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Alternative Materials Market Key Futuristic Trends and Opportunities 2031
5/20/2022
Glass Alternative Materials Market: Introduction
Transparency Market Research delivers key insights on the global glass alternative materials market. In terms of revenue, the global glass alternative materials market is estimated to expand at a CAGR of 5.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global glass alternative materials market.
The global glass alternative materials market is broadly affected by several factors, including increase in usage of glass alternative materials in various end-use industries such as construction, automotive, and electronics. Rise in global demand for polycarbonate, acrylic, and transparent wood has led to significant growth in the usage of glass alternative materials. Increase in consumption of glass alternative materials in the construction industry is expected to be the primary driver of the global glass alternative materials market. The growth of electronics and aviation industries is also propelling the demand for glass alternative materials across the globe.
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Glass Alternative Materials Market: Dynamics
Glass alternative materials are being increasingly used as construction materials, as they offer mechanical properties superior to glass assemblies.
Besides construction, glass alternative materials are being extensively utilized in the automotive industry. The increasing role of glass alternative materials in the manufacture of fuel-efficient, lightweight automotive components is boosting the market. Polycarbonate sheets are being preferred by manufacturers across the globe owing to reduced carbon emissions.
Acrylic is anticipated to be preferred type of glass alternative material, owing to its superior optical clarity, better machinability, and color compatibility. Furthermore, it is cleaner to cut, drill, and rout owing to the higher molecular weight. Customized colors and special effects are easily available in glass alternative materials.
The expansion of emerging economies is significantly driving the demand for automobiles. Hence, glass alternative materials are being used to manufacture exterior, interior, and under hood components of several automobiles.
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Glass Alternative Materials Market: Prominent Regions
Asia Pacific holds major share of the global glass alternative materials market. The market in the region is anticipated to expand at a CAGR of more than 6.6% during the forecast period. Increase in demand for glass alternative materials in various end-use industries such as automotive, construction, electrical, and aviation in Asia Pacific is driving the glass alternative materials market in the region. China is a key country of the glass alternative materials market in Asia Pacific. It held a significant share of the glass alternative materials market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global glass alternative materials market. Germany led the glass alternative materials market in Europe in 2020. The expansion of the automotive industry in Europe is driving the glass alternative materials market in the region.
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Glass Alternative Materials Market: Major Players
The global glass alternative materials market is consolidated, with the presence of key players. Prominent players operating in the global glass alternative materials market include 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 Palram Industries Ltd.
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