The borosilicate glass market size is anticipated to surge from US$ 2.03 Billion in 2022 to US$ 4 Billion in 2032. The growth of the market can be attributed to the development of the solar power industry. The global borosilicate glass market is expected to create opulent growth opportunities over the forecast period with the projection of a CAGR of 7% from 2022 to 2032.
The dominant players in the market actively participate in developing the market. Key players in the market are actively collaborating with other dominant companies which are expected to grow the customer supply chain. Such initiatives are anticipated to positively impact the borosilicate glass demand in the region and strengthen the industry in the forecast period.
On the basis of the product type, the non-alkaline-earth borosilicate glass segment is predicted to generate a significant market share throughout the forecast period. The growth of the market is accelerated by several benefits offered such as thermal and chemical resistance, surface performance, and flawless light transmission. The product is gaining significant traction for the purpose of piping, flasks, glass containers, and glass tubing.
The product is expected to witness substantial demand from the chemical industry, thereby, strengthening the segmental growth in the forecast period. The propelling demand for borosilicate glass in the electronics and semiconductor industry is expected to play a significant role in driving the market in the forecast period.
APAC is expected to anticipate an opportunistic market over the assessment period. The growth of the market can be attributed to the surging urbanization and the rising disposable income among various developing nations of the region. Furthermore, the expansion of electronic and semiconductor industries in the region is known to be identified as another vital reason for offering growth opportunities to the market in the forecast period. South Korea, Japan, and Taiwan are booming markets for the electronics and semiconductor industries, thus, bolstering the borosilicate demand during the forecast period. Increased consumption of electronic devices with the rise in disposable income is expected to propel market growth in the forecast period
Key Takeaways
The drastic development of the solar power industry is expected to play a crucial role in driving the market throughout the projection period. In addition to that, growing environmental regulations across the globe are likely to surge demand for solar energy, thus, propelling demand for borosilicate glass.
Several countries like Germany, China, Spain, and the United States have some of the largest solar resources across the globe. Attributing to the rising awareness concerning the environment, developed and developing nations are taking initiatives to implement solar panels, which are expected to benefit the market in the forthcoming period.
Supportive government policies are known as other factors that are expected to strengthen the solar industry, therefore, driving the borosilicate glass market during the forecast period. The Indian government initiated the International Solar Alliance (ISA). This initiative aims to send a strong message to several nations across the globe regarding the growing climate change. India pledged to install 175 GW of renewable energy of which 100 GW will be solar by 2022. Due to such progressive initiatives of developing countries, the market for borosilicate is expected to flourish in the forecast period.
In addition to that, various countries including the U.S., China, and the European Union are working on implementing policies like investment tax credits, capital subsidies, and FiT. Such factors are expected to grow demand for borosilicate as these policies aim to strengthen the solar power sector. The borosilicate glass market graph is expected to witness a significant rise during the forecast period.
Competitive Landscape
Players in the global borosilicate glass market are focusing on research and developments along with collaborations with other dominant companies in order to get an edge over the market across the projection period.
Corning Incorporated
AGC Inc.
SCHOTT AG
Swift Glass
Hangzhou AiJia‘s Glass Products Co., Ltd.
Borosil Glass Works Ltd.
Hilgenberg GmbH
Gerresheimer AG
Noble Glass Works Pvt. Ltd.
Kavalier
More Insights into the Borosilicate Glass Market
According to the FMI analysis, the North American region is anticipated to dominate the global borosilicate glass market over the assessment period. The domination of the region can be attributed to the expansion of pharmaceutical packaging and the growing adoption of solar energy tubes. The U.S. is projected to lead the regional market in the assessment period.
Key Segments Profiled in the Global Borosilicate Glass Market
Borosilicate Glass Market by Type:
Non-Alkaline-Earth Borosilicate Glass
Alkaline-Earth-Containing Borosilicate Glass
High-Borate Borosilicate Glass
Borosilicate Glass Market by End-Use Industry:
Borosilicate Glass in Laboratories & Pharmaceuticals
Borosilicate Glass in Electronics & Semiconductor
Borosilicate Glass in Lighting
Borosilicate Glass in Home & Commercial Appliances
Borosilicate Glass in Automotive
Borosilicate Glass Market by Region:
Borosilicate Glass Market in North America
Borosilicate Glass Market in Latin America
Borosilicate Glass Market in Europe
Borosilicate Glass Market in Asia Pacific
Borosilicate Glass Market in MEA
