The curtain walls market is estimated to be valued at USD 50.9 Bn in 2024 and is expected to reach USD 85.80 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.74% from 2024 to 2031. The curtain walls market is expected to witness strong growth over the forecast period. Rapid urbanization and growth of the commercial real estate sector especially in developing countries are boosting the demand for curtain walls.

Market Driver - Demand for Energy-efficient Building Materials such as Advanced Curtain Walls for Thermal Insulation

The construction industry is under increasing pressure to reduce energy consumption and lower carbon emissions from buildings. Curtain wall systems play a crucial role in enhancing a building's thermal insulation and reducing wastage of energy for heating and cooling.

Advanced technologies have enabled manufacturers to develop high-performance curtain wall units that boast revolutionary insulating properties. Some innovative products even make use of vacuum insulated panels (VIPs) sandwiched between two glass panels or employ low-e coatings to achieve industry-leading U-values. With stringent regulations and energy-efficiency codes coming into effect, the demand for such energy-efficient glazing systems has grown manifold in recent years.

Meanwhile, the shift towards a service-led economy has increased the floor space dedicated to office and co-working environments. Procuring curtain walls with top-notch thermal insulation becomes essential to minimize operational costs for developers and building owners over the building lifecycle. This has further strengthened demand for technologically advanced curtain walls delivering superior insulation without compromising on daylighting and overall aesthetics. This in turn, will drive growth of the curtain walls market in the foreseeable future.

Market Driver - Increasing Adoption of Flexible and Modern Architectural Designs

Architecture and building designs have transformed significantly over the past decade with experimentation of innovative forms, shapes and minimalistic facades gaining popularity globally. Curtain walls have become an indispensable component of modern architectural language allowing realization of ambitious building forms that were previously unfeasible.

The dynamic nature of curtain walls accommodates many intricate design specifics facilitating flexible reconfiguration of interiors over time. Similarly, incorporation of smart solutions like integrated motorized shading, lighting, and security systems has further augmented their multifunctionality. This makes them a preferred choice for designing workplaces of the future that seamlessly blend technology with aesthetics.

At the same, transforming urban landscapes with more sculptural skyscrapers have augmented the complexity and scale of wall systems required. Meanwhile, adopting prefabricated and modularized assembly techniques helps incorporate curtain walls in ambitious renewal projects as well at accelerated timelines. Together, these multiplying design trends are cementing the importance of flexible, performance-driven technologies, which are gaining popularity in the curtain walls market.

Market Challenge - High Maintenance Costs and Challenges of Curtain Walls

There are various challenges that the curtain walls market currently faces. One major challenge is the high maintenance costs associated with curtain walls. Curtain walls require regular maintenance and repairs to ensure proper functioning and extended lifespan.

Sealants and glazing used in curtain walls are exposed to harsh environmental conditions such as extreme temperature variations, water leaks, and pressure differences. This can lead to cracks in sealants and glazing over time. Repairing and replacing such components is an expensive and labor-intensive process. The high costs of maintaining curtain walls impacts the overall costs for commercial buildings.

Additionally, as curtain wall technologies become more complex with the integration of automation and smart features, the maintenance costs are also expected to rise. Ensuring proper maintenance of curtain walls while keeping costs in check remains a key challenge for curtain wall manufacturers and building owners.

Market Opportunity - Integration of Building-integrated Photovoltaics (BIPV) for Energy Efficiency

One of the major opportunities in the curtain walls market is the integration of Building-Integrated Photovoltaics (BIPV). BIPV technology involves integrating solar panels into various building components such as curtain walls, roofing materials and sky-lights. When applied to curtain wall technology, BIPV modules can be installed between the glass panels thereby generating on-site renewable energy. This offers various benefits such as reducing the energy costs of commercial buildings by harnessing solar power, lowering carbon footprint, and improving overall energy efficiency.

As sustainability and renewable energy adoption gains more importance, the demand for BIPV integrated curtain walls is expected to witness significant growth. Curtain wall manufacturers are extensively investing in developing advanced BIPV solutions to tap into this opportunity. Increased capabilities of glass surfaces to generate energy while maintaining aesthetic designs will be a key trend in the curtain walls market.

Strategies focused on innovation and new product development:

One of the biggest players, Permasteelisa Group, invested heavily in R&D over the past decade to develop new curtain wall technologies. Another leading player, YKK AP, invested in developing new aluminum alloy compositions in 2010 that were lighter and stronger. It launched its Luminous curtain wall series in 2013 featuring these alloys which delivered 15-20% weight savings over alternatives. This allowed architects greater design freedom. By 2015, Luminous accounted for over 30% of YKK AP's project value indicating the success of this innovation-led strategy.

Customer-focused strategies:

By employing a customer-first strategy and delivering projects on-time, W&W was able to capture 10% of the German market by 2020.

