Functional Glass Coatings Market for the Automotive Industry by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Duty Commercial Vehicle), by Application Type (Windshield, Sidelite, Backlite, and Sunroof), by Material Type (Black Glass Enamel, Glass-Ceramic Enamel, and Conductive Silver Paste), by Glass Type (Laminated Glass and Tempered Glass) by Process Type (IR Drying and UV Curing), by Media Type (Oil-based and Water-based), and by Region (North America, Europe, Asia-Pacific, and Rest of The World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
This report, from Stratview Research, studies the global functional glass coatings market for the automotive industry over the period 2018 to 2023. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Functional Glass Coatings Market for the Automotive Industry: Highlights
The global functional glass coatings market for the automotive industry is projected to reach an estimated value of US$ 374.6 million in 2023. Over the next five years, the growth prospects of the functional glass coatings market for the automotive industry seem promising with a plethora of opportunities across regions for both existing as well as new players. The development of more innovative solutions is an indispensable focus area for the industry players manufacturing functional coatings, due to the changing customer needs with evolving trends, rapid transformation in vehicle design and technologies, and intense market competition.
There are a host of factors burgeoning the demand for functional coatings for automotive glass applications. The biggest driving factor among all is organic growth of automobile production. Currently, the 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 coating manufacturers to realign themselves based on the shifting opportunities from the developed economies to the developing economies including China and India.
Another trend happening in the industry is an increased demand for autonomous vehicles and green vehicles. All the major automakers are putting efforts for the development of electric/hybrid vehicles as well as autonomous vehicles in order to quickly gain market share in the industry. This trend is leaving a multi-edged impact on the functional coatings market as the industry is demanding greener functional coating materials to make vehicles more environmentally friendly as well as a shifting paradigm of the industry with a focus on the development of robust coatings for thinner glass.
In addition to that, the rapidly changing automotive industry dynamics, such as more glass surface area per vehicle, more complex glass shapes to make vehicle more aerodynamic, increasing production rates of glass manufacturing in order to achieve economies of scale, and the development of thinner and stronger glass in order to make vehicle lighter in weight are also imprinting a great impact on the demand for functional coatings. There is greater demand for functional coatings that can offer excellent UV resistance, heat resistance, more privacy to passengers, and higher strength.
The global functional glass coatings market for the automotive industry is segmented based on vehicle type as Passenger Car, LCV, and M&HCV. The passenger car is expected to remain the growth engine of the global functional glass coatings market during the forecast period of 2018 to 2023. Increasing demand for SUVs and hatchbacks in the developing economies as well as in the highly congested cities of the developed economies is the key factor, propelling the demand for functional coatings in passenger cars.
Based on the application type, the functional glass coatings market for the automotive industry is segmented as Windshield, Sidelite, Backlite, and Sunroof. Sunroof is expected to be the highest-growing segment in the functional glass coatings market for the automotive industry during the forecast period of 2018 to 2023, owing to an increasing size of sunroofs to cover the entire rooftop of the vehicle. This, in turn, demands more functional coatings per vehicle.
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