Global $2.13Bn Functional Glass Coatings Market Study, 2019-2024

DUBLIN, Dec. 17, 2019 /PRNewswire/ -- The "Functional Glass Coatings Market by End-User Type, by Application Technique Type, by Coating Type, and by Region, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The functional glass coatings market is forecasted to grow at an impressive rate over the next five years to reach an estimated value of US$ 2,137 million in 2024.

The overall coatings market for glass applications has undergone a remarkable transition over a period of time with changing roles from protecting and decorating a glass substrate to the new role, termed as functional glass coating. Increasing applications of glasses in various sectors including architecture, automotive, food & beverage, consumer goods, and pharmaceuticals, along with a surge in the performance requirement of glass substrates to meet the requisite properties of different applications have given the rise to the demand for functional glass coatings. The functional coating enhances or modifies the properties of the glass substrate and offers several crucial properties, such as adhesion, wettability, chemical resistance, wear resistance, scratch resistance, gloss, hydrophobicity, self-cleaning, anti-static, anti-reflective, and anti-bacterial properties, to the glass substrate.

The performance of the functional glass coatings market is highly dependent on the glass industry, whose growth is aligned with the growth of the architectural industry, automotive industry, and the electricals & electronics industry. In a particular industry, glass products are used for different applications with the purpose to address a different set of requirements. For instance, the architectural applications require flat glasses for windows and facades that should be energy-efficient, whereas the automotive industry requires flat glasses that should be highly resistant to ultraviolet and infrared radiations. Growing construction, automotive, and electricals & electronics industries in the emerging countries are intensifying the demand for advanced and smart glass products and so are functional coatings.

There are a host of factors burgeoning the demand for functional glass coatings in a diverse range of applications. Among all, the biggest driving factor is the organic growth of the architectural industry. Increasing building and infrastructure activities and the surge in global investments for the construction of taller buildings with increasing usage of glass for aesthetic appearance are the major factors driving the growth of functional glass coatings in the architectural industry. Rising demand for energy savings and green building concept has created ample opportunities for the functional glass coating manufacturers to develop and innovate functional glass coatings in order to produce highly efficient architectural glass for the industry.

Another factor, which is acting as a catalyst to the growth of functional glass coatings, is consistently increasing automobile production. Currently, global automobile production has been at its peak with all four regions marking overall positive developments in the production of automobiles. China, India, Southeast Asia, and North Africa will fuel the growth of the automotive industry in the coming five years. It is very important for the functional glass coating manufacturers to realign themselves based on the shifting opportunities from the developed economies to the developing economies, such as China and India.

In addition to that, the rapidly changing market dynamics, such as increasing demand for energy-efficient buildings owing to several environmental initiatives by regulating authorities, such as, LEED, RoHS, and REACH standards; growing penetration of glass in a wide array of applications; increasing functionality of coatings in a glass; and advancements in functional glass coating materials and manufacturing processes are further substantiating the growth opportunities for new entrants as well as for the existing players in the functional glass coatings market.