The global solar control glass market size will reach $12,219.04 million by 2030, advancing at a CAGR of 9.0% between 2021 and 2030. This can be attributed to the increasing application areas of solar control panels in automobiles and new buildings and the growing awareness to reduce carbon emissions, across the world.
Moreover, another factor supporting the solar control glass market is the implementation of supportive government policies to encourage the creation of green buildings for lowering electricity consumption. Additionally, as consumers' awareness of the negative effects HVAC systems have on the environment grows, a trend toward environmentally friendly products like solar control glass is stirring.
The APAC market is expected to witness the highest CAGR, of more than 9%, during the forecast period. This can be majorly due to the increasing construction of residential and commercial buildings, as governments in the region are focusing on infrastructure development for commercial spaces, which can eventually drive the demand for solar control glass.
The glass is widely used in both residential and commercial buildings, as a protective layer laid on it provides protection against ultraviolet radiations that can cause fading of fabrics and furnishings. The coating gives privacy while reducing heat within buildings, which reduces the need for air conditioning, and ultimately helps in lowering energy expenses.
Moreover, governments’ investments in infrastructure play a vital role in the recovery of the construction and real estate industry following the COVID-19 downturn. Major investments planned in China, India, Japan, and other regional countries are set to drive the market growth in APAC over the short to medium term. As per data, residential buildings accounted for the largest construction projects in China in 2021, which was around 66% of the overall projects.
The automotive category is expected to witness the fastest growth in the coming years. This can be majorly due to the surging usage of solar control glass panels by manufacturers of vehicles like Mercedes, Ford, and other high-end models. Moreover, the European Automobile Manufacturers Association (ACEA) outlined the use of solar control glass in automobiles and cited several advantages of the product.
Furthermore, the solar control glass market demand is being driven by the increase in the need for fuel-efficient automobiles. The glass increases fuel economy, reduces carbon dioxide emissions, and cuts air conditioning consumption by 10–15% in automobiles. Also, the European governments' keen interest in obtaining certifications of conformity with fuel economy regulations is projected to further fuel the market expansion.
Some of the major players in the solar control glass market are Cardinal Glass Industries Inc., Central Glass Ltd., Compagnie de Saint-Gobain S.A., Guardian Industries LLC, PPG Industries Inc., Pilkington Glass Group Co. Ltd., and AGC Inc.