Photosensitive Glass Market - Forecast(2024 - 2030)
Photosensitive Glass Market Overview
Photosensitive glass market size is forecast
to reach $ 9.8 billion by 2026, after growing at a CAGR of 6.3% during 2021-2026
as photosensitive glass is widely used for decorative purposes owing to its attractive
appearance. Photosensitive glass is similar to photo-definable or photostructurable glass or photomachinable glass, which is a crystal-clear glass that belongs to the lithium silicate
family glass. Photosensitive glass can capture images by microscopic metallic particles
when it is exposed to ultraviolet lights. Photosensitive glass is used for
various applications, such as window decoration, wall and partition
beautification, and windowpanes in architectural appliances. Photosensitive
glasses have valuable properties such as high strength, excellent stability,
reproductivity, and multiplicity of contrast shades, thus it is used for
jewelry, fresco printing, and others. Hence, such factors are estimated to grow
the demand for photosensitive glass for decoration.
COVID-19 Impact
During the COVID-19 pandemic, major sectors saw a steady decline in
growth owing to the decrease in transportation during the lockdown. The construction activities were also closed
from the first quarter of 2020. According to U.S. Census Bureau, construction
spending in the US decreased 0.8% in January 2021. Thus, this factor is
hampering the demand for glasses.
Report Coverage
By Type: Transparent Colored Glass and Opacified Glass.
By Application: Ornamental Tile, Decorative Walls, Colored Windowpanes, Jewelry, Dinnerware, Fresco Printing, Automotive, Electronics, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).
Key Takeaways
- North America dominates the photosensitive glass market owing to increasing demand from construction and decorative sectors in developed countries such as the Unites States, Canada, and Mexico.
- The increased demand for photosensitive glass (group of lithium silicate family glass) due to its characteristics of capturing colorful images and superior physical properties fuel its use for aesthetic purposes.
- Increasing applications of photosensitive glass across various areas such as wall decoration, painting, ornamental tiles, and others are anticipated to create lucrative growth opportunities for the market during the forecast period.
Figure: North America Photosensitive Glass Market Revenue, 2021-2026 (US$ Billion)
Photosensitive Glass Market Segment Analysis – By Type
The transparent colored glass segment held the
largest share in the photosensitive glass market in 2020. Transparent glass can
transmit and absorb/refract daylight in all directions. It helps to increase
solar reflectivity, reduce heat, and maintain the view. Thus, most of the transparent colored glass is used for
decorative purposes in houses, hotels, and other commercial buildings. Hence,
increasing demand for transparent glass is estimated to boost the demand for
photosensitive glass.
Photosensitive Glass Market Segment Analysis – By Application
Decorative wall segment by application held
the largest share for the photosensitive glass market and growing at a CAGR of 6.5%
during 2021-2026 as it is widely used for appearance enhancement in a
residential environment. Photosensitive
glass belongs to lithium silicate-based glass family which is used for producing ceramic floor tiles for decorative purposes
which, in turn, increasing the demand for glass in residential areas. Thus, the
growing residential sector is likely to increase the demand for photosensitive
glasses (also known as photostructurable glass or photomachinable glass). According
to the National Bureau of Statistics, China's real estate market investment
jumped from 15.7% in 2019 to 38.3% in January-February 2021. Hence, the growing
construction industry is estimated to drive the demand for photosensitive
glass.
Photosensitive Glass Market Geography - Segment Analysis
North America region dominated the
photosensitive glass market in 2020 with more than 30% of market share due to established industry and
economically strong nature, which helps to generate additional demand for the photosensitive
glass market. It is widely used in the commercial sector to aesthetically
enhance the surroundings. Thus, growing housing demand in North American
countries such as the USA is expected to grow the demand for decorative glass
at homes. In April 2021, The U.S. Census Bureau and the U.S. Department of
Housing and Urban Development announced the construction of 1.6 million houses,
out of which 1.4 houses have been built. This is driving the demand for
photosensitive glass in North American region.
Photosensitive Glass Market Drivers
Growing Demand from Buildings and Construction
Photosensitive glass or photomachinable glasses are used for decorative purposes such as walls & partition, decorative printing at home, and others. Thus, the continuously growing demand for houses is estimated to grow the demand for glasses. According to India Brand Equity Foundation (IBEF), in 2019 Puravankara realty firm limited plans to invest Rs 850 crore to build 3 luxury housing projects in Bengaluru, Chennai, Mumbai over the next 4 years. According to the Canadian Real Estate Association (CREA), Canadian housing starts rose 21.6% in March 2021 as compared with the previous month. Therefore, the growth in all such activities is expected to boost the demand for photosensitive glass.
Excellent Light Transmit Properties of Photolithography
Photolithography, photosensitive glass/photostructurable glass allows more light to transmit through glasses with terminating reflection, thereby enhancing the clarity in vision. It uses UV light to transfer the geometrical pattern from the optical mask to the photosensitive layer on the substrate. Photolithography is one of the most important and easiest methods of microfabrication to place a pattern which makes it an invaluable tool in the semiconductor and electronics industries. Photolithography mechanism permits the micropatterning of photosensitive etch-able glass based on the crystallization of the glass following irradiation with MeV protons and heat treatment. Hence, due to permit extra light emission is expected to grow the demand for photolithography on photosensitive glass.
Photosensitive Glass Market Challenges
High Cost of Photosensitive Glass
Silicon dioxide, zinc oxide, and others are used in the composition of
photosensitive glass. It requires a high temperature to be molded in any shape. Silicon dioxide is formed when silicon is exposed
to oxygen, thus; it requires high cost to manufacture which, in turn,
increasing the cost of photosensitive glass. Thus, this factor is limiting the market
growth.
Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the photosensitive market. Major
players in the Photosensitive Glass Market Corning Incorporated, HOYA
Corporation, Schott AG, IPG Photonics Corporation, Gaffer Glass, OptiGrate
Corporation, Lastek Pty. Ltd., 3D Glass Solution, Inc and SUMITA OPTICAL GLASS,
and among others.