Awning Materials Market Notable Developments, Upcoming Trends & Future Applications 2030 |Top Key players:Sunsetter Products, Global Awnings, Advanced Design-Awnings & Signs

July 05 18:11 2021
Awning Materials Market Notable Developments, Upcoming Trends & Future Applications 2030 |Top Key players:Sunsetter Products, Global Awnings, Advanced Design-Awnings & Signs
Global demand for awning is heavily influenced by a host of factors. Prominent among these are state of home improvement spending, consumer confidence index, and macroeconomic factors such as construction sector activity.

Global awning material market is projected to exhibit significant growth during the forecast period 2021-2031. Preference for Outdoor deck and seating space among consumers drive demand for awning materials. According to Professional Awning Manufacturers Association, being an energy saver and attractive addition in residential as well as commercial buildings, its adoption is increasing globally.

Although the year 2020 has been a downer in terms of new home construction as well as renovation investment, awning manufacturers and service providers will be hoping for new opportunities in 2021. As compared to US and Europe, economies in Asia Pacific have recovered and controlled the COVID-19 pandemic, and awning industry in these countries can look forward to significant opportunities in 2021 and beyond.

Get Exclusive PDF Sample Copy Of This Report:@  https://www.tmrresearch.com/sample/sample?flag=B&rep_id=7305

Growing Demand in Commercial and Residential Buildings for Awnings

Growing infrastructure for commercial as well as residential buildings in developing and developed countries continues to fuel demand awnings for decorative purpose.  As per survey, almost 1.2 million new housing units are planned every year in US. Commercial sector has been witnessing growth of 8-10% annually since many years. The spending on construction sector remained 1.7% more than in December.

In Europe, as per office of National Statistics, repair and maintenance surged after August last year for private housing by 35.6%. As per Eurostat (europa.eu), in 2019, 5.3% of GDP was invested in housing. While the investment ranged from 7.9% in Cyprus, 7.2% in Finland, 6.6% in Germany, 6.4% in France, it went down in Greece to 0.7%, 2% in Poland, 2.3% in Ireland. Overall, the growth seems moderate in the region.

High rate of ownership in China reflects the role of property as an investment tool for Chinese households. This has led to real estate accounting for 60% of household assets in China as per the government survey in China.

Indian government under “Pradhan Mantri Aawas Yojna” aims to build 20 million affordable houses in urban areas by 2022 as per India Brand Equity Foundation. The above developments reflect the demand and growth in residential space in different regions of the globe. However, 2020 witnessed some decline in construction sector, the demand seems to remain moderate.

As awning industry is influenced by broader developments in the construction sector, things are looking up for the industry. However, the scale and level of recovery will depend upon the success with vaccine inoculation progra, and subsequent consumer confidence.

Energy-Efficient Attributes Likely to Fuel Demand for Awnings

Heat gain through windows is one of many reasons that building need air conditioners, as fabric awning can directly affect energy use by blocking the sun, house owners can save up to 25% of cooling energy. Furthermore, depending on the material of the fabric, its outdoor protection on a rainy day gives helps customers to give another thought for purchasing the awning.

In addition to decorative purposes, awning installation is also considered by homeowners due to its role in energy efficiency. Owing to regulations as well as rise of carbon conscious consumers, awning manufacturers can expect steady demand in the long run.

Fluctuation in Textile Prices Continues to Create Uncertainty

High cost and fluctuating prices remain the key concern for awning manufacturers. Given the non-essential nature of awnings and textile industry, as per UNCTAD, the pandemic led to a 3% drop in global trade values. Industries whose operations are more globalised that rely on Chinese inputs witnessed more downfall during covid-19.WTO recorded global decrease between 13% to 32% in 2020. With the direct link in awning and textile factory, the decline in textile market hampers the growth and production of awning materials.

Competitive Landscape

The key awning manufacturers include Sunsetter Products, Global Awnings, Advanced Design-Awnings & Signs, SUNAIR Awnings, WIVB, Awning Company, Durasol Awnings, Suntech Australia, Luxafelx, Orion Blinds, Eide Industries, Aristocrat, GS World, Thompson Awning Company, A&A International, Carroll Awning Company, Polyfab etc.

In October 2020, Polyfab USA announced the launch of their line of PatternproTM Ultra Stable Patterning Fabric . The said fabric is HDPE woven scrim and is coated on both the sides. Its main purpose is for marine canvas and awning patterning. The material is popular with fabricators in Australia owing to the stability and good lay-fat properties.

In March 2020, WIVB, an awning company, started making protective masks to fight against coronavirus at its factory on Walden Avenue.

