Solar Control Glass Market Trends

Growth Drivers

• Growth of Skin Cancer – Rising awareness about skin infections and cancer owing to exposure to harsh sun rays and harmful pollutants has propelled the population to adopt solar control glasses for their vehicles and homes. Thus, the high prevalence of skin cancer is attributed to bringing lucrative growth opportunities for market growth in the upcoming years. As per the statistics revealed by the World Health Organization (WHO), in 2020, over 1.5 million cases of skin cancers, were diagnosed and over 120 000 skin cancer-associated deaths were reported globally.

• Growth in Demand for Vehicles Worldwide – With the rising focus on eliminating carbon emissions, the adoption of solar control glass in automobiles is expected to increase automatically since the incorporation of solar control glass helps in lessening the heat load inside the vehicle and reducing the need for air conditioning. As a result, the mileage of the vehicle increases while fuel consumption is reduced and carbon dioxide emissions decrease. Moreover, the growing consciousness among consumers about environmental protection is propelling them to buy cost-effective and energy-efficient vehicles which are further projected to bring lucrative growth opportunities for the market growth. Recently, the International Organization of Motor Vehicle Manufacturers (OICA), stated that the global sales of vehicle statistics rose to 56 million in 2021 from 53 million in 2020. Whereas, the global production of vehicles was calculated to be 57 million in 2021.

• High Level of Carbon Dioxide Emission – International Energy Agency revealed the data on carbon dioxide emission to be 36.3 gigatons in 2021, a 6% increase from the previous year globally.

• Rapid Development in the Real Estate Sector – The real estate sector is recovering as the global pandemic recedes. As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021.

Challenges

• Increased Investment in Production
• High Costs of Solar Control Glass
• Unstable Price of Raw Materials Used - Aluminum, copper, steel, polysilicon, and silver are all raw materials whose prices fluctuate rapidly as per market demands. Increases in the cost of raw materials have driven up the costs, and it is anticipated to restrain the market’s growth.