The Stained Glass Market is forecast to reach $3.22 billion by 2025, growing at a CAGR of 5.5% during 2020-2025. The development of the interior decor industry and is a major factor that drive the growth of the stained glass market. Additionally, the customization and renovation of buildings amplifies the market growth. Also, the automotive market are boosting the consumption of stained glass.
- Asia-Pacific dominates the stained glass market owing to increasing demand from applications such as automotive and construction industries.
- The Automotive industry held the major share in the end-use industry segment.
- Increasing demand for battery electric vehicles and the ban on diesel and gasoline vehicles going forward in the European countries will create huge opportunities for the stained glass market.
By Type – Segment Analysis
The major segment by type in the market is plate glass, owing to the rapidly rising residential interior décor industry. Currently, residential construction is on a soar, when compared to other forms of construction. Residential construction derives its market from parameters like increasing population and emerging urbanization. In the APAC region, the impetus for growth is mainly seen in China and India which exceed the expectations and are on upsurge. For the past few decades greener cost saving technologies were employed in the construction sector and this trend was shifted towards smart glass due to the environmental regulations, lower VOC levels and cost.
By End-Use Industry – Segment Analysis
The Automotive sector has been a major market for stained glass for many years. Growing R&D for newer technologies and IOT will boost the market for stained glass in automotive applications in the coming years. The focus of the auto industry has shifted from the traditional manufacturing countries to the emerging markets, with sales increasing year by year. Emerging markets have fewer cars by population, which promises a huge potential. Economic growth has further increased the adoption rate of cars.
With the auto development trends focusing on lightweight materials, miniaturization, intelligence and electrification, the market of automotive electronics is experiencing a rapid growth. Europe and the United States have improved energy-saving, emission reduction and safety performance of vehicles through mandatory regulations. The developments in consumer electronics has given rise to more demanding requirements for communications and entertainment functions of vehicles, so the development of safety control and communications and entertainment electronics are expected to experience rapid growth, thereby fueling the demand for stained glass.
Globally, construction sector is expected to stand out amongst the most dynamic industrial sectors in the following fifteen years and is completely essential to the advancement of prosperous societies around the world. Construction sector is expected to grow strong in economies such as India and Indonesia when comes to Asia-pacific region and in Europe UK is a stand out growth market for construction, where as in the Latin American region developing countries as such Brazil, Mexico and Argentina are expected to witness good construction growth.
Geography – Segment Analysis
APAC dominated the stained glass market with a share of more than 40%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the aviation and automotive industries. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.
China has the largest automotive industry in the world and one of the largest civilian aircraft markets. According to OICA, China held 35 percent share in global passenger cars sales in 2017. India also has excellent potential for automotive industry growth in the future. The country’s automotive industry experienced 8% growth in production in 2018, over the previous year. With more than 11 million vehicles traveling on the U.S. roads, which is 11.5 percent of the total vehicles in the world as reported by the OICA in 2017, there will be tremendous demand for stained glass in the automotive application.
Drivers – Stained Glass Market
- Growing demand for solar power generation
By the end of 2018, global cumulative installed PV capacity reached about 512 gigawatts (GW), of which about 180 GW were utility-scale plants. This represented a growth of 27% from 2017. Although capacity additions remained flat in 2018, solar PV generation increased 31% in 2018, and represented the largest absolute generation growth (+136 TWh) of all renewable technologies, slightly ahead of wind and hydropower. This is fueling the demand for stained glass.
- Growing demand for battery electric vehicles
The shift towards electric vehicles in the developed and developing nations would drive the stained glass market over the forecast period. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero emission targets under the “Paris Climate Accord”, in 2017, France government had announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric powered vehicles by 2040.
Challenges – Stained Glass Market
- Volatile raw material prices
Glass is an inorganic product produced by melting a mixture of silica sand, soda ash, limestone, with desired metallic oxides that serve as coloring agents. Prices of soda ash increased 6% y-o-y from in April 2017 to April 2018 was the third consecutive month in which prices had risen. Prices were on a decline from December 2016 to January 2018.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Stained Glass market. In 2018, the top five players accounted for xx% of the share. Major players in the Stained Glass Market are Aanraku Studio, Bullseye Glass Co, Cascade Metal, CBS Dichroic Glass, Creative Paradise, Inc, Creator Stained Glass, Diamond Tech Glass, Jinan Leader Glass Co, Ltd, Pendle Stained Glass Ltd, Taizhou Wanda Stained Glass Co, Ltd, among others.