Automotive Glass Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 90 Pages
自動車分野の需要が年々増加するにつれて、自動車製造に使用される部品は自動的に消費されることが予想されます。市場は2023年の予測期間まで約7％のCAGRで成貯する見通しです。主なメーカーには、旭硝子、Benson Auto Glass、Saint-Gobainなどがあります。
The automotive glass market was valued at USD 19 billion in 2020, and it is expected to reach USD 23 billion by 2026, registering a CAGR of about 5% during the forecast period (2021 - 2026).
The coronavirus crisis has resulted in the temporary closure of automotive businesses around the world, hurting the short-term prospects of automotive glass producers. However, the demand arising from the nascent but fast-growing electric vehicle sector will enable fast recovery in the near future. Innovations in the automotive glass sector are increasingly focused on improving the material strength of the product. Chemically tempered glass has proven to be superior to conventional soda-lime glass options.
Higher strength in glass enables better safety, while the reduction in weight improves fuel efficiency. This attribute is rapidly gaining ground amid premium and sports car producers. Automotive glass products are also becoming increasingly larger, with some car companies even experimenting with full glass canopies. Such changes make efficiency performance-critical in terms of safety and comfort. Rising primary safety from accidents and rising consumer preferences in the application of glass in passenger's cars have created huge demand in the market for automotive glass. This is expected to fuel the integration of electronic sensors, cameras, and rearview mirrors into vehicle glass.
For instance, Saint-Gobain SA announced the acquisition of a 50% stake in China-based JJG Group for the flat glass production line, with an annual capacity of around 160,000 metric ton. The move will strengthen the flat glass supplies for Sekurit automotive glass production centers. It has also announced the development of a new flat glass production line in Saltillo, Mexico, for international supplies of automotive glass.
The market in Asia-Pacific is expected to dominate in the global market and is expected to continue its dominance over the forecast period, owing to rising consumer preference towards vehicle safety, comfort, and style. The market in Europe is expected to register the second-highest growth in terms of revenue over the forecast period, owing to the increasing vehicle manufacturing industry across various countries in this region. The market in North America is expected to register steady growth, owing to the declining production of passenger cars across various countries in the recent past.
Automotive glass is a critical aspect of vehicles, with frequent innovations fueling growth. Among the improvements, the automotive smart glass market has been gaining major traction, especially in premium vehicle applications. These materials generate higher levels of comfort for passengers, with superior functionality in security, privacy, and temperature control, which will bolster market penetration in the years to come.
Smart glass options are rapidly finding growth in the production of sun and moon roofs, in line with changes with consumer bias and car manufacturing companies, especially in Europe. For instance, in January 2021, GM announced its new electric car, Cadillac Celestiq, which will come with a smart glass roof. The development of advanced ADAS systems in new automobiles will also contribute to growth in the industry.
Increasing usage of sunroof glass, particularly in high-end vehicles, is anticipated to positively impact the automotive glass market's growth. Nowadays, consumers are showing preference toward a sunroof in the car, which has led to an increase in the utilization of glass. Installation of the sunroof is now limited to the luxury car segment and has also been introduced to the other segments by car manufacturers, like Honda and Toyota. In addition, advancements in vehicle design have led to an increase in the size of the windshield and side windows, thereby leading to the overall development of the industry.
Smart glass has been forecast as the future of the automotive industry. Most of the research has been directed toward improving and making smart glass applicable to mainstream vehicles. It can be used to provide a head-up display in automobiles, just like in the glass cockpit of a helicopter. This makes access to all the controls much more comfortable and also enhances the ambiance of the vehicle. Manufacturers, like Mercedes and Volvo, are putting in a lot of effort to make this into a reality in automobiles.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Emerging economics and the strong presence of manufacturers in Japan, China, and India will boost the market in this region. Rapid changes in regulations to make transportation more advancing on the technology front and the ever-increasing population of this region will create more opportunities in the automotive glass market.
China is the biggest producer of automobiles in the world. The abundance of economic resources to assemble and manufacture automotive parts in India and China, the presence of established glass manufacturing players, increasing R&D capacities, and the presence of several new production plants in China to cater to the growing needs for electric cars are adding to the global automotive glass market growth in the region. For instance, in November 2019, a joint venture deal was signed between Volkswagen and SAIC to open its first manufacturing plant in Anting, China, which is expected to begin its production in October 2020 with an annual capacity of 300 thousand.
The growth in Asia-Pacific is also to be driven by the Indian automotive market, where the production is expected to increase significantly considering the BS-VI norms in the country. In January 2019, Kia Motors commenced trial production at its new 536-acre plant in Andhra Pradesh, with an annual capacity of 3 lakh units. Furthermore, in February 2019, the Government of India approved the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)-II scheme with a fund allocation of USD 1.4 billion from 2019 to 2022.
Such initiatives are expected to drive automotive production in the coming years, which, in turn, would drive the demand for automotive glass in the country. Some of the other rising markets in the Asian region are Vietnam, Indonesia, and the Philippines.
The automotive glass market is a consolidated one. The top global players account for almost 75% of the total market share. The major companies in the automotive glass market include Asahi Glass Co., Fuyao, Nippon Sheet Glass, Saint-Gobain, and Xinyi. Mergers and acquisitions and partnerships with regional automobile manufacturers are some of the dynamics that are shaping the competitive landscape of this market. For instance:
Automotive glass manufacturers are focusing increasingly on product development and launch strategies in a fairly fragmented global market. In addition, manufacturers are also investing in capacity and geographic expansions to keep up with international demand in the auto production sector. For instance: