the globe is driving the growth of other segments during the forecast period.
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