Fiberglass Sunscreen Market Size, Share & Trends Analysis Report 2021 - 2028
Fiberglass Sunscreen Industry Overview
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.
Fiberglass Sunscreen Market Segmentation
Grand View Research has segmented the global fiberglass sunscreen market on the basis of application and region:
Based on the Application Insights, the market is segmented into Residential, Hotels, Hospitals & Clinics, Corporate Buildings, Educational & Government Institutions, and Others (Transport Terminals –Airports, Open Bus & Train Stations, Shopping Complexes).
- The corporate buildings segment dominated the market with over 25.0% share in 2020 and is expected to witness the fastest growth over the forecast period. This is attributed to the growing preference for sustainable fiberglass window systems installed in retail facilities, offices, schools, and other buildings. Fiberglass sunscreen has gained higher importance in the commercial sector as these are highly beneficial for high traffic areas, such as offices.
- The residential segment is projected to expand at a CAGR of 5.8% from 2021 to 2028. Fiberglass sunscreen provides various advantages over traditional forms of window covers, such as curtains. Fiberglass sunscreen is durable and functional, with improved visual clarity. It also helps keep insects out and offers the benefit of maximum light and airflow into the house, which leads to a high adoption rate in the residential sector.
Fiberglass Sunscreen Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for fiberglass sunscreen is characterized by the presence of various well-established players and several small and medium players. The market players face stiff competition from each other as some of them are among the top fiberglass sunscreen manufacturers and have large customer bases. The players have strong and vast distribution networks to reach out to these large customer bases. The impact of leading companies on the market is quite high as the majority of them have a global presence while other SMEs and regional players focus on adopting strategies such as mergers & acquisitions and establishing their production plants in targeted regions. Some prominent players in the global fiberglass sunscreen market include:
- 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
Order a free sample PDF of the Fiberglass Sunscreen Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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