The tint glass market is projected to grow at a 6.6% CAGR from 2020 to 2030, driven by smart glass innovations and real estate investments.
The growth of the global market for tint glass has dipped significantly in 2020, owing to the impact of the coronavirus pandemic. Restrictions on construction activity and automobile production, in addition to changes in consumer behavior, with increased purchases of essential has hampered the short-term scope of growth for the tinted glass market. As per Future Market Insight’s, tint glass market research, global revenues are expected to reflect 6.6% CAGR for the assessment period between 2020 and 2030. According to its latest report the market is likely to gain impetus from the incorporation of smart glass technologies and major investments into the commercial real estate sector.
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The tint glass sector is expected to display healthy growth throughout the assessment period, with the adoption of smart glass and laminate tech, and the widespread use of glass for aesthetics in construction.
On the other hand, volatility of raw material supplies and prices, and strict laws against the use of tinted glass, especially on automobiles could potentially hinder market growth in the long term.
The report published by FMI encompasses an exhaustive overview of the market, covering essential dynamics of the tinted glass industry. Some key takeaways include:
“Tech innovations, including sustainable alternatives such as bio-based tint films, in addition to higher purchasing power is aiding market growth. Also, rising consumer awareness about the benefits of tinting films in automobiles will boost tint glass consumption for the foreseeable future,” stated a lead analyst at FMI.
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Covid-19 Effect on Tint Glass Market
The rapid spread of the coronavirus pandemic coupled with the resultant lockdown regulations imposed by governments has had a largely adverse impact on the tint glass market. Consumers are more inclined to focus their disposable incomes towards essential commodities, reducing short term demand.
Further, the lockdown restrictions on the manufacturing, automotive and construction sectors have had a significant impact on vehicle production and building activities further limiting demand. The tinted glass industry also continues to face challenges from the tariff wars between the US and China, which compounds the effects of the pandemic.
However, the market is likely to display a steady recovery towards 2021, as restrictions by governments are relaxed with the objective of limiting the strain on national and global economies gains importance.
Who is Winning?
In a new report, Future Market Insights has provided detailed analysis of the varied business strategies being used by participants in the tint glass market. Leading players are largely focused on investing their resources towards strategic collaborations and product launches to consolidate position in a fairly fragmented landscape and to expand their portfolios.
Some of the more important players in the tint glass market include AGC Inc., Saint Gobain, Vitro, Guardian Glass LLC, Xinyi Glass Holding Ltd., Kinestral Technologies Inc., and Qingdao Vatti Glass Co. Ltd., among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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The article discusses the growth prospects of the tint glass market, highlighting a 6.6% CAGR driven by smart glass innovations.
The pandemic caused a dip in market growth due to restrictions on construction and automotive sectors, but recovery is expected by 2021.
East Asia is a prominent market due to automotive production, with global opportunities arising from smart glass technologies.
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