The Asia Pacific Fiberglass Sunscreen Market would witness market growth of 7.1% CAGR during the forecast period (2021-2027).
Fiberglass sunscreen is a type of material that acts as an insulator for excess heat and cold in a building or home. With the shifting preference of consumers towards sustainable products, the demand for fiberglass sunscreen is registering a positive growth as it causes very less harm to the environment in comparison to other materials. There is a rising standardization of fiberglass in window screen materials in the last few years that is estimated to propel the growth of the market. Moreover, with the broad collection of materials for various users, the usage of the product has increased.
There is a swift expansion in the real estate industry along with commercial construction, especially in emerging nations like India and China, which is supporting the increased requirements for fiberglass sunscreens in the market. Additionally, the global expansion in the commercial construction under the hospitality industry including resorts, hotels, hospitals, and other segments, highly requires sunscreens. According to the TOPHOTELPROJECTS online database, there was a construction of 2,445 new hotels in 2020 and 928 new hotels in 2021, in the Asia Pacific, in which China is the leading country, where 1,160 new hotels are in the pipeline. Thus, this swift expansion in the hotel sector is projected to open new growth avenues of the fiberglass sunscreen market.
The tourism and hospitality sector in the Asia-Pacific region is flourishing at a great pace, which is contributing to the regional growth of fiberglass sunscreen. In addition, there are many companies across the world that are entering into this region and building their offices to increase their geographical presence. So, due to the increasing construction projects of schools, offices, and corporate buildings in the emerging nations of this region like India and China, the fiberglass sunscreen market would also flourish in this market.
The cheap labor and less stringent rules in various countries in this region will open growth opportunities for the fiberglass sunscreen manufacturers, thereby helping them to enter this market and prosper in the growing regional market. All such favourable factors will boost the demand for fiberglass sunscreen in the Asia Pacific region.
The China market dominated the Asia Pacific Educational & Government Institutions Fiberglass Sunscreen Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $20.9 million by 2027. The Japan market is showcasing a CAGR of 8% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 9.2% during (2021 - 2027).
Based on Application, the market is segmented into Corporate Buildings, Hotels, Residential, Hospitals & Clinics, Educational & Government Institutions and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Fiberglass Sunscreen Market is Projected to reach USD 2.6 Billion by 2027, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hunter Douglas N.V., Fulltech Fiber Glass Corporation, Changzhou Bestex Technical Textile Co., Ltd., Sunscreen (Singapore) Pte. Ltd., Sichuan Groupeve Co. Ltd., Wuxi EV Window Decoration Co., Ltd., Hongyuan Envirotech Co., Ltd. (Zhejiang Hongsheng Envirotech Group Co., Ltd.), Ningbo Xianfeng New Material CO., Ltd., Phifer, Inc., and Mermet Corporation.
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