Outdoor Shutters Market Worth US$ 6.9 Billion by 2034: Smart Home Technology Integration as a Key Driving Factor, Highlighted by Transparency Market Research
Outdoor shutters provide protection against extreme weather conditions such as storms, hurricanes, and excessive sunlight. The practical benefit drives demand in regions prone to severe weather.
WILMINGTON, Del., July 16, 2024 /PRNewswire/ -- The outdoor shutters market was projected to attain US$ 3.3 billion in 2023. It is likely to garner a 6.8% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 6.9 billion.
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Shutters enhance the curb appeal and aesthetic value of properties. The increasing emphasis on home improvement and architectural design boosts the demand for stylish and customizable shutters. The durability and low maintenance requirements of modern outdoor shutters make them an attractive option for homeowners and businesses, leading to sustained market demand.
The integration of smart home technology with outdoor shutters, such as motorized and remote controlled options, is a significant trend. The advanced features offer convenience and align with the growing smart home market. There is a growing trend towards customization, allowing consumers to choose from a variety of colors, materials, and designs to match their specific needs and preferences.
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Vintage and classic shutter designs are making a comeback as part of the broader trend towards nostalgic and timeless home decor styles. The expansion of the construction industry, particularly in emerging markets, is contributing to the increased demand for outdoor shutters as part of new building projects.
Key Findings of Market Report
-- Collaborations between shutter manufacturers and construction companies
or home improvement retailers can create new sales avenues and boost
market presence.
-- Seasonal changes and corresponding home improvement cycles influence the
demand for outdoor shutters, particularly in regions with distinct
seasonal weather patterns.
-- Increased consumer awareness about the benefits of outdoor shutters,
including energy savings and property value enhancement, can drive
market demand.
-- There is a growing preference for minimalist and modern design
aesthetics, leading to demand for sleek, contemporary shutter styles.
-- Development of hybrid shutters that combine materials like wood and
composite for enhanced performance and aesthetics is an emerging trend.
Outdoor Shutters Market Report Scope:
Report Coverage
Details
Forecast Period
2024-2034
Base Year
2020-2022
Size in 2023
US$ 3.3 Bn
Forecast (Value) in 2034
US$ 6.9 Bn
Growth Rate (CAGR) 6.8 %
No. of Pages
270 Pages
Segments covered By Material, By Product Type, By Application, By Region,
By End-use
Market Trends for Outdoor Shutters
-- By material, the composite shutters segment among these is expected to
stimulate the growth of the outdoor shutters market.
-- Composite shutters are known for their exceptional durability and
resistance to warping, cracking, and fading. They are designed to
withstand harsh weather conditions, making them a preferred choice for
outdoor applications.
-- Unlike wood, composite shutters require minimal maintenance. They do not
need frequent painting or sealing, which reduces the overall upkeep cost
and effort for homeowners.
-- On the basis of product type, the plantation shutters segment is
anticipated to augment the market prospects.
-- Plantation shutters are highly versatile and can complement a variety of
architectural styles, from traditional to contemporary. Their clean,
classic lines and wide louver design add a sophisticated touch to any
exterior.
-- The adjustable louvers of plantation shutters allow for precise control
over light and privacy. Homeowners can tilt the louvers to allow in
natural light while maintaining privacy, which enhances their
functionality and appeal.
Global Market for Outdoor Shutters: Regional Outlook
North America
-- North America, particularly regions like the Gulf Coast and the
Southeastern United States, is prone to hurricanes and severe storms.
-- Outdoor shutters provide critical protection against these extreme
weather conditions, driving their demand.
-- The strong culture of home improvement and renovation in North America
drives the demand for outdoor shutters.
-- Homeowners are continually looking for ways to enhance the aesthetics
and functionality of their homes, with shutters being a favored upgrade.
Asia Pacific
-- The booming real estate and construction industry in countries like
China, India, and Southeast Asian nations is a significant driver.
-- New residential, commercial, and hospitality projects often include
outdoor shutters for their functional and aesthetic benefits.
-- There is growing awareness and adoption of home improvement products in
the Asia Pacific region.
-- Consumers are increasingly recognizing the benefits of outdoor shutters,
such as improved security, privacy, and aesthetic appeal.
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Outdoor Shutters Market: Key Players
The competitive landscape of the outdoor shutters market is characterized by the presence of several key players competing for market share.
The companies vary in terms of their product offerings, geographical presence, pricing strategies, and focus on innovation. The following companies are well known participants in the outdoor shutters market:
-- Timberlane Inc.
-- Royal Corinthian
-- Decorative Shutters
-- U.S. Shutter Company
-- Larson Shutter Company
-- Southern Shutter Company
-- Atlantic Premium Shutters
-- ShutterLand Exterior Shutters
Key Developments
-- In 2023, Westlake Royal Building Products revealed an extended
collaboration with U.S. LUMBER and Amerhart, prominent brands under
Specialty Building Products (SBP). The expanded partnership will
encompass a variety of products and geographical locations. U.S. LUMBER
and Amerhart are renowned distributors of building materials.
-- In 2022, Tucson Rolling Shutters Inc. announced plans to construct a
14,500-square-foot expansion adjacent to its current 12,000-square-foot
facility in Tucson, United States. The expansion aims to accommodate the
increasing demand for retractable patio screens, particularly in the
regions of Arizona and Texas.
Outdoor Shutters Market Segmentation
Material
-- Wood Shutters
-- PVC Shutters
-- Aluminum Shutters
-- Composite Shutters
-- Others
Product Type
-- Plantation Shutters
-- Panel Shutters
-- Louvered Shutters
-- Bahama & Bermuda Shutters
-- Board & Batten Shutters
-- Solid Shutters
-- Tier-on-Tier Shutters
-- Shaker Style Shutters
-- Combination Shutters
-- Others
Application
-- Homeowners
-- Commercial Establishments
-- Hospitality Industry
-- Industrial Facilities
-- Others
End Use
-- Residential
-- Commercial
-- Industrial
Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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