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Fiberglass Sunscreen Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global fiberglass sunscreen products market was valued at USD 8 billion in 2022 and is projected to expand at a CAGR of 4.3% from 2023 to 2030. Fiberglass sunscreen products are gaining popularity due to their superior features such as UV protection and durability. Furthermore, increasing awareness about the harmful effects of UV rays on skin is driving the demand for these products. Manufacturers are focusing on developing innovative products to gain a competitive edge in the market. For instance, in March 2021, the US-based company, Solar Shield, developed a sunscreen fabric with the highest SPF rating of 150.
The growing demand for these products in the construction industry is also driving the market. Fiberglass sunscreen products help reduce energy consumption by blocking direct sunlight from entering the building. This, in turn, reduces the need to use air conditioners and other cooling systems, thus leading to cost savings. Moreover, the rising demand for eco-friendly products is encouraging manufacturers to develop fiberglass sunscreen products with superior sustainability credentials. For instance, in January 2021, the US-based company, Covestro, developed a fiberglass sunscreen made from polycarbonate, a material derived from plant-based sources, which is highly recyclable and has a low environmental impact.
Furthermore, increasing government initiatives to promote the use of energy-efficient products is expected to drive the market. For instance, in October 2020, the US Environmental Protection Agency launched the ENERGY STAR program, which helps identify and promote energy-efficient products, including fiberglass sunscreen products. Additionally, the rising popularity of green buildings is expected to propel the demand for these products, as they offer superior insulation and help reduce energy consumption.
Moreover, the growing popularity of online retailing is expected to drive the market. The availability of a wide variety of these products online is accelerating the demand. The e-commerce platform further provides various offers on these products, which is boosting online sales. Additionally, the rising trend of customization and personalization of these products is driving the market. Manufacturers are introducing personalized fiberglass sunscreen options that allow customers to customize the color, shape, size, and design of the product according to their requirements.
Product Insights
The fiberglass sunscreen segment accounted for the highest market share of around 51.2% in 2022. The growth of this segment can be attributed to the increasing global awareness about the importance of sun protection and rising demand for lightweight, durable and affordable sunscreen solutions. In addition, the growing popularity of fiberglass sunscreen products among individuals due to its superior durability and protection against UV radiation is also a key factor driving the segment growth.
The clear sunscreen segment is anticipated to register the fastest CAGR of 8.7% over the forecast period. The increasing demand for clear sunscreen solutions due to their better aesthetic appeal and convenience is one of the major reasons driving the growth of the segment. Furthermore, the growing popularity of clear sunscreen solutions among individuals due to their better coverage and protection against UV radiation is also a key factor driving the market growth.
Distribution Channel Insights
The department stores segment accounted for the major share of the market in 2022, due to the availability of various types of fiberglass sunscreen products in these stores. Moreover, customers can also find a wide variety of products from different brands and can compare the features and prices of the products. This has led to the growth of the department stores segment.
The online segment is anticipated to register the highest CAGR of 12.8% over the forecast period. The increasing penetration of the internet and smartphones in developing countries has resulted in the growth of the e-commerce sector. Furthermore, the availability of various discounts and offers on these sites and the convenience of home delivery are some of the factors that are expected to boost the growth of this segment. In addition, the presence of various online retail stores, such as Amazon, Flipkart, and eBay, is providing a wide range of fiberglass sunscreen products to customers. This is further fueling the growth of the online segment.
Type Insights
The fiberglass sunscreen products market is divided into two segments, namely, sheets and spray. The sheets segment is anticipated to be the largest segment in terms of revenue and is estimated to account for a market share of 54.3% in the year 2023. The increasing demand for fiberglass sunscreens in residential and commercial spaces is expected to drive the growth of the segment. The sheets can be easily applied and removed, making them the preferred option for sun protection.
The spray segment is projected to the expand at the highest CAGR of 10.4% over the forecast period. This segment is expected to benefit from increased consumer awareness regarding the health benefits of fiberglass sunscreens. Furthermore, the availability of fiberglass sprays in various formulations such as gel, foam, and mist is expected to increase the demand for this segment. Additionally, the spray segment is expected to benefit from the increasing popularity of spray sunscreens among younger generations.
Regional Insights
Asia Pacific is expected to hold the largest market share in the fiberglass sunscreen products market in the coming years. Increasing use of fiberglass sunscreen products in the construction industry and rising awareness about the various benefits associated with them is driving the growth of the market in this region. Rising disposable income and increasing demand for high-end fiberglass sunscreen products from affluent consumers is further expected to drive the regional market.
North America is expected to witness significant growth in the market in the coming years. Growing investment in the construction sector and increasing demand for energy-efficient solutions are some of the major drivers of the regional market. Furthermore, increasing demand for eco-friendly solutions is expected to propel the growth of the market in the region. For instance, in April 2021, Cooley Group launched a new line of architectural mesh products, which combine the advantages of fiberglass sunscreen products with the aesthetics of metal mesh.
Financial Projections
In this part of the fiberglass sunscreen products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fiberglass sunscreen products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a fiberglass sunscreen products business comes from the sale of the products. This would include the cost of production and delivery, as well as the revenue generated from additional services such as installation, maintenance, and repair. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the fiberglass sunscreen products business running will be described. The list of operating expenses includes raw materials, wages, maintenance and repairs, utilities, insurance policies, advertising, and others. Additionally, you will need to provide a list of capital investments and how much it will cost to launch the business.
Key companies & market share insights
Some of the key companies operating in the fiberglass sunscreen products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, 3M launched a range of sunscreens made from fiberglass, providing superior protection against UVA and UVB rays.
– In October 2022, Owens Corning launched its SunGuard fiberglass fabrics, which provide excellent solar protection and heat insulation.
– In December 2022, Saint-Gobain Performance Plastics launched its SolarMax fiberglass fabrics, designed to provide superior protection against the sun’s harmful rays.
Some of the prominent players in the fiberglass sunscreen products market include:
– 3M
– Owens Corning
– Saint-Gobain Performance Plastics
– Johns Manville
– CertainTeed
– PPG Industries
– Kalwall Corporation
– Solaronix
– The Dow Chemical Company
– Guardian Industries
Global Fiberglass Sunscreen Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fiberglass sunscreen products market based on product, application, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Window Films
– Awnings
– Cushions
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Residential
– Commercial
– Industrial
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: The potential for product innovation in the fiberglass sunscreen products market is significant, as manufacturers strive to make their offerings more lightweight and easier to apply. Through the use of nanotechnology, fiberglass sunscreen products can be made more efficient and longer-lasting, while also providing greater protection from UVA and UVB rays. Additionally, the addition of anti-aging and moisturizing ingredients can further enhance the user experience.
[Q]: Who are the Key Players in the Fiberglass Sunscreen Products Market?
[A]: Key players in the fiberglass sunscreen products market include 3M, Corning, Johns Manville, Owens Corning, Nitto Denko Corporation, Saint-Gobain, and AGC Inc.
[Q]: Which Region Offers the Largest Opportunity for Sales of Fiberglass Sunscreen Products?
[A]: Asia Pacific is expected to offer the largest opportunity for sales of fiberglass sunscreen products, due to the high demand from countries such as China, India, and Japan.
[Q]: What are the factors driving the fiberglass sunscreen products market?
[A]: The increasing concerns regarding skin cancer, the growing awareness of the importance of sun protection, and the rise of the health-conscious consumer are all factors driving the fiberglass sunscreen products market. Additionally, the availability of innovative product offerings and the increasing demand for products with anti-aging and moisturizing properties is also contributing to market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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