Global awnings market is expected to witness significant growth on account of increasing use in residential and commercial sector. Growing demand in shops, house, and hotels, owing to durability and unique design is expected to propel market expansion over the next seven years. Rising disposable income coupled with urbanization is expected surge demand over the forecast period.
Mounting demand for aluminum awnings in numerous applications including commercial window, decorative, door, and other residential will drive demand growth. In addition, as it serves as a protective coating its need will surge over the upcoming years. Rising need for aluminum awnings as it is lightweight and requires very little maintenance is expected to increase market size over the next seven years.
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The global market is segmented into different product types including traditional/fixed window, retractable, and vertical. Owing to durability, optimum quality, and water & stain resistance, there is huge demand in shops, restaurants, hotels, and other commercial & industrial sites. Increasing benefits including energy saving, protection from sun, exterior enhancement, attractive signage, and outdoor living are expected to be a major growth factors over the forecast period. However, prevalence of various regulations pertaining to restriction in sizes will challenge industry growth over the next seven years.
Growing use in residential applications including doors, windows, decks, basement stairway and carports will fuel industry growth. Furthermore, high demand for retractable type on account of protection from harsh sun rays is expected to augment market penetration. Moreover, increasing requirements for quality retractable type in order to reduce heat gain, glare, and interior fading will result in industry expansion. Ongoing product improvement along with government support for infrastructure development in Asia Pacific, Middle East, and Africa is expected to open new market avenues over the forecast period. Increasing investment by major players in India, China, Australia, Germany and the U.S. is expected to propel growth over the next seven years.
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North America is a major market and will show high growth on account of high use in residential sector. In addition, the region is expected to witness substantial growth on account of rising textile industry mainly in the U.S. and Canada. Asia Pacific is expected to witness immense industry potential owing to growth in the construction industry, particularly in China, India, Australia, Singapore, Malaysia, Thailand, and Vietnam. Moreover, presence of numerous coated fabric manufacturing plants in the region is expected to spur market growth.
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