Glass Alternative Materials Market Trends

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.

• 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