GVR Report cover Fiberglass Sunscreen Market Size, Share & Trends Report

Fiberglass Sunscreen Market Size, Share & Trends Analysis Report By Application (Corporate Buildings, Residential, Hospitals & Clinics, Hotels, Educational & Government Institutions), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68039-354-2
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview                       

The global fiberglass sunscreen market size was valued at USD 1.91 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. Increased spending on home improvement projects or home remodeling is boosting the product demand. The growing home values have doubled homeowners’ equity in the period of five years preceding 2019, indicating a surge in spending capacity towards home improvement and interior decoration. According to the Leading Indicator of Remodeling Activity (LIRA), home improvement spending has risen at 6% annually in the three years since 2015. The outbreak of novel coronavirus has disrupted the supply chain and affected the construction of fiberglass sunscreen. As the pandemic enters its second year and the global economy slowly recovers, the worldwide fiberglass supply chain is facing a shortage of products, caused due to delays in shipping and a fast-evolving demand environment. According to CompositesWorld, many distributors, especially in North America, have reported shipment delays of fiberglass products from suppliers. Additionally, the products that are being received are at a slightly higher price.

U.S. fiberglass sunscreen market size, by application, 2016 - 2028 (USD Million)

The rapid expansion in the real estate sector as well as commercial construction, particularly in developing economies such as India and China, is paving the way for the increased need for fiberglass sunscreens. In addition, global expansion in commercial construction, particularly the hospitality sector that includes hotels, resorts, hospitals, and other segments, is enhancing the need for sunscreens in these areas. As per the TOPHOTELPROJECTS online database, in the Asia Pacific, there was a pipeline of 2,445 new hotels in 2020 and 928 new hotels in 2021, with China leading the whole region, where 1,160 new hotels are in the pipeline in the coming years. This rapid expansion of the hotel industry is anticipated to positively impact the growth of the market.

Additionally, in 2020, consumers spent more on home remodeling as compared to 2019 since the outbreak of COVID-19 led several countries to implement lockdown, which resulted in consumers spending more time at home. According to a survey by Home Advisor, in 2020, average household spending on home services in the U.S. rose to USD 13,138, which was a USD 4,000 increase year-over-year. On average, U.S. households spent USD 8,305 on home improvements, USD 3,192 on maintenance, and USD 1,640 on home emergencies.

Application Insights

In terms of value, 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.

Global fiberglass sunscreen market share, by application, 2020 (%)

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. Increasing standardization of fiberglass in window screen materials over the last decade has positively impacted product demand. Furthermore, a wide selection of materials for a multitude of users has enhanced the use of the product.

Regional Insights

North America dominated the global market by accounting for over 35.0% share in 2020. The market growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America. According to Improving America’s Housing 2019 report, the home remodeling market in the U.S. grew by more than 50% post the end of the recession period. Spending on interior improvements and renovations in both rental and owner-occupied properties reached nearly USD 522 billion from 2017-2019, incurring an increase of USD 72 billion in spending compared with the previous two-year period, according to the U.S. Census Bureau’s American Housing Survey.

Asia Pacific is projected to expand at the highest CAGR of 6.1% from 2021 to 2028. Flourishing hospitality and tourism industries are projected to have a positive impact on the demand for fiberglass sunscreen in this region. According to a report by the United Nations World Tourism Organization (UNWTO) in partnership with the Global Tourism Economy Research Centre (GTERC), Asia Pacific tourism has been witnessing exponential growth in international arrivals since 2005. The rise in the construction of sustainable and green buildings in the region is another factor propelling the demand for fiberglass sunscreen in the Asia Pacific.

Key Companies & 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

Fiberglass Sunscreen Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 1.95 billion

Revenue forecast in 2028

USD 2.88 billion

Growth Rate

CAGR of 5.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion, CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Germany; U.K.; Japan; India; Brazil; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global fiberglass sunscreen market report on the basis of application and region:

  • 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)

  • 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 (MEA)

      • Saudi Arabia

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