Suntech has launched new inverter in Australian market as Sunways residential and C&I inverters with a single phase STS residential series in February 2021. The STS single phase inverter line-up includes five variants- 3KTL, 3.6KTL, 4.2KTL, 4.6KTL and 5KTL. The inverters are highly efficient with 97.4% efficiency across all variants. Company’s inverters have been designed to offer high redundancy which allows for a continuous 10% AC output boost.

Read Complete Overview Of The Report :

https://www.tmrresearch.com/awning-materials-market

Regional outlook

Global demand for awning is heavily influenced by a host of factors. Prominent among these are state of home improvement spending, consumer confidence index, and macroeconomic factors such as construction sector activity.

Traditional sales of awnings indicate that US and Western European countries will continue to be hotspots for awning material manufacturers. Although analysts expected a moderate decline in home repair/renovation spending, stay-at home orders meant that US homeowners took a proactive approach to making their homes more comfortable. According to research conducted by Home Improvement Research Institute (HIRI), US witnessed a home improvement boom during the height of the coronavirus pandemic in 2020, with spending increasing by a steady 8.7%.

Of particular interest in the US market were home additions and fencing projects, which received a whopping increase in spending. Although HIRI’s report expects home improvement spending to ease down in 2021, the long-term outlook on the home improvement spending remains bullish. These projections are in line with the latest ‘Leading Indicator of Remodelling Activity (LIRA)’ from the Joint Center for Housing Studies of Harvard University. The study by Harvard, widely cited in industry circles, opines long-term home renovation to be positive.

Awning material demand is also likely to be positively influenced by macroeconomic factors, especially buoyancy in the construction sector. As outlined earlier, the US construction sector is moving toward a period of recovery. New home construction is linked to an increased focus on spending by consumers. On the macroeconomic front, the cues remain for the awning industry in general, and awning material suppliers in particular.

The awning materials market in Europe continues to be dominated by demand in Western Europe. Although Europe’s home renovation spending remains strong, bulk of the textiles used for this purpose are imported from developing countries, according to cbi.eu. Analysis by cbi.eu opines that the impact of COVID-19 on textile products varies across country and product. European imports of HDHT have increased at a rate of 5.4% between 2015-2019, and the long-term outlook remains positive, with a heavy dependence on imports.

As is the case in US, demand for awning materials in Europe is also tied closed to broader construction sector activity. The broader consensus is that construction sector in Europe will see a steady recovery from 2023-onward (Euroconstruct). According to the survey, Finland, Portugal, Norway, and UK will witness declines in 2021, only to see recovery in the next couple of years.

Unlike US and Europe, which are the end-users of awning materials, developing countries in Asia Pacific have been traditionally thought of as exporters of HDHT. While this still stands true, the rise of a large middle class in many APAC countries has had a direct impact on home renovation spending. India, one of the fastest growing markets globally until recently is providing opportunities for awning manufacturers.

Although traditionally, awnings have been used in commercial spaces in India, of late, a strong middle class demographic has led the rally for home renovation spending. India also remains a strong market for textile production, making it a hotspot in global awning materials market. According to India Brand Equity Foundation, the domestic textiles and apparel market stood at $100 billion in FY19.

Segmentation

By Type

  • Fixed Awning
  • Manual Awning
  • Motorized Awning

By Product

  • Patio
  • Window
  • Freestanding

By Industry

  • Commercial
  • Residential
  • Industrial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • What are the product types of awning materials?

Fixed, manual and motorized awnings are the three types of awning materials.

  • Which region is expected to hold largest market share during the forecast period?

North America is projected to be the dominant market attributing to rising textile industry and also its demand in covering the residential area.

  • Which are the leading players in the awning materials market?

SUNAIR Awnings, Durasol Awnings, Suntech Australia, Luxafelx, Orion Blinds, Eide Industries, Aristocrat, GS World, Thompson Awning Company, etc. are some of the leading awning manufacturers.

  • Which sector accounts for bulk of awnings demand?

Residential and commercial segment are expected to demand majority adoption attributing to decoration and for the purpose of good ambiance.

  • What are the disadvantages of canvas awning material?

Material can sag if not stretched properly. Canvas awnings may appear a bit rough and out of place as compared to cotton awnings.

To know more about the table of contents, you can click @ https://www.tmrresearch.com/sample/sample?flag=T&rep_id=7305

About TMR Research:

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Media Contact
Company Name: TMR Research
Contact Person: Rohit Bhisey
Email: Send Email
Phone: +1-415-520-1050
City: San Francisco
State: CA
Country: United States
Website: https://www.tmrresearch.com