Windows and Doors Market Revenue Valued at $282 Billion by 2022 : Allied Market Research
Multifamily housing has been on a continuous rise in recent years, attributed to the increased preference of younger adults to reside in apartments, thus fuelling the demand for windows & doors.
Windows & Doors Market Report, published by Allied Market Research, states that the global market was valued at $184 billion in 2015, and is estimated to reach $282 billion by 2022, growing at a CAGR of 6.3% from 2016 to 2022.
Windows & doors market trends are expected to be progressive over the next few years. The nonresidential sector is expected to witness higher growth rate globally and contribute significantly to the market development.
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Advancements by market players, rise in residential & nonresidential construction activities, and surge in home remodeling expenditures foster the market growth. Rapid urbanization and industrialization in regions such as Asia-Pacific and LAMEA is expected to offer lucrative opportunities for the market. However, high price packages for eco-friendly products is projected to hinder the market growth.
The market is segmented by product type into windows and doors. The doors segment held the largest market share in 2015, and is expected to maintain its dominance during the forecast period. The doors segment is also anticipated to grow at the highest growth rate owing to rise of multifamily housing trends. Moreover, rise in consumer spending on home improvement and growth in new construction activities are expected to provide opportunities for market development.
The windows & doors market is segmented based on material type into wood, metal, and plastic. Metal accounted for over 45% of the total windows market owing to the high dimensional stability and durability & resistance to fire and chemicals, often preferred in the commercial sector. Wood dominated the doors segment owing to its thermal insulation properties, high strength, strong aesthetics, and high utility of this material in the interior doors segment. The plastic segment is anticipated to witness increased usage in light commercial and institutional applications, and is anticipated to show the highest growth rate.
The market is categorized on the basis of mechanism into swinging, sliding, folding, revolving, and others. Sliding windows segment leads the windows market owing to the increased adoption of double-hung windows and shift toward space-efficient homes. Swinging windows are expected to gain traction due to the increase in popularity of casement windows, and is expected to grow at the highest CAGR of 6.2%. Swinging doors is anticipated to dominate the market throughout the forecast period owing to the increased adoption of hinged doors. Sliding doors is expected to grow at the highest CAGR of 7.4% in doors market due to shift toward space-efficient homes.
The residential sector has witnessed a decent growth in the last few years, and is anticipated to dominate the market during the analysis period, owing to recovery in economies such as the U.S. after the collapse. Nonresidential sector is anticipated to grow at the highest CAGR of 6.9% as compared to the residential sector.
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Asia-Pacific accounted for over 50% of the windows & doors market share, and is anticipated to maintain its dominance during the forecast period. Windows & doors market analysis is provided for all the four regions covered in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Under Europe, market size and forecast is provided for UK, Germany, France, Italy, and rest of Europe.
Countries covered in Asia-Pacific include China, Japan, India, and rest of Asia-Pacific. China, Japan and India are the leading markets for windows & doors in the region. LAMEA includes analysis for Brazil, Middle-East, and rest of LAMEA.