Market Overview:
The global market for glass curtain walls was valued at USD 59.99 billion in 2022 and is projected to achieve a compound annual growth rate (CAGR) of 10.4% during the forecast period. Factors such as the increasing influence of social media, changing consumer preferences towards aesthetically pleasing lifestyles, and the rapid growth of the corporate sector are expected to drive the growth of the market. Additionally, the retail industry's expansion in various regions is generating significant demand for glass curtain walls in various applications. The growing population and limited living spaces have created a need for a sense of spaciousness, which can be achieved through the luxurious appearance and spacious feel provided by glass interiors, especially in small apartments.
There is a rising preference among individuals to incorporate glass elements such as roofs, walls, and floors in residential spaces to bring in the natural elements and create a connection with the outdoors. The increasing disposable income of individuals is also driving the growth of the construction industry and encouraging residents to upgrade their living spaces. However, there is growing awareness about the environmental impact of glass manufacturing, leading manufacturers to develop low-carbon glass solutions. The demand for such environmentally friendly glass for design purposes is driven by individuals' growing environmental consciousness.
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Moreover, the desire for natural light and its positive impact on physical and psychological well-being is a key driver for the use of glass curtain walls in both residential and commercial buildings. Glass is also a sustainable and recyclable material, contributing to environmental benefits such as mitigating climate change and conserving natural resources. The market is further driven by the presence of key companies, investments in product launches and innovations, mergers and acquisitions, and partnership agreements. For example, the acquisition of THEA at Metropolis in Los Angeles by Northland has increased its global market share.
The COVID-19 pandemic has changed people's perceptions and increased their interest in innovative housing solutions. With more time spent at home during lockdowns, individuals have sought aesthetic and high-quality living spaces. The trend towards glass solutions for renovating living spaces has been accelerated. Recent innovations in glass curtain walls, offering superior performance and modern design, are expected to further drive market growth.
Market Dynamics: Driver: Increased construction activities and the influence of social media on renovation The global construction industry, coupled with changing consumer preferences for renovated housing solutions and the expansion of corporate sectors, is expected to drive market growth. The global construction market grew from USD 10 trillion in 2019 to USD 11.7 trillion in 2020, creating a demand for alternative design solutions such as glass curtain walls. Increasing disposable income encourages individuals to invest in improving their lifestyles and the aesthetic outlook of their residential and commercial buildings. Social media plays a significant role in influencing consumers to invest in housing renovations, thereby driving the demand for glass curtain walls. Developing countries' construction industries and design activities are also expected to positively impact the market share of glass curtain walls. Urban regeneration and smart city projects require new housing projects, further driving revenue growth in the glass curtain wall market.
Restraint: Alternative product development and high installation and maintenance costs Manufacturers are developing alternative products to glass curtain walls due to the high installation and maintenance costs associated with glass materials. Alternative products offer higher efficiency and effectiveness. For instance, Kingspan launched a polycarbonate curtain wall system that seamlessly integrates with existing facade systems while providing various design options. High costs and maintenance challenges, such as brittleness, susceptibility to damage, and the requirement for high energy consumption during manufacturing, hinder the demand for glass curtain walls.
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