The decorative flat glass market is expected to surge with a CAGR of 4.09% to achieve a market size of US$3.157 billion by 2025, from US$2.482 billion in 2019.Rising demand for home décor is the major driver of the decorative flat glass market. Rising production of lightweight, non-fragile decorative glass is further supporting its growing adoption, thus positively impacting the growth of the decorative flat glass market. This is mainly due to the fact that architects and designers are continuously seeking new and creative ways to incorporate decorative glass into their project design to enhance aesthetic appeal. Additionally, with the growing green building construction, decorative glass holds strong market potential, burgeoning the market demand for decorative flat glass in the forecast period and in the upcoming years.
On the basis of geography, North America and Europe are expected to hold a significant market share due to the adoption of early inventions. The significant construction spending in the North American region, the market is projected to propel in the forecast period. On the other hand, the Asia Pacific region will witness a high market growth rate and is assumed to be the fastest-growing region during the forecast period due to the presence of a large consumer base, growing disposable income, and rising construction activities at home, hospitality, and commercial sector among other applications. Hence, there is a high demand for construction activities (for example in green buildings) to take place in the forecast period and in the upcoming years. The growing demand for construction is majorly due to the rapid urbanization in the APAC countries where there is a huge market demand in several smart cities’ projects. Also, the use of decorative glass in the repair and improvement of old infrastructure will promote the growth of the global decorative flat glass market over the next five years.
Growing green building construction is driving the market demand in the forecast period and in the upcoming years.
There is a high demand for green building construction worldwide. Also, the government is emphasizing on green construction, hence, this is providing a huge opportunity for the market to thrive in the forecast period. Additionally, with consumers around the globe realizing the benefits of green buildings and valuing eco-friendly techniques and solutions for the construction of residential, commercial, and industrial buildings contributing towards energy efficiency and cost-efficiency, and sustainability is expected to drive the market demand. The growing consumer demand for green building construction has paved a path for technological advancements and innovations, fueling the market growth in the forecast period. With this surge in demand for green buildings, manufacturers worldwide are working on bolstering the research and development activities in order to deliver high-quality products, enhancing the product portfolio to varied end-use customers. The use of decorative glass may prove to be an excellent way in order to utilize daylight in a controlled manner. Other possible applications include indoor green spaces, acoustic control where laminated glass is better in performance than monolithic glass, interior sunshading and providing improved visual comfort.
Furthermore, green construction involving green materials might be expensive at the initial level, but in the long-run, it would contribute to being highly cost-efficient. Hence, owing to the future benefits of providing cost-efficiency than the traditional non-green construction materials, green buildings are gaining popularity with time and are considered to be more economical.
Geographically, Asia Pacific is expected to hold a significant market share with the rising disposable income and changing living conditions.
The growing demand for innovative architectural designs is favouring the demand for the use of decorative glass, fueling the market growth in the forecast period in the APAC region. This fueling demand for decorative glasses is attributed to the growing disposable income, growing urbanization, and adopting modern living conditions. According to the United Nations ESCAP, the Asia Pacific region became majority urban in the year 2019 for the first time in the human history. Over 2 billion individuals are living in the cities and hence is creating a need for sustainable urban development in the forecast period and in the upcoming years. The cities in the 2030, 2050, and 2100 will be completely transformed from what they are now according to the demographic composition, and in the way the technology is being implemented. Hence, the vendors must evolve as per the changing consumer behavior with the rapidly growing middle-class population and increasing family income. This is further contributing the growth in the GDP. In 2020, the Asia GDP is expected to overtake the combined GDP of the rest of the countries in the world (source: World Economic Forum).
China, India, Japan, and Indonesia are among the top 12 countries of the world contributing to the global GDP. With a highly fragmented consumer base, India is considered among the largest glass consumers in construction, the glass market is gaining momentum showing strong growth prospects for the decorative flat glass in the forecast and in the coming years. Also, with significant advancements in technology, the market in the APAC region will continue to proliferate in the upcoming years as well.
With the growing construction sector, the use of decorative flat glass in commercial applications is driving the market growth during the forecast period.
The decorative flat glasses are being widely adopted for various applications in commercial buildings. The demand slowly grew from providing an aesthetic or decorative appeal to a structural material, fueling the market growth in the forecast period. The growing use of flat glass with the soaring glass industry is further providing an impetus in propelling the market growth. With the growing skyscraper construction, retail infrastructure, commercial complexes, new airport construction or renovation and repair of old airports are adding on to the burgeoning market growth showing robust market potential. Also, with the growing green trend in building construction, the market is expected to thrive in the forecast period and in the upcoming years. Furthermore, with advancements in glass technology, the manufacturers are working on meeting the consumer interest and producing innovative glass products resulting in the manufacturing of sturdy and stronger material apart from being decorative.