Global awning material market is projected to exhibit significant growth during the forecast period. 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.
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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. 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.
Growing Carbon Consciousness Among Consumers
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. 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.
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.
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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.