Canopy Market Size, Share, Growth Analysis, By Material(PVC (Polyvinyl Chloride), PTFE (Polytetrafluoroethylene), Polyester Cloth, ETFE (Ethylene Tetrafluoroethylene)), By Application(Shade Canopies, Event Canopies), By End Use(Residential, Non-Residential), By Region - Industry Forecast 2024-2031

Canopy Market Driver

• Over the projection period, the demand for canopies in the North American and European economies is anticipated to increase because of the rapid rise of the residential sector in these economies and the rising popularity of inside-outside living. Additionally, the market is projected to develop because to the growing desire for canopies' added living space and aesthetic value.
• Due to the growing use of canopies as shades in residential structures, the U.S. global canopy market is predicted to expand. Additionally, it is projected that throughout the forecast period, there will be an increase in the installation of car canopies for recreational shade protection and outdoor car storage to maximise housing storage capacity.

Canopy Market Restraint

• Coronavirus has affected the import and export of construction of material. China is the largest exporter of construction materials globally. Negative trends in the economy of China are anticipated to reduce the global import and export throughout the globe. Travel prohibitions around the globe have affected the trade of construction materials. Thus, the supply and demand for construction materials are almost halted throughout the globe. Construction material import and export have been impacted by the coronavirus. The world's top exporter of building supplies is China.
• Global import and export are expected to decline as a result of China's economy's negative tendencies. International travel restrictions have an impact on the commerce in building materials. As a result, the global supply and demand for building materials have nearly completely stopped. Over the course of the current economic year, decreased consumer demand and consumption have caused a decrease and slowdown in the sales of construction materials worldwide.