The growth in demand for storefront glass from the commercial sector along with technological advancement to enhance safety and security drive the growth of the storefront glass market.
WILMINGTON, Del., Nov. 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Storefront Glass Market By Type (Safety/Limited Glass, Insulated Glass, Others), Distribution Channel (Online, Offline), and End User (Stores, Showrooms, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032″. According to the report, the global storefront glass market was valued at $5,606.80 million in 2020 and is estimated to reach $13,278.80 million by 2032, exhibiting a CAGR of 7.3% from 2023 to 2032.
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Prime determinants of growth
The growth in demand for storefront glass from the commercial sector along with technological advancements to enhance safety and security drive the growth of the storefront glass market. However, the high cost and maintenance of storefront glass restrict the market growth. On the contrary, rising urbanization presents new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Historic Period |
2020 |
|
Market Size in 2022 |
$5,606.8 million |
|
Market Size in 2032 |
$13,278.8 million |
|
CAGR |
7.3 % |
|
No. of Pages in Report |
184 |
|
Segments covered |
Type, Distribution Channel, End User, and Region. |
|
Drivers |
Growth in Demand from the construction sector Technological advancements to ensure safety and security |
|
Opportunities |
Rise in urbanization |
|
Restraints |
High cost and maintenance |
The insulated glass segment to maintain its leadership status throughout the forecast period
Based on type, the insulated glass segment held the highest market share in 2020, accounting for more than half of the Storefront glass market revenue, and is estimated to maintain its leadership status throughout the forecast period. Increase in use of insulated glass due to its various advantages such as it offers stable heating and cooling efficiency. In addition, insulated storefront glass helps maintain a stable indoor temperature, reducing the strain on HVAC (heating, ventilation, and air conditioning) systems, and extending their lifespan. This is particularly appealing to the building seeking to optimize its HVAC-related expenses. Hence, such an advantage propels the growth of the market during the forecast period. Increasing awareness regarding safety and security in commercial and retail spaces propel the growth of safety laminated storefront glasses during the forecast period. In addition, the laminated glasses segment is expected to grow at the highest CAGR as it offers a wide range of advantages to building owners such as the impact of resistance and shatterproof properties as businesses and property owners prioritize the protection of their assets, employers, and customers, laminated storefront glasses, with the impact of resistance and setup proof properties, become essentials. Additionally, distinct building codes and regulations made the use of safety glasses and propeller demand for limited options. The desire for aesthetically pleasing design in storefront that also securely further fuel the adoption of laminated glass, making it a preferable choice for both new construction and renovation. In addition, aging post-tension structures face corrosion, deterioration, and structural deficiencies. Many builders, government, and asset owners are increasingly investing in repair and rehabilitation to ensure the safety and functionality of crucial infrastructure.
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The online segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the online segment held the highest market share in 2020, accounting for more than half of the storefront glass market, and is estimated to maintain its leadership status throughout the forecast period. The demand for storefront glasses being purchased online has been steadily growing as the convenience of online shopping has transformed the way consumers shop for products, including storefront glasses and other construction materials. Customers can browse and compare a wide range of options from the comfort of their own homes, avoiding the need to visit multiple physical stores. This helps to save time and offers a better range. In addition, the competitive pricing and discounts offered by online retailers can make purchasing storefront glass more cost-effective. Online sellers frequently have lower overhead costs and can pass these savings on to customers. Moreover, the convenience of doorstep delivery is another driving factor. Glass products can be heavy and fragile, making traditional in-store purchases less appealing when compared to the ease of having them delivered to one’s doorstep. Thus, such factors are expected to drive the demand for storefront glasses being purchased online. However, the offline segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032. The demand for storefront glasses being purchased offline, through traditional brick-and-mortar stores, is experiencing growth as some consumers prefer the tactile and hands-on experience that physical stores offer. They can see and touch the actual product, assess its quality, and measure how it might fit into their specific needs. This level of interaction can be particularly important for items like storefront glass, where aesthetics and functionality are critical. In addition, the ability to inspect the glass for imperfections and ensure it meets quality standards is another reason for the growing demand for offline purchases. Customers can personally scrutinize the glass for any flaws or damage, reducing the risk of receiving damaged goods. Thus, such factors are maintaining the demand for storefront glasses purchased via stores.
The stores segment to maintain its lead position during the forecast period.
Based on end user, the stores segment accounted for the largest share in 2020, contributing to lesser than three-fifths of the storefront glass market revenue, and is projected to maintain its lead position during the forecast period. Systems for internal post-tensioning are robust, dependable, and corrosion-proof. Internal post-tensioning methods make bridge construction safer and more enduring. Companies that provide storefront glass, such as DYWIDAG and VSL International Ltd., provide internal post-tensioning technology to build bridges, propelling the storefront glass market globally. However, the showrooms segment is expected to portray the largest CAGR of 8.3% from 2023 to 2032. Increase in adoption of storefront glass in showrooms as it offers several benefits such as customizable storefront glass designs contribute to the overall aesthetic and branding of the showrooms. Decorative patterns, etching, and logos can create an appealing and memorable facade that aligns with the showroom’s image. In addition, energy-efficient glass solutions help regulate indoor temperature, ensuring a comfortable environment for customers while reducing heating and cooling cost for the showrooms. Hence, such an advantage propels the growth of the market during the forecast period.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting to more than half of the global Storefront glass market revenue. The major share of storefront glass market is held by China and Japan. However, other countries such as India, Singapore, and Taiwan have been recognized as important markets, owing to upsurge in construction activities in these countries. Key player initiatives in China in expanding the construction sector are expected to provide growth opportunities in this country. Additionally, China’s low labor and material costs enable manufacturers to build post-tensioning systems and their component parts for the best feasible prices. For instance, in October 2022, China State Construction Engineering Corporation (China State Construction), a state-owned company, acquired several significant infrastructure and housing development projects. The ten projects are worth a combined $4.89 billion. Hence, such projects are expected to drive the growth of the market during the forecast period. However, LAMEA is expected to witness the fastest CAGR of 9.8% from 2023 to 2032. In LAMEA region, the market is being driven by factors such as the expansion of the construction sector, growth in urbanization, and technological advances. Furthermore, by 2050, the urban population is expected to increase; also, an increase in lifestyle, particularly in emerging nations, encourages the development of renovation projects. For instance, according to the International Trade Administration, in January 2021, the Brazilian government invested $14 billion through Public-Private Partnership (PPP) for infrastructure and urbanization development. Hence, such development activities need the installation of post-tensioning systems, which is anticipated to drive the growth of the market in LAMEA during the forecast period.
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Leading Market Players: –
- ASAHI GLASS
- NIPPON SHEET GLASS CO., LTD
- PROMAT INTERNATIONAL
- PPG INDUSTRIES
- TUBELITE
- ALCOA CORP
- C.R. LAURENCE
- GUARDIAN INDUSTRIES
- COMPAGNIE DE SAINT-GOBAIN
- SISECAM GROUP.
The report provides a detailed analysis of these key players in the storefront glass market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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