Glass Additives Market Global Analysis 2019, Research News, Industry Review, Applications and Forecast to 2023
According to Market Research Future (MRFR), Global Glass Additives Market is predicted to grow at a moderate CAGR over the forecast period of 2016 to 2023.
The substantial growth of the Global Glass Additives Market over the forecast period is attributable to technological advancements, such as using lanthanum oxide as an additive to improve the durability and refractive index of glass materials, have urged the growth of the market and rapid urbanization. The increasing demand from the expanding building & construction industry is also expected to drive the demand for Glass Additives Market significantly.
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Furthermore, growing investment in the packaging industry, along with the constant expansion of the building & construction industry globally, especially in the emerging economies, is estimated to fuel the growth of the market.
However, factors such as the growing adoption rate of plastic as a comparatively cheaper alternative to glass are expected to hinder the growth of the market over the assessment period.
The key players operating in the Global Glass Additives Market are DuPont. (U.S.), GILLINDER GLASS (U.S.), HAMMOND GROUP INC (U.S.) Potters Industries LLC (U.S.), Namibia Rare Earths Inc. (Canada), Torrecid Group (Spain), SCHOTT AG (Germany), Ardagh Group (Republic of Ireland), Lynas Corporation Ltd (Australia), METALL RARE EARTH LIMITED (China), among others.
The Global Glass Additives Market is bifurcated based on the Product and Application.
Based on Product, Global Glass Additives Market has been segmented into metal oxide, nano-particles, and polymers & rare earth metals.
Based on Application, Global market for Glass Additives is segmented into building & construction, electronics & appliances, packaging, automotive & transportation, and others.
Based on the Region, Global Glass Additives Market is segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
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North America is one of the major markets for Glass Additives and is expected to witness remarkable growth over the forecast period. Developed countries such as the U.S and Canada are substantial contributors to the regional market share owing to the presence of established electronics and packaging industries in the region. Additionally, investments towards product innovation are expected to drive the market over the forecast period.
Europe has been assessed as the largest region in the Global Glass Additive Market. European countries such as France, Germany, Italy, Russia, Spain, and the U.K are expected to contribute substantially owing to established end-use industries and increasing expenditure on R&D activities for product innovation.
Asia Pacific is likely to grow at the highest CAGR during the forecast period due to increasing demand from multiple application sectors such as automotive, building & construction, and packaging, among others. Emerging economies in APAC such as China, India, Malaysia, and Vietnam are significant contributors to the market owing to the rising automobile production and sales over the forecast period. furthermore, the rise in the working population has consequently raised the demand for ready-to-eat items has led to growth in the market of packaged foods, which is further expected to contribute the demand for long-lasting Glass Additives products in the packaging industry. In addition, comparatively low-cost labor, availability of raw material are favorable factors for the market growth in the region.
Latin American region is expected to witness moderate growth over the forecast period, owing to the market growth in developing countries such as Argentina, Brazil, Colombia, and Peru.
The Middle Eastern & Africa region is expected to witness steady growth over the forecast period, due to the increasing expenditure in the commercial, residential, and institutional construction sector in Middle Eastern countries such as Qatar, Saudi Arabia, Turkey, and the United Arab Emirates (UAE. This is attributable to the growing consumption of aesthetic glass in the region, which consequently contributes Global Glass Additive Market over the forecast period.
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