The global fiberglass sunscreen market size is expected to reach USD 2.88 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. Increasing expenditure on interior decoration and rising construction activities are presenting lucrative opportunities for the market. The market is expected to be driven by the robust development in emerging economies during the forecast period. Along with this, frequent change in sunscreens to complement the décor has become a general norm across the globe. This is being supported by the rising disposable income of the consumer group.
Rapid
urbanization has increased the number of households, which, in turn, will
propel the market growth in the forecast period. For instance, it has been
projected that the number of households in the U.S. will increase by 12.2
million from 2018 to 2028. This is expected to fuel the overall market growth
of fiberglass sunscreens in the forecast period. In the U.S., there was a 14%
decline in the dollar value of construction in 2020 owing to the outbreak of
COVID-19, but it is anticipated that the construction growth will rebound in
2021 by 4%. This, in turn, will fuel the demand for fiberglass sunscreens over
the forecast period.
Fiberglass
sunscreens are sold through a plethora of retail channels, both offline and
online, a few of which are Lowe’s, Amazon, Home Depot, and eBay. A vast
majority of the end-users are building and construction contractors, who
procure fiberglass sunscreen in bulk quantities, therefore, direct sales by
manufacturers at wholesale prices are also a common occurrence in the
marketplace. Retail distribution is primarily targeted toward households and
architectural firms that are looking for limited quantity purchases in order to
suffice building renovation or repair works.
With
the increasing emphasis on inventory management as a means of reducing
warehousing and supply costs, major traditional retailers such as Lowe’s and
Home Depot have gradually shifted to online retail of fiberglass sunscreen.
However, offline retail through hardware stores, multi-retail chains, and
independent construction material suppliers is still dominant as these entities
engage in the bulk supply of materials to B&C contractors.
The
growing trend of ethical consumerism is creating demand for sustainable
products. Consumers and the construction industry are opting for insulation
materials, such as fiberglass sunscreens, for residential and commercial
buildings. Companies in the market are focusing on this trend to gain market
share. Fiberglass sunscreens are recyclable and have a low impact on the
environment. They are widely used in green buildings as they
significantly reduce the carbon footprint of the building. They also help in
the reduction of air conditioning and heating costs; hence, they are economical
for consumers. This factor, in turn, is boosting the growth of the market.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/fiberglass-sunscreen-market
Fiberglass
Sunscreen Market Report Highlights
- The corporate
buildings application segment is projected to register the fastest CAGR
from 2021 to 2028
- North America
dominated the market with a share of over 35.0% in 2020. This is
attributed to the increased spending on residential renovations and repairs
by people across the region
- Asia Pacific
is projected to expand at the fastest CAGR of 6.1% from 2021 to 2028.
Demand for fiberglass sunscreen is increasing in this region due to the
flourishing hospitality and tourism industries
Fiberglass
Sunscreen Market Segmentation
Grand View Research has
segmented the global fiberglass sunscreen market on the basis of application
and region:
Fiberglass
Sunscreen Application Outlook (Revenue, USD Million, 2016 - 2028)
- Residential
- Hotels
- Hospitals & Clinics
- Corporate Buildings
- Educational & Government Institutions
- Others (Transport Terminals –Airports, Open Bus
& Train Stations, Shopping Complexes)
Fiberglass
Sunscreen Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- Japan
- India
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
List of Key
Players of Fiberglass Sunscreen Market
- Phifer
- Changzhou Bestex Technical Textile Co., Ltd.
- Mermet Corporation
- Luxaflex
- Fulltech Fiber Glass Corp.
- Helioscreen
- APLUS
- Hongyuan Envirotech Co., Ltd.
- WUXI EV Window Decoration Co., Ltd.
- Groupeve
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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