The global market for windows and doors is forecast to exceed $260 billion by 2024, with projected annual gains of 3.5% between 2018-2024, according to new research by Global Market Insights Inc. The worldwide market for these products was valued at more than $190 billion in 2017.
According to the report, "Global Window & Door Market," the North American windows and doors segment is expected to experience more than 3.4% CAGR up to 2024. Gains will be made in new construction as well as remodeling, for both the commercial and residential segments.
Construction industry growth, including commercial and residential buildings, will boost the windows and doors market size, according to the report. Smart city development initiatives in several countries strongly focusing on improving facilities for citizens are among the key industry growth parameters. Surging government spending in infrastructure development for non-residential and residential buildings are fueling the product landscape.
According to the U.S. Census Bureau, construction spending has increased over $1.25 trillion and 0.7% growth from the previous year. Lower interest rates and construction of post-natural disaster buildings and houses are highly instigating factors stimulating demand across the country, noted the global market research and management consulting firm.
Worldwide, the residential windows and doors market will account for more than 60% of market share by 2024, according to Global Market Insights, and is anticipated to surpass $140 billion by 2024. Globally, growth in residential construction is supported by increasing disposable income and the lowering of taxes and interest rates. Need for improved security coupled with innovative unlocking options also have enhanced the product demand for new as well as replacement applications. Emerging economies, particularly India & China will witness rapid expansion in residential construction to fulfill the growing population needs.
The global commercial windows and doors market sector is also on a growth path, projected to register more than 3.5% CAGR through 2024. Commercial application accounted for more than 35% of the overall industry share in 2017. A rising number of healthcare, institutional, educational, retail and office constructions will support the window and door market size. In addition, growing construction of hotels and restaurants due to expansion in tourism industry will provide a positive outlook for industry demand. For instance, Saudi Arabia has planned to invest more than $500 billion under travel and tourism to build a mega city.
Windows and doors market, by material
The wood windows and doors market was valued at more than $60 billion in 2017. Superior mechanical properties along with innovative designs, patterns, and laminates will primarily drive the material scope. Design versatility along with aesthetic looks will also provide a positive outlook for product penetration, particularly in exterior applications. Increasing consumer preference for naturally finished and luxury wood products will propel the business growth.
The uPVC windows and doors market segment registered more than 50% of the market share in 2017, and will continue to rise rapidly, more than 4% growth up to 2024. Increasing demand for lightweight, low cost, and energy efficient product are the major factors instigating the material adoption. Lower maintenance and high durability also are among the factors surging the product demand.
Gains in Asia Pacific and European markets
The Asia Pacific windows and doors market is anticipated to register more than 750 million units demand by 2024. Rapid urbanization leading to increasing residential and commercial constructions will drive the regional demand, according to the report. Favorable government policies and regulations coupled with increasing infrastructure investments in the region will propel the industry growth. A strategic focus on service sector and information technology development by the Chinese government will also fuel the market. Growth in residential construction, rising population and increasing disposable income will propel India's industry share; per IBEF, India's real estate market will reach $180 billion by 2020.
The European windows and doors market will witness growth of more than 2.5% up to 2024. Increasing government investments in infrastructure development are major factors driving the regional product demand. Growth in travel and tourism industry, mainly in Spain, Germany, and the UK has enhanced the product demand. As per European Builders Confederation, the construction sector accounts for around 9% of the EU GDP.
Have something to say? Share your thoughts with us in the comments below.