Market revenue of laminated glass is expected to reach $32.1 billion in 2028
According to the "Laminated Glass Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report by The Insight Partners, the laminated glass market is expected to grow from $20.76 billion in 2021 to $321 million in 2028 billion USD, growing at a CAGR of 6.4% from 2021 to 2028, the report highlights the key factors driving the market and key players and their growth in the market.
The COVID-19 affected the laminated glass market in 2020. The shortage of laminated glass continues into 2021, causing disruptions to various businesses. Due to various issues, including the global pandemic and international tariffs, glass supplies are tightening and purchasing costs are becoming more expensive, many factories and manufacturers have had to suspend or slow glass production, making it extremely difficult to meet current demand. Restoring a plant after a shutdown or prolonged low-level production can be extremely challenging, especially if the company is not operating at full capacity due to health and safety regulations. In addition, as Covid-19 vaccination is a high priority for the public and the health business, the supply of glass has been redirected for this reason, which has resulted in a shortage of glass in the market due to the inability of other industries to obtain glass.
The construction industry is expected to drive the laminated glass market growth over the forecast period. With the increasing use of glass as a structural element and a preference for more creative architectural designs, the demand for laminated glass in the construction industry has gained significant momentum.