In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Heat resistant glass are the glasses that are capable of withstanding either very high or low levels of temperature fluctuations without shattering. The heat resistant glass contains lime soda or silica in order to resist heat. This glass is produced by heating silica at a high temperature for large time intervals and subsequently the molten form is processed into different glass, depending on the application and the property required. The heat resistant glass are basically crystalline compounds that are heated to such high temperatures that they melt, thereby resulting in breakage of their molecular structure. When this broken structure cools, the molecules get relocked in the desired form, before they could recrystallize themselves. Some of the properties of the heat resistant glass such as melting point, brittleness, thermal resistance and few others depend on the chemical composition used during the manufacturing process.
The heat resistance glass market is anticipated to record a CAGR of around 15% over the forecast period i.e. 2019-2027, owing to increase in awareness regarding safety measures coupled with rules & regulations formulated by the governments. The inherent property of glass to resist heat and refract light is anticipated to increase the glass usage as an insulator. This property of glass is even improved by applying different thermal and chemical coatings which makes it appropriate for use in different applications. The increasing awareness about green technologies and environmental concerns is expected to witness a rise in demand for green building constructions.. The new enhancements in glass technology has made it possible to improve the properties of glass by focusing on improvement of aesthetics, safety and comfort levels, thereby increasing the application areas of heat resistant glass. The versatility in the heat resistant glass ranging from very low temperature to high temperature accompanied by research and development is anticipated to increase the demand for heat resistant glass, thereby helping the growth of the market. The rapid industrialization and urbanization followed by increased investments in safety measures are anticipated to drive the growth of the market.
The market is segmented by material type, application type and heat resistant temperature type out of which, the material type segment is further segmented into tempered glass, borosilicate and glass-ceramic. The tempered glass segment is anticipated to witness significant growth, on account of its wide applications both for residential as well as commercial purposes. The tempered glass contains heat resistant property coupled with toughness, owing to which it finds a huge application in mobile phones, laptops, coffee machines, shower doors. On the basis of the application, the construction and buildings segment is anticipated to register the leading market share on the back of necessity to ensure safety, security and environment sustainability, coupled with increased demand for buildings and other construction to accommodate the growing population and other factors such as industrialization.
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New innovations and developments are happening in the heat resistant glass industry such as application of thermal and chemical treatments, which offer the opportunity for glass to be used in various applications. The BoroFloat Glass is being used for numerous applications, owing to its capacity to work with high temperature fluctuations. New developments are happening in Pyroceram glass and Neuroceram glass, which has allowed them to withstand a temperature of up to 1400F with improved physical properties. Such new innovations have made it possible to use these glasses in numerous applications such as oven dishes, bottles & jars, wood stone and many others. The increased consumption of heat resistant glass, owing to their improved properties, coupled with increased requirement for lightweight and efficient material in aerospace industry and automation and transportation industry is anticipated to drive the growth of the market over the forecast period.
High cost of installations coupled with high energy consumption at the time of manufacturing due to high temperature requirement are anticipated to hinder the market growth. The chemical properties of glass are affected by application of alkalis and strong acids coupled with vulnerability of glass against high thermal stress. Additionally, lack of consumer awareness about the heat resistant glass is anticipated to be a restraint in the growth of global heat resistant glass market.
Our-in depth analysis of the heat resistant glass market includes the following segments:
On the basis of regional analysis, the heat resistant glass market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the leading share in the market on account of stringent rules and regulations regarding security and safety. For instance, the government laid out the standards for building and construction in the region that is aimed at minimizing the asset loss and improve human safety. The presence of large manufacturing firms coupled with research and development facilities are estimated to affect the growth of the market positively. The market in Europe is anticipated to witness significant growth on the back of huge investments in automobile sector and new product developments. The markets in Asia- Pacific and Middle-East and Africa region are anticipated to witness slow growth, owing to lower levels of awareness about the product followed by lesser government initiatives regarding the use of heat resistant glass.
The heat resistant glass market is further classified on the basis of region as follows: