Awning Market: Introduction
An awning is a secondary covering on a building above a door, window, or above the area along a footpath. It is usually composed of canvas woven of acrylic, cotton, or polyester yarn, or vinyl laminated to polyester fabric that is pulled out tightly over a light structure of aluminum, iron or steel, wood, or transparent material.
The awning market is witnessing significant popularity in commercial areas as well as residential buildings. Available in different styles, patterns, and colors, an awning provides shade, offers protection from rain or snow, acts as a sign or billboard, and prevents carpets and furniture from fading in sunlight. Profuse application of awnings in restaurants, hotels, shops, and retail stores owing to unique design and patterns is expected to propel the market.
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The rising need for luxurious accommodation due to an increase in disposable income, need for attractive outdoor living spaces, protection from the sun, and social status helps the awning market to grow. Moreover, availability of different patterns, colors, and fabrics in awnings gives customers an attractive opportunity to buy the product. However, sometimes high installation cost and fluctuation in raw material prices may hinder the growth of the market.
Manufacturers are focusing on creating innovative awnings with advanced technology along with reusable products which is expected to boost customer demand. Furthermore, investment in construction activities due to rising population and urbanization is projected to accelerate the growth of the awning market during the forecast period.
The Covid-19 pandemic has affected all sectors of the global market. The resulting stoppage of many businesses and disruptions in the economic cycle, besides the gradual shift in supply and cost of raw materials hampers production activities. These factors may act as a restraint to the growth of the awning market.
North America to Hold Major Share of the Awning Market
In terms of region, the awning market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is expected to hold dominant position in the global awning market. One of the key factors driving the demand for awnings in this region is the rising adoption of awnings and extensive usage of motorized retractable products in the residential sector. Canada, Mexico, and the United States are likely to be the leading countries generating demand for awning in the North America region.
The market in North America is likely to be followed by the markets in Asia Pacific and Europe during the forecast period.
Key Players Operating in the Awning Market
Advanced Design Awning & Sign