The global automotive glass market is a large market expected to witness substantial growth in the next seven years owing to its dynamic application areas such as automobile side windows, rear-view windows, and windshields. This dynamic growth rate of automotive glass industry can be attributed to the fast pace recovery of global economic meltdown phase and surging income levels of patrons. Automobile repair establishments and auto manufacturers serve as major clients for glass solutions. This sectorÂs growth can be directly associated with surging global automobile sales.
All service delivery agencies, repair outlets, and major automobile manufacturers are foreseen to comprise a considerable stake in automotive glass market, as consumers are progressively demanding low-cost, high-value deployments with superior quality. The automotive glass market is expected to accomplish an exceptional growth owing to the willingness exhibited by consumers to spend extra money for superior service delivery and enhanced automotive interior decor.
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Global market is segmented on the basis of product which is categorized as para, me Market prices for automotive glass depend on aspects such as raw material costs and supply & demand in market. The average price for automotive glass declined in the past decade due to the global financial crisis of 2008. Recovery in global automobile sector and mounting global GDP value, both are expected to drive the market growth over the next few years.
The global market is set to grow in the coming years with increasing global automotive production and increasing urbanization. Growing urban population coupled with surging automobile production, progressive economic development in developing countries, and aligned on-goings are expected to drive the automobile glass market at a higher pace in the next seven years. Ice storms across countries like the U.S. along with early December snow have led to higher repair volumes.
A combination of sleet, freezing rain, accumulating ice, heavy snow, and rains lead to harsh driving conditions, resulting in thousands of auto and structural claims. These dangerous environmental conditions in particular areas are anticipated to drive market expansion in regions like North America and Russia. Claim frequency for liability and collision losses is foreseen to remain steady with moderate fluctuations in the subsequent quarterly performance in these regions. Major automotive glass market players over the forecast period comprise Fuyao Glass, Asahi Glass Limited, Xinyi, NSG, and Saint-Gobain.
Information Source: Grand View Research