Glass alternative materials market is estimated to garner a revenue of ~USD 17,460.70 Million by the end of 2033 by growing at a CAGR of ~6% By 2033
NEW YORK, NEW YORK, UNITED STATE, January 9, 2023 /EINPresswire.com/ -- Global Glass Alternative Materials Market Key Insights During the forecast period of 2023-2033, the global glass alternative materials market is expected to reach an estimated value of ~USD 17,460.70 Million by 2033, by expanding at a CAGR of ~6%. The market further generated a revenue of ~USD 9,438.20 Million in the year 2022. Major key factors propelling the growth of glass alternative materials market worldwide are the Increased use of glass alternatives in various industries and their growing use in visual applications. Market Definition of Glass Alternative Materials Glass alternatives are materials that are used as alternatives to glass. It is becoming increasingly popular to replace glass windows with acrylic, also called plexiglass or PMMA. Businesses and homeowners are increasingly using plexiglass acrylic sheets to replace waterproof acrylic windows. Plastic sheets can be used to make greenhouses, playhouses, garden sheds, airplane windows, plexiglass mirrors, a substitute for glass. A sheet of acrylic transmits up to 92% of light, whereas a sheet of glass can only transmit 80-90%, and it is lightweight or shatterproof. Acrylic glass is often referred to by other names such as acrylic, plexiglass, astariglas, lucite, perspex, and crylux. Get Full Details/Download a Sample Report__URL__ URL Global Glass Alternative Materials Market: Growth Drivers The growth of the global glass alternative materials market can majorly be rise in population around the world. Housing and other buildings are expected to become more in demand as the world's population grows rapidly. In turn, this has increased the demand for construction, resulting in an expansion of the market for glass alternative materials. A report by the World Bank estimates that the world population reached 7.76 billion in 2021, an increase from 7.09 billion in 2012. Additionally, major companies are producing more products to meet the demands of developing countries, which are projected to drive market growth over the forecast period. For instance, to meet the increasing demand for PERSPEX clear acrylic sheet across the UK and Europe, 3A Composites GmbH has increased production by 300%. By installing hygienic protection screens in commercial establishments, such as supermarkets and drug stores, the risk of further contamination with COVID-19 can be reduced and the safety of frontline workers can be ensured. The global glass alternative materials market is also estimated to grow majorly on account of the following: Affluence of single-family homes High level of real estate investment Rise in construction of commercial buildings Rapid Industrialization Increase in infrastructure development activities Global Glass Alternative Materials Market: Restraining Factor A prolonged lockdown and rapid spread of Coronavirus have forced many companies and manufacturing industries to temporarily shut down. Hence this factor is expected to be the major hindrance for the growth of the global glass alternative materials market during the forecast period. Do You Have Any Query Or Specific Requirement? Ask to Our Expert: URL Global Glass Alternative Materials Market Segmentation By Application (Visual Application, Automotive, Electronic, Construction, Medical Devices, Aviation, Energy, and Others) The construction segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the increase in expenditures in the construction industry. According to recent statistics, the total expenditure on construction in the U.S. was estimated at USD 2 trillion in 2020. In residential and commercial construction, alternative glass materials serve a variety of functions, such as doors, skylights, interiors, and toiletry shelves. Moreover, renovating existing buildings is becoming more and more popular around the world. This factor is projected to drive segment growth over the forecast period. By Type (Polycarbonate, Transparent Wood, and Others) By Light Transmission (Up To 80%, >80%-90%, and >90%) By Region The Asia Pacific glass alternative materials market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions on account of rapid growth of the construction industry and the presence of major players. In Asia Pacific, the building construction market is expected to reach USD 3 million by 2024, with a robust CAGR of 7.5%. Furthermore, glass alternative materials are becoming increasingly popular in various end-use industries in Asia Pacific, such as electronics, medical devices, and automobiles. The availability of glass alternative materials creates potential growth opportunities for manufacturers. The market research report on global glass alternative materials also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), 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), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). Download a Sample Report with Table of Contents and Figures: URL Key Market Players Featured in the Global Glass Alternative Materials Market Some of the key players of the global glass alternative materials market are Covestro AG, 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., and others. About Research Nester Research Nester, which is a leading service provider for strategic market research and consulting services, aims to provide unbiased, unparalleled market insights and industry analysis. These analyses help conglomerates, executives, and industries to take wise decisions for their businesses as well as for their future marketing strategy, expansion and investment among others. 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