Sales of Borosilicate glass are expected to surge from USD 2.03 Billion in 2022 to USD 4 Billion in 2032. The industry is projected at a CAGR of 7% during the forecast period from 2022 to 2032. The growth of the market can be attributed to the development of the solar power industry.
| Report Attribute | Details |
|---|---|
| Expected Base Year Value (2021) | 1.9 Billion |
| Estimated Market Value (2022) | USD 2.03 Billion |
| Anticipated Forecast Value (2032) | USD 4 Billion |
| Estimated Growth Rate (2022 to 2032) | 7% |
Based on the product, the non-alkaline-earth borosilicate glass segment is expected to garner a significant market share during the forecast period. The growth of the market can be accredited to the 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 increasing demand for borosilicate glass in the electronic and semiconductor industry is expected to play a significant role in driving the market in the forecast period. Increased consumption of electronic devices with the rise in disposable income is expected to propel market growth in the forecast period
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The rapid development of the solar power industry is anticipated to play a key role in driving the market during the forecast period. Growing environmental regulations across the globe is likely to surge demand for solar energy, thus, propelling demand for borosilicate glass. Countries like Germany, China, Spain, and the United States of America have some of the largest solar resources across the globe. Owing to the rising awareness regarding 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 another factor that is expected to strengthen the solar industry, thus, driving the borosilicate glass market during the forecast period. For instance, the Indian government initiated the International Solar Alliance (ISA). The initiative aims to send a strong message to nations across the globe about 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.
Countries such as the United States of America, China, and the EU are 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.
High energy demands and the expenses associated with manufacturing borosilicate glass are expected to hamper the market growth during the forecast period. An oxygen torch is required for the manufacturing of borosilicate glass, which is expensive. Also, the availability of alternatives such as tempered soda-lime glass and high-quality plastics is another factor hindering the market in the assessment tenure. There are certain restrictions on the application of oxygen cylinders, which is another factor limiting the market expansion in the forecast period.
With growing Research and Development and rapid expansion of the automobile sector, the demand for borosilicate glass is anticipated to rise which can counter the negative causes hampering the industry growth during the assessment period.
Principal Consultant
As per the analysis, the global borosilicate glass market is anticipated to dominate the market during the forecast period. The domination of the region can be attributed to the expansion of pharmaceutical packaging and the growing adoption of solar energy tubes. The United States of America is projected to lead the regional market in the assessment period.
The 21st Century Cures Act (Cures Act) was passed by the United States of America to promote medical product development. Implementation of such laws is expected to strengthen the demand for borosilicate glass during the forecast period. In another instance, in 2022, the United States of America installed 3.9 gigawatts of solar PV capacity in Q1 2022 to secure 126.1 GW of total installed capacity, sufficient to power 22 million American homes. Such factors are expected to augment the market size of borosilicate in North America during the forecast period.
Asia Pacific is anticipated to be an opportunistic market during the forecast period. The growth of the market can be attributed to the increasing urbanization and the rising disposable income among the developing nations of the region. The expansion of electronic and semiconductor industries in the region has been identified to be 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.
Players of the aforementioned countries are actively participating in developing the market. For instance, in June 2022, Toshiba Electronic Devices & Storage Corporation announced that Toshiba Electronics Europe GmbH, its European branch of sales and marketing, strengthened its relations with Farnell, known electronic components and solution provider in Europe. As per the agreement, Farnell will stock more Toshiba products in larger quantities, developing Toshiba’s customer supply chain. Such initiatives are expected to positively impact the borosilicate glass demand in the region and strengthen the industry in the forecast period.
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Players in the global borosilicate glass market include 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., and Kavalier.
| Report Attribute | Details |
|---|---|
| Growth Rate | 7% CAGR from 2022 to 2032 |
| Market Value in 2022 | USD 2.03 Billion |
| Market Value in 2032 | USD 4 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | USD Million for Value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, End-Use Industry, Region |
| Regions Covered | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, France, United Kingdom, Italy, Spain, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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 |
| Customization Scope | Available upon Request |
The expected market value of borosilicate glass is USD 4 Billion by 2032
The global borosilicate glass market is expected to display a CAGR of 7% during the forecast period.
Hangzhou AiJia‘s Glass Products Co., Ltd., Borosil Glass Works Ltd., and Hilgenberg GmbH, among others, are some of the known players in the global borosilicate glass market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 5.1. Non-alkaline-earth Borosilicate Glass 5.2. Alkaline-earth-containing Borosilicate Glass 5.3. High-borate Borosilicate Glass 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-use Industry 6.1. Laboratories & Pharmaceuticals 6.2. Electronics & Semiconductor 6.3. Lighting 6.4. Home & Commercial Appliances 6.5. Automotive 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa (MEA) Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Corning Incorporated 15.2. AGC Inc. 15.3. SCHOTT AG 15.4. Hangzhou AiJia‘s Glass Products Co., Ltd. 15.5. Swift Glass 15.6. Borosil Glass Works Ltd. 15.7. Hilgenberg GmbH 15.8. Gerresheimer AG 15.9. Noble Glass Works Pvt. Ltd. 15.10. Kavalier 16. Assumptions & Acronyms Used 17. Research Methodology
Chemicals & Materials
February 2023
REP-GB-167
325 pages
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Borosilicate Glass Market
