Glass Additives Market To Reach USD 2.2 Billion By 2032, Report By DataHorizzon Research
The glass additives market size was valued at USD 1.6 Billion in 2023 and is expected to reach a market size of USD 2.2 Billion by 2032 at a CAGR of 3.7%.
Fort Collins, Colorado, April 22, 2024 (GLOBE NEWSWIRE) --*Advances in the construction and automotive industry are crucial to the success of the glass additives industry.*
The construction industry is pivotal in propelling the *glass additives market* forward, driven by the rising demand for energy-efficient and sustainable buildings. As highlighted by the United Nations Environment Programme (UNEP), buildings contribute to around 40% of global energy consumption and 33% of greenhouse gas emissions. Consequently, there's a growing emphasis on employing high-performance glass enhanced with advanced additives to improve thermal insulation and diminish energy consumption. Moreover, government initiatives promoting green building standards, exemplified by programs like Leadership in Energy and Environmental Design (LEED) certification, have further bolstered the demand for glass additives within the construction sector.
The automotive industry's transition toward lightweight materials, aimed at enhancing fuel efficiency and curbing carbon emissions, has significantly propelled the growth of the glass additives market. As per the U.S. Department of Energy, a mere 10% reduction in vehicle weight can yield a substantial 6-8% enhancement in fuel economy. Glass additives play a pivotal role in facilitating the fabrication of lightweight yet robust glass components for vehicles, including windshields, side windows, and sunroofs. Furthermore, the increasing adoption of electric vehicles (EVs) has intensified the demand for advanced glass additives. EVs necessitate lightweight materials to offset the weight of battery packs and optimize overall vehicle efficiency, thereby amplifying the requirement for innovative glass additives in the automotive sector.
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*Segmentation Overview:*
*The glass additives market has been segmented into product, end-user, and region.*
*The building and construction segment propels the segment share.*
· Based on the market segmentation by end-user, the building & construction segment held the largest market share in 2023 in the glass additives market. The construction industry heavily relies on glass additives to produce energy-efficient and high-performance glass products, such as low-emissivity (low-E) glass and insulated glass units (IGUs).
*Metal oxide products dominate the segment in the forecast period.*
· Based on the market segmentation by product, the metal oxide segment is expected to hold the largest market share in the glass additives market. Metal oxides, such as cobalt oxide, iron oxide, and cerium oxide, are widely used in the glass industry due to their ability to enhance the properties of glass, including color, durability, and thermal stability.
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*Glass Additives Market Report Highlights:*
· The glass additives market growth is anticipated at a *CAGR of 3.7% by 2032.*
· Growing demand from the construction industry to impel the market demand.
· Europe is the leading region for glass additives for 2023 and will grow high in the forecast period.
· Some prominent players in the glass additives market report include Ferro Corporation, Arkema Group, BASF SE, DowDuPont Inc., Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials Inc., Deka Minerals, CILAS, GlassFlake Ltd., Potters Industries LLC, PQ Corporation, and 3M Company.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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CONTACT: Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
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