The Global Coated Glass Market is expected to grow from USD 33.32 Bn in 2020 to USD 56.43 Bn by 2027, at a CAGR of 8.2%.
Growing demand for nanocoated glass is anticipated to drive the coated glass market growth during the forecast period. Buildings, automobiles, and exterior infrastructure facades all utilize nanocoated glass. For example, "HYDRAGUARD PLUS," manufactured by Advanced nanotech labs (India), is a long-lasting antimicrobial coating system that is non-toxic, self-curing, transparent, and is durable throughout the day to prevent bacteria, fungi, algae, and infection on surfaces such as glass, metal, plastic, stones, ceramic, and others. It is also translucent and highly water-resistant. Additionally, the growing demand for coated glass in optics is expected to support market growth in the near future. For instance, SCHOTT's (US) unique strengths in the fields of optical glass, filter glass, and optical manufacturing technologies enabled it to serve a wide range of essential photonics applications such as image sensors, aerospace, and others.
Based on function, the solar control segment in the coated glass market accounted for the largest market share in 2020 and is expected to grow with the highest CAGR during the forecast period. Solar modules main function is to minimize reflection and maintain compositional stability. Despite the severe impact of the COVID-19 pandemic across the world in 2020, the year projected around 138.2 GW of solar installed, representing an ~18% growth compared to 2019. Moreover, in the first half of 2021, the solar sector was considered costly due to increasing costs for wafer, cell, and module. Manufacturers faced solar module shortages primarily due to rising silicon prices. Furthermore, as vaccination rates reach optimum levels across the major solar manufacturers, and with the silicon supply issue solved, the operating global solar power generation portfolio is projected to reach close to ~2 TW.
In terms of geography, Asia-Pacific is expected to dominate the coated glass industry during the forecast period owing to the presence of many automobile manufacturers. In automobiles, glass is used for UV & infrared reflection. The rising demand for vehicles in this region is expected to boost the market growth in the near future. Increasing middle-class access to automobiles and mobility value pools in Asia may reach a major milestone when growth shifts to new modes of mobility and various geographies. Additionally, as new types of shared mobility, such as online ride-hailing and robo-taxis, arise in China and Japan, shared mobility is predicted to grow to account for ~20% of the mobility value pool in Asia. China's adoption of shared mobility solutions is anticipated to be faster, compared to India and Indonesia. Therefore, the growing demand for automobiles is expected to boost the demand for coated glass during the forecast period.
Additionally, Germany is Europe's manufacturing hub for automobiles. The demand for coated glass in automobiles is expected to rise in the future years. For instance, electric cars use glass and ceramic coating 7601 which reduces the use of windscreen wipers in rain. For instance, Germany manufactured ~300,000 cars in 2021.
The key players operating in the coated glass market are: