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
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.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
5.9% |
Base Year Market Size (2024) |
USD 10.57 billion |
Forecast Year Market Size (2037) |
USD 22.27 billion |
Regional Scope |
|
Author Credits: Rajrani Baghel
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