5/20/2022
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Alternative Materials Market Strategies and Outlook Analysis to 2031
5/16/2022
Glass Alternative Materials Market Outlook 2031
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The global glass alternative materials market was valued at US$ 8 Bn in 2020
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It is estimated to expand at a CAGR of 5.8% from 2021 to 2031
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The global glass alternative materials market is expected to cross the value of US$ 14.8 Bn by the end of 2031
Increasing Applications of Glass Alternative Materials in Various End-use Industries
The glass alternative materials market is adversely affected by the rapid spread of coronavirus. Many companies and manufacturing industries have temporarily shuttered their business activities due to prolonged lockdown and rapidly spreading coronavirus across the globe. There has been a huge impact on industrial sectors affecting almost all industries. Manufacturers in the glass alternative materials market are taking efforts to recover from losses in order to fulfill the rising demand for glass alternative materials from various end-use industries such as building & construction, healthcare, electronics, automotive, etc.
Glass alternative materials are made from structural polymer composites. The rise in global demand for polycarbonate, acrylic, and transparent wood has led to rapid growth in utilizing glass alternative materials. The increase in demand for glass alternative materials from rapidly growing building & construction, electronics, and aviation industries is also propelling the demand for glass alternative materials across the globe, creating value-grab opportunities for the market players. The strong presence of manufacturers operating in the glass alternative materials market is driving to market growth amid the coronavirus pandemic. The growing applications of glass alternative materials in visual applications, defense, medical devices, etc., is also contributing to the market expansion.
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Applications in Rapidly Expanding Building & Construction Sector
Glass alternative materials can be widely used in the building & construction sector. In residential and commercial sectors, glass alternative materials are used for doors, windows, wall partitions, interior, and decorative shelves for toiletries, etc. There are an increasing demand for renovating old buildings; this factor is contributing to market growth. Major manufacturers of glass alternative materials are expanding their production capacity to cater the rising demand from the construction industry. This is expected to drive the global glass alternative materials market during the forecast period.
The glass alternative materials market is driven by factors such as rising disposable income, increasing residential, commercial building & construction activities, changing lifestyles, popularity of single family homes, etc. Increasing investments and government support for affordable housing, rapid urbanization in developing countries, and ongoing infrastructure development activities are some of the factors contributing to the growth of the global glass alternative materials market. Market players are increasing the production of polycarbonates (PC) materials due to rising demand for building and construction activities. These naturally transparent amorphous thermoplastic materials are attracting players in the building & construction sector across the globe.
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Industrialization and Rising Infrastructure Development Activities Fueling Market Growth
Rising industrial activities, along with rapid urbanization is contributing to the global glass alternative materials market growth during the forecast period. There is an increasing presence of manufacturing companies operating in India and China in the glass alternative materials market. The rising demand for glass alternative materials in different end-use industries is driving the global glass alternative materials market. Major players in the global glass alternative materials market are expanding their business by collaborating with small and medium-scale manufactures. Glass alternative materials are immensely popular in the building & construction sector across the world.
Growth Opportunities in Asia Pacific Glass Alternative Materials Market
The increasing adoption of glass alternative materials in various end-use industries such as building & construction, electronics, medical, automotive, etc. in Asia Pacific is creating potential growth opportunities for manufacturers operating in the glass alternative materials market. Increasing population, industrialization, rising disposable income, and well-established market players are factors driving the demand for glass alternative materials in the region. Rising residential, commercial building & construction projects, and infrastructure development activities also contributing to the global market growth of the glass alternative materials market. There are lucrative opportunities for manufacturers operating in the global glass alternative materials market in rapidly growing economies such as India and China.
Glass Alternative Materials Market: Overview
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Glass alternative materials are developed from structural polymer composites. Glass alternative materials can also be shaped using techniques derived from wood and polymers. Glass alternative materials have led to an increase in recycling and damage tolerances due to the tough nature of matrix materials.
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Glass alternative materials have achieved rapid acceptance as suitable alternatives to glass doors, windows, and partitions. High impact strength, high rigidity, and better surface quality coupled with less product rejection, high resistance to extreme temperatures, and creep resistance in constant load and severe environments has led to a higher demand for glass alternative materials compared to glass.
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Applications of glass alternative materials have increased significantly in automotive, construction, electronics, aviation, and energy industries in emerging economies due to rapid urbanization
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According to Transparency Market Research’s latest research report on the glass alternative materials market for the forecast period of 2021 to 2031, rise in usage of glass alternative materials in the production of automobile components and construction industry is a key factor that is expected to boost the global glass alternative materials market during the forecast period
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