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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.
However, procuring low-cost mirrors from local glass and mirror manufacturers by several developers, interior decorators, and architects in order to reduce cost of projects along with war-related trade situations and production disruptions leading to fluctuations in import pricing of raw materials are expected to restraint revenue growth of the market.
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For the purpose of this report, Reports and Data has segmented the mirror market based on product type, coating type, end use, application, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Coating Type Outlook (Revenue, USD Billion; 2019-2030)
End-use Channel Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
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The post Mirror Market Size to Reach USD 241.52 Billion by 2030, Growing at a CAGR of 7.8% appeared first on Market O Graphics.
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