The automotive glass market is projected to grow at a CAGR of 5.4%, estimated market size of USD 23.6 billion in 2021 to USD 30.6 billion by 2028. Key elements driving demand for the automotive glass market include rising vehicle production across the board, particularly in the SUV sector, and rising penetration of high-end luxury vehicles with smart glass technology. The adoption of safety glass requirements, the need for lightweight glass, and sophisticated smart glass technologies with improved visibility and protection are a few key factors affecting the demand for the automotive glass market.
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Automotive Glass Market Dynamics
Drivers: Stringent safety norms imposed by the government
Cost-effective auto glass has emerged due to the stabilization of component costs for materials including soda ash, oxides of magnesium, lime, potassium, and aluminum, as well as rising gas prices. The market is growing due to rising vehicle demand in the logistics and transportation sector and an emphasis on improving vehicle aerodynamics due to safety rules. This market is also growing due to rising disposable income, especially in developing nations, and increased sales of crossovers and SUVs.
Key Market Players
The automotive glass market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are AGC Inc., Central Glass Co. Ltd., Corning Incorporated, Fuyao Glass Industry Group Co., Ltd., Guardian Industries, Nippon Sheet Glass Co. Ltd., Saint-Gobain, Taiwan Glass Ind Corp, Xinyi Glass Holdings Co., Ltd. and ÅžiÅŸecam Group.
Recent Developments
- In July 2022, through the acquisition of Kaycan Ltd. (Canada), Compagnie de Saint-Gobain S.A. expanded its building products with technology from Kaycan Ltd. Furthermore, Compagnie de Saint-Gobain S.A. expects the acquisition to strengthen its position in the North American market.
- In October 2021, Webasto showed off its roof sensor module, which has sensors, cameras, and related functions and visually appealingly uses Lidar technology.
- In May 2021, Wideye, AGC Automotive's European business, announced the formation of Wideye Rhino, a company focused on creating sensor protection glass solutions for non-automotive applications.
- In September 2020, AGC Inc. was established. Cadillac's new 2021 Escalade Luxury SUV features curved-large cover glass for car-mounted displays. It served as the protective surface glass for the industry's first curved P-OLED (Plastic OLED) display, which was provided by L.G. Display and L.G. Electronics.
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