Strategic partnerships and acquisitions:

In 2017, US-based PPG Industries acquired Delaware Curtain Wall to expand its capabilities and presence in high-rise construction. This gave PPG access to Delaware's technical expertise, installed base and long-standing relationships.

Insights, By Fabrication: Design Efficiency and Easy Installation Drive Unitized System Adoption

The unitized system segment holds 64% share of the curtain walls market in 2024, in terms of fabrication due to its design and construction advantages over traditional stick systems. Unitized systems involve prefabricating entire curtain wall sections complete with window assemblies, glazing, and other components off-site.

The prefabricated nature of unitized curtain walls greatly improves construction efficiency by reducing on-site labor and assembly work. Sections can be pre-fitted with all necessary components controlled in a factory setting for tight quality control and precise measurements. This leads to faster installation times which can help reduce overall project timelines and costs.

Unitized systems also benefit design flexibility compared to stick construction methods which involves individually installing mullions, panels, and glass panes on site. Prefabricated units allow curtain wall designs to integrate complex panel configurations, bends, angles, and shapes that would be challenging to assemble on high rises using stick methods. Their factory assembly leads to superior quality, reduced installation times and risks, and higher design flexibility - key drivers that have led to unitized systems dominating the overall curtain wall fabrication segment.

Insights, By Construction Type: Growth in New Commercial Buildings Boosts New Construction Sector

The new construction segment accounts for 72% share of curtain wall installation in 2024, owing to strong growth in commercial building starts worldwide. Demand for new commercial office and retail spaces from expanding urban populations and evolving work-live trends has kept this sector very active.

Developers favor new curtain wall installations on commercial projects for their high-end aesthetics that appeal to tenant preferences. New curtain wall facades make bold architectural statements and allow bold creative visions to be realized. They add prestige value and curb appeal that can attract premium rents. With leasing and tenant retention highly competitive in major property hubs, cutting-edge new facades give valuable branding and marketing advantages.

Furthermore, advances in high-performance glass and wall panel technologies have expanded design possibilities for dynamic energy-efficient facades. Government infrastructure spending and urbanization trends also fuel many new construction megaprojects requiring extensive curtain walling. These macro drivers create strong underlying momentum for the new construction segment going forward compared to smaller scoped refurbishment works.

Insights, By Application: Commercial Clientele Drive Use in Offices, Retail, and Mixed-use Buildings

The commercial buildings application dominates the overall curtain walls market due to heavy utilization in office towers, shopping malls, and mixed-use developments. Glass curtain walls offer unparalleled opportunities for expansive views, natural daylighting, and exterior visual branding desired by commercial clients.

In offices, floor-to-ceiling glass curtain wall facades optimize interior daylighting to boost worker productivity and well-being. They allow prominent branding of company addresses and logos visible from afar. Retail curtain walls maximize exterior shopfront visibility to draw consumer attention and traffic.

Mixed-use projects vertically stack apartments, offices, retail, and amenities - requiring seamless envelope designs. Curtain wall systems provide the structural integrity and design flexibility to elegantly wrap complex irregular shapes with glass. Commercial clients’ needs for visible branding visibility, occupant wellness through natural lighting, and design flexibility have led to widespread preference for modern glass curtain walls over other envelope technologies.

This drives their prominence in offices, malls and mixed developments worldwide - cementing commercial buildings as the primary growth vertical for curtain walls market.

• Commercial Sector Dominance: Curtain walls are primarily used in high-rise office buildings to enhance energy efficiency and aesthetics.
• Residential Growth: Window walls are gaining preference over curtain walls for residential use due to cost-effectiveness and insulation performance.
• Asia Pacific held 34% share of the curtain walls market in 2023, showing significant urbanization and construction growth.
• Commercial applications account for 87% of the curtain walls market share in 2023.

The major players operating in the curtain walls market include AGC Inc., Central Glass Co. Ltd., EFCO Corporation, EFP International B.V, Elicc Group, Glass Wall Systems, Guardian Industries Corp., Hainan Development Holdings Nanhai Co., Ltd., Nippon Sheet Glass Co., Ltd, Reynaers Group, Saint-Gobain Group, Schott AG, Vitro S.A.B. de C.V., Xinyi Glass Holdings Limited, Yuanda China Holdings Limited, Kawneer Company, Inc., Schüco International KG, and Aluk Group.

• In May 2024, Dow Chemical International Private Limited (Dow India) and Glass Wall Systems India entered into an agreement for Dow to supply DOWSIL™ Facade Sealants from its Decarbia™ portfolio of reduced-carbon solutions for Glass Wall Systems' curtain wall systems.

• By Fabrication
  • Unitized System
  • Stick System
• By Construction Type
  • New Construction
  • Refurbishment
• By Application
  • Commercial Buildings
  • Residential Buildings
  • Public Buildings