GLASS MANUFACTURING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Growth of the Automotive Industry
The automotive industry has been witnessing growth due to strong economic growth, rising disposable incomes, and increasing vehicle ownership rates across emerging nations. Automakers are focusing on enhancements in safety, driver-assistance, connectivity, and aesthetics to cater to the evolving needs and preferences of customers. Glass plays a vital role in meeting specifications related to structural rigidity, crash resistance, and emissions control in modern vehicles. Laminated, tempered, and toughened automotive glass processes sophisticated coatings and treatments to block infrared rays and provide protection against scratches, cracks, stone-chips, and accidents. Manufacturers are integrating more glass surfaces in car bodies to reduce weight and enhance aerodynamics in order to improve fuel efficiency and meet stringent emissions standards. Furthermore, advancements in auto electronics and infotainment systems have boosted demand for specialized glasses like heads-up displays, panoramic sunroofs, and rear sky windows in premium vehicles. Rising middle-class population with increasing disposable incomes in emerging economies is expanding the automotive consumer base, and this will boost glass consumption in the automotive industry. For instance, according to the data published by IBEF in 2024, the Indian passenger car market was valued at US$ 32.70 Bn in 2021, and it is expected to reach a value of US$ 54.84 Bn by 2027 while exhibiting CAGR of over 9% between 2022-2027.
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