Window and door market size is expected to exceed USD 250 billion by 2023: Global Market Insights, Inc.

Window and door market size is expected to exceed USD 250 billion by 2023 growing at a CAGR of over 6% from 2016 to 2023. The rise in the demand can be attributed to increasing construction work as the global economy rebounds. Furthermore, increasing residential improvement activities along with growing repair demands is estimated to drive growth.

Rising global population is likely to increase the demand for housing as well as public buildings. Increasing value of non residential construction along with renewed downstream demand is estimated to fuel the revenue growth. In addition, industry consolidation is likely to improve the overall profit margin over the forecast period. Uncertainties in the industry such as rising interest rates, labour availability as well as planning delays are estimated to hamper the industry growth. Proliferating usage of triple-pane insulated glazing windows and insulated core doors by builders during construction of buildings is anticipated to promote the industry growth over the forecast period.

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North America window and door market hold the largest share and expected to continue its dominance over the forecast period. The U.S. window and door market size was valued around USD 22.8 billion in 2014 and is expected to grow at a CAGR of over 7% from 2016 to 2023. It is anticipated to reach over USD 32 billion by 2023 owing to flourishing housing construction activities in the region. Large number of energy cost conscious home owners took benefit of tax credits offered by the government from 2009 to 2011 and thus replaced older doors and windows with more energy efficient ones.

Asia Pacific window and door market is anticipated to be the fastest growing region and is likely to grow at a CAGR of over 7% from 2016 to 2023. The spur in the region can be subjected to rising income level among the developing nations such as China and India. As of 2014, China was the largest market for fenestration products and accounted for around 36% and is likely to reach 39% by 2023. The growth in the region is due to rapid industrialization and constant economic growth.

Africa and Middle East are anticipated to witness considerable growth for windows and doors due to increasing advanced building practices and growing usage of modern fenestration products. Japan and Western Europe are forecast to witness satisfactory growth prospects from 2016 to 2023. UK window and door market size is estimated to experience significant growth at CAGR 13.3% from 2016 to 2023 due to increasing construction of houses and buildings to accommodate the rising population across the country.

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Key industry participants in the window and door market share include Allegion plc, Alcoa Incorporated, Alpine Window, Alside, Amarr Garage Doors, Andersen Corporation, Ashworth Doors, ASSA ABLOY AB, Associated Materials LLC, Atrium Corporation, Axiall Corporation, Bison Building Materials, CECO Door Products, Champion Window, Champion Windows Manufacturing Incorporated, Clopay Building Products, CRH plc and Curries among others.

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Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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