The mirror market size was USD 122.04 Billion in 2021 and is expected to register a revenue CAGR of 7.8% over the forecast period, according to a latest report by Reports and Data. Revenue growth of the market is expected to be driven by increasing demand for mirrors in interior design and decoration.
Mirrors enhance natural light and maximize the sense of space in a home and help in reducing energy costs. Therefore, a large number of architects and interior decorators prefers to put mirrors for interior design and wall decoration purpose. With the rising construction of buildings and houses, demand for mirrors are expected to accelerate revenue growth of the market. New innovations in interior decoration and designing are also expected to grow over the forecast period. According to the World Bank U.S., in 2020, the global construction industry was valued at USD 22.04 trillion. These instances of revenue growth of commercial and residential buildings in the construction mirror market play a pivotal role in driving demand. Moreover, mirror types such as plane mirrors, spherical mirrors, convex mirrors, and crystal mirrors are widely adopted in various domestic and commercial decoration applications. A large number of developers and contractors are installing mirror panels in order to save energy costs. Also, mirrors are widely adopted as a key component in automotive rear-view functionality. Large number of automotive manufacturing companies are procuring mirrors in manufacturing cars and bikes. These factors are driving revenue growth of the market.
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Key Players covered in this report are: Saint-Gobain S.A., GTAT Corporation, Guardian Industries Holdings Site, Asahi Glass Co. Ltd., Nippon Sheet Glass Co., Ltd., Xinyi Glass Holdings Limited, Ferguson Enterprises, CSG Holding Co. Ltd., Taiwan Glass Industry Corporation, China Glass Holdings Limited, and Şişecam.
Some Key Highlights From the Report
- The plane mirror segment is accounted for a larger revenue share in 2021. Plane mirrors are the most common type of mirror. Reflective surface of a plane mirror is usually flat or planar, therefore visibility in this type of mirror is very high. These types of mirrors are highly adopted by homes, offices, restaurants, and in many other domestic and commercial applications, whereas spherical mirrors are highly adopted in home and interior decorations purposes. Convex mirrors are also known as curved mirrors and they are widely used in various parkings, buildings, and shops to ease the parking operations and avoid collisions between the vehicles.
- The smart interactive mirrors are becoming a key trend in growth and development of mirror market. Smart and interactive mirrors are creating a significant impact in modern day beauty and cosmeceuticals applications. A smart and interactive mirror comes with built-in camera, which helps in analyzing skin blemishes, dark spots, wrinkles, and clogged pores. Also, smart mirrors are increasingly used for virtual try on and augmented reality (AR) application. Smart and interactive mirrors have become a common requirement in fashion and retail store chains as well as beauty and cosmetics categories.
- Asia Pacific accounted for a larger revenue share in the mirror market in 2021. Rising demands in retail, building and apartments, automotive, and commercial complexes are driving revenue growth in the region. The retail industry is one of the emerging industries in Asia Pacific owing to rising population, income, and lifestyle. According to the World Bank, final consumption expenditure value in the Asia Pacific region was amounted to USD 16.92 trillion in 2020. These factors are elevating overall growth of the mirror market in the region. Moreover, rising growth of buildings and houses are also contributing growth in the mirror market. Moreover, Asia Pacific is one of the prime regions in automobile manufacturing hub due to presence of major industry players such as Toyota, Nissan, Honda, Hyundai, Suzuki, and many other manufacturers in the region. Mirror is a significant component in automobile, therefore a large number of automobile manufacturers are procuring mirrors, which is further fueling revenue growth in the region.
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Plane mirror
- Spherical mirrors
- Convex mirror
- Crystal mirror
- Others
Coating Type Outlook (Revenue, USD Billion; 2019-2030)
- Soft coating
- Hard Coating
- Others
End-use Channel Outlook (Revenue, USD Billion; 2019-2030)
- Retail
- Building and apartments
- Automotive
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Interior decoration
- Microscope
- Solar furnace
- Healthcare
- Astronomy
- Others
Key Regional Markets Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Major Points covered in this report are as below:
- The Mirror industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
- With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
- Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
- The Mirror Market report provides key statistics on the market status of the Mirror manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
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