Glass Alternative Materials Market size is poised to surpass USD 17,460.70 Million by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of glass alternative materials was USD 9,438.20 Million. The primary growth factor for the glass alternative materials market is the rising construction industry across the world. According to a recent report, the construction industry in the United States generated approximately USD 2 trillion in revenue in 2019.
The burgeoning population has increased the demand for real estate properties worldwide. There has been a rise in the construction of commercial and residential materials, which brings the need for glass alternative materials for varied purposes. Thus, the high involvement of the population in the construction sector is expected to fuel the utilization of glass alternative materials in the construction industry in the forecast period. As of 2021, there were almost 10 million construction workers in the United States, approximately 8% of the total working population.
Growth Drivers
Rise in Residential Construction – The rising disposable income of the rising population has created a huge demand for residential construction. The increase in housing buildings is thus expected to bolster the sales of glass alternative materials in the assessment period. As per the United States Census Bureau, till June 2021, there were 142,153,010 housing units in the U.S. Furthermore, the building permits in the same period were 1,736,982 units.
Increase of Commercial Building Construction – Recent development and industrialization have caused the increased construction of commercial buildings. The need for commercial properties is thus forecasted to bring lucrative growth opportunities in the glass alternative materials market. The Commercial Buildings Energy Consumption Survey (CBECS) calculated that in 2018, there were approximately 5.9 million U.S. commercial buildings. Further, the number of commercial buildings increased by 6% since the CBECS was last conducted in 2012.
High Investment in Real Estate – As per recent estimates, the revenue of real estate companies worldwide stood at USD 9.5 billion in 2021.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~USD 9,438.20 Million |
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Forecast Year Market Size (2033) |
~USD 17,460.70 Million |
The glass alternative materials market is segmented and analyzed for demand and supply by application into visual, automotive, electronic, construction, medical devices, aviation, energy, and others. Out of these, the construction segment is anticipated to garner the significant market share by 2033, owing to high expenditure on the construction industry. As per recent statistics, the total spending in the U.S. construction sector was estimated to be approximately USD 2 trillion in 2020. Furthermore, on the basis of type the market is segmented into polycarbonate, transparent wood, and others. Among these the polycarbonate segment held the largest market share with 45% in the year 2022 backed by the growing demand for glass alternatives in a variety of industries, such as automotive, construction, and aviation.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global market includes the following segments:
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By Light Transmission |
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By Application |
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Regionally, the global glass alternative materials market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific held the largest market share of 38% in the year 2022, owing to the rapid expansion of the construction industry and the presence of leading market key players. The building construction industry in Asia Pacific is expected to reach ~USD 3 million by 2024, with a robust CAGR of 7%.
Covestro AG has received ISCC PLUS certification and henceforth can now offer its customers in the ASEAN region large volumes of the high-performance plastic polycarbonate, including compounds and polycarbonate films, produced with alternative raw materials of the same good quality as their fossil-based counterparts.
3A Composites GmbH has increased the production of PERSPEX clear acrylic sheet by 300% to meet the rising demand across the UK and Europe. The installation of hygienic protection screens like in supermarkets or drug stores will reduce the risk of further infections of COVID-19 and protect the front line workers.
Author Credits: Smruti Ranjan, Rajrani Baghel
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