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CHEMICALS AND ADVANCED MATERIALS

Glass Alternative Materials Market Analysis by Type (Acrylic, Polycarbonate, Transparent Wood, and Others); by Light Transmission (Up To 80%, >80%-90%, and >90%), and by Application (Visual Application, Automotive, Electronic, Construction, Medical Devices, Aviation, Energy, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing power in the couPurchasing 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.                                                         Request Insights

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IN THE NEWS

  • 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.

Global Glass Alternative Materials Market Highlights Over 2023 - 2033

Base Year      

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~USD 8 Billion

Forecast Year Market Size (2033)

~USD 15 Billion

The global glass alternative materials market is estimated to garner a revenue of ~USD 15 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 8 billion in the year 2022. 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.

Glass-Alternative-Materials-Market-Size

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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.

Market Definition

The materials which can be used as a substitute of glass are referred to as glass alternatives. Acrylic, also called plexiglass or PMMA, is becoming a popular alternative to glass windows. While manufacturers have used waterproof acrylic windows for years, plexiglass acrylic sheets are gaining traction among business owners and some homeowners. Acrylic sheets can be used as greenhouse plastic, playhouse windows, shed windows, perspex mirrors airplane windows etc. as an alternative to glass. Light transmittance – Acrylic sheets transmit up to 92% light, while glass can only transmit 80-90% light and moreover they are lightweight or shatter-resistant. Crylux, plexiglass, acrylite, astariglas, lucite, perclax, and perspex are a few of the trade names given to acrylic glass.

Global Glass Alternative Materials Market: Growth Drivers and Challenges

Growth Drivers

  • Burgeoning Population -  The swelling of the population across the world is expected to increase the demand for housing and other buildings for survival. This has increased the need for construction and is further anticipated to fuel the demand for glass alternative materials and expand the market size. As per the World Bank, the total population of the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.

Glass-Alternative-Materials-Market-Scope

  • 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

  • Easy Availability of Other Substitutes
  • Fluctuating Costs of Raw Materials
  • Stringent Rules by Government

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 highest 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. Further, the soaring construction across the world is another growth driver that is expected to fuel the market growth. As per data in 2020, there were 350,000 industrial buildings and 240,000 military buildings in the United States.

Major Macro-Economic Indicators Impacting the Market Growth

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.

Global Glass Alternative Materials Market Regional Synopsis

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 is projected to hold the largest market share by the end of 2033, 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%.

Glass-Alternative-Materials-Market

The global glass alternative materials market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global glass alternative materials market includes the following segments:

By Type

  • Acrylic
  • Methyl Methacrylate
  • Isobornyl Methacrylate
  • Methyl Methacrylate-Butadiene-Styrene (MBS)
  • Others
  • Polycarbonate
  • Bisphenol A and Carbonyl Chloride
  • Bisphenol A and Diphenyl Carbonate
  • Bisphenol A and Phosgene
  • Others
  • Transparent Wood
  • Others

By Light Transmission

  • Up to 80%
  • >80%-90%
  • >90%

By Application

  • Visual Application
  • Automotive
  • Electronic
  • Construction
  • Medical Devices
  • Aviation
  • Energy
  • Others

Top Featured Companies Dominating the Global Glass Alternative Materials Market

  • Covestro AG

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Trinseo S.A.
  • Mitsubishi Gas Chemical Company, Inc.
  • Evonik Industries AG
  • 3A Composites GmbH
  • Lucite International
  • Elastin International Corp
  • Arkema Group
  • Sun Acrylam Private Limited
  • Aristech Surfaces LLC
  • Asia Poly Industrial Sdn Bhd
  • Ray Chung Acrylic Enterprise Co., Ltd.

 

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