Advanced Glass Market Trends

Growth Drivers

• Higher Utilization of Advanced Glass in Solar Panel Manufacturing - In 2018, approximately 25 exajoules of renewable energy were consumed across the globe while the demand for solar PV is projected to reach around 100 gigawatts by 2024. Photovoltaic cells collectively make up solar panels which are being highly installed across the globe. Photovoltaic glass is the main technology behind the functionality of solar panels. Other benefits of solar control glass are cutting off the sun’s heat, allowing optimum light transmission, and others.
• Growing Demand for Safety Glasses - It is estimated that nearly 75% of eye injuries are caused by sparks striking the eye. Moreover, around 1500 sustain job-related eye injuries in the United States every day.
• Rising Sales of Optics & Lighting Across the Globe - As of 2022, the global lamps & lighting segment was estimated to generate a total revenue of approximately USD 70 billion.
• Spiking Inclination of the Global Population and Sales of Television - In 2022, the television segment was anticipated to hit around USD 150 billion.

Challenges

• Massive Price for Raw Materials and Their Limited Availability - It is projected that the market will be hampered by the rising price of advanced glass, its limited accessibility owing to the widening gap between supply and demand, and the unreliable supply of raw materials. In the coming years, it is predicted that rising raw material costs will restrict the advanced glass market.
• Presence of Alternatives in the Market
• Decline in the Supply-Chain followed by COVID-19