The Low Iron Glass market experienced significant growth in 2021 and is expected to continue registering a high Compound Annual Growth Rate (CAGR) over the forecast period. This is due to the product's increased use in the construction industry for skylights and windows, which has driven market demand. Moreover, the adoption of ultra-clear glass in solar panels for its superior reflectivity and lower sunlight absorption has also stimulated market growth. Ultra-clear glass is clearer than normal glass, with a transparency of up to 91% and without the greenish tint present in the latter due to its low ferric oxide content. It is widely used in the architectural and designing sector for applications such as bathroom dividers, skylights, merchandise display windows, shopping malls, and aquarium walls. However, the high cost of ultra-clear glass compared to regular clear versions is a hindrance to the market's growth.
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The global construction industry, particularly in countries such as India, the US, and China, is also a major driver of market demand. The real estate market, which is starting to recover post-COVID-19 pandemic, is also boosting demand for the material used in house designs. Opportunities in the global ultra-clear glass market include the increasing adoption of this material in solar panels, which has very high light transmission power, low absorption, and reflective power. As the demand for solar panels and photovoltaic (PV) systems increases, so will the demand for ultra-clear glass.
Based on the manufacturing process, ultra-clear glass produced through the float method is expected to register significant growth over the forecast period. This method is scalable and widely used for large-scale production of the product, resulting in a uniform material of enhanced quality. The furniture and display industry segment is expected to register significant revenue growth across the forecast period due to the product's widespread use in aquarium walls, commercial windows, merchandise display windows of shops and malls, tabletops, and furniture.
Asia Pacific is expected to account for the largest revenue share in the global ultra-clear glass market due to factors such as easy labor availability, huge manufacturing facilities, and a growing focus on solar energy.
Ultra-clear Glass Market: Product development
The ultra-clear glass market has seen significant product development in recent years. One notable development is the use of ultra-clear glass in architectural applications, particularly for high-end commercial and residential buildings. This type of glass offers superior clarity and light transmission, which is highly desirable in modern architectural designs.
Another product development is the use of ultra-clear glass in the automotive industry. Ultra-clear glass is increasingly being used for windshields and side windows in luxury cars because of its superior clarity and scratch resistance. This type of glass also offers better visibility, which is an important safety feature.
In addition, there has been a growing trend in using ultra-clear glass in electronics and display applications, such as smartphones, tablets, and televisions. The high transparency and low reflection properties of ultra-clear glass make it an ideal material for such applications.
Finally, there have been efforts to develop ultra-clear glass that is also energy efficient. This involves incorporating coatings or films onto the glass that can reflect or absorb certain wavelengths of light to reduce heat transfer. This type of glass is particularly useful in green buildings, where energy efficiency is a top priority.
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