New York, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Doors and Windows Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Doors and Windows Market Size:
The global doors and windows market is estimated to grow with a CAGR of 5.0% over the forecast period. Rise in spending on home remodelling in expected to boost the growth of the market. The median amount spent on renovations by a household grew to more than USD 13,000 in 2020, according to a poll that was done at the time. About 50% of respondents claimed they had modified their homes. During the phase of pandemic people were prone to spend more time inside their houses. Although the pandemic initially prompted concern for the house remodelling sector, many homeowners finally had the time and resources to carry forward with long-awaited renovations in the previous year. The global doors and windows market is estimated to garner a revenue of USD 387.53 Billion by the end of 2031. Further, the market generated a revenue of USD 241.23 Billion in the year 2021.
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Also the disposable income of people has showed rise owing to which they are expected to spend more on renovating their houses. According to the authors' citation of statistics from the U.S. national accounts, disposable income rose by $1.18 trillion in 2020. Also according to Grimes, real disposable income per capita generally climbs 2%-3% per year. Hence the demand for doors and windows are expected to increase in the forecast period.
Global Doors and Windows Market: Key Takeaways
- Asia Pacific to gain the largest portion of revenue
- Windows segment to garner the highest revenue
- Europe region to hold the second highest revenue
Growing Urbanization in Emerging Economies to Drive Market Growth
There has been increasing industrialization, commercialization, and also increase in various job opportunity which is making large number of people to shift from rural area to cities. Hence the urbanization is at peak. Around 4.4 billion people, or 56% of the world's population, live in cities. By 2050, it's predicted that nearly 7 out of 10 people would live in cities, more than tripling from the current level.
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More people shift towards cities has also lead to increase in demand for houses, malls, and other operational places. Therefore, residential & non-residential construction activities are also increasing. The amount spent on non-residential building in the United States increased from roughly USD 250 billion in April 2005 to almost USD 500 billion in April 2022. On the other hand, spending on residential construction increased by more than USD 930 billion in the country, from over USD 600 billion over the same time.
Global Doors and Windows Market: Regional Overview
The global doors and windows market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Urban Population Growth to Boost the Growth in Asia Pacific Region
The Asia Pacific region is estimated to garner the highest revenue of USD 171,292.5 Million by the end of 2031 owing to the increase in urban population in this region. In this region, the countries such as China and Japan are estimated to grow further owing to this factor. China urban population grew at an approximate 1.80% in 2021 as compared to 2020. The more the urban population, there would be more demand for construction activity. Hence, owing to this the doors and windows market is expected to grow in this region.
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Growing Expatriate Population to Favour Growth of the Market in Europe
Further, the doors and windows market in Europe region is projected to grow garnering second-highest revenue of USD 90,103.0 Million by the end of 2031, backed by increasing expatriate population in this region. Currently, there are almost 30 million expats residing in Europe, and this number is steadily growing as more people leave their native countries or relocate around to live and work. Germany has the highest proportion of expats, accounting for more than 8% of the overall population.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Doors and Windows Market, Segmentation by Product
- Doors
- By Material
- Wood
- Aluminium
- Wood Plastic Composites
- Fiberglass Reinforced Plastics
- Others
- By Application
- Residential
- Commercial
- Corporate Offices
- Malls
- Resorts & Hotels
- Industrial
- Pharmaceuticals Industries
- Military Bases
- Water & Waste Industries
- By Material
- Windows
- By Material
- Wood
- Aluminium
- Wood Plastic Composites
- Fiberglass Reinforced Plastics
- Others
- By Application
- Residential
- Commercial
- Corporate Offices
- Malls
- Resorts & Hotels
- Industrial
- Pharmaceuticals Industries
- Military Bases
- Water & Waste Industries
- By Material
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The windows segment is anticipated to garner the highest revenue by the end of 2031. The growth can be attributed to growing spending of people. Spending by the middle class is anticipated to increase from roughly USD 35 trillion in 2017 to approximate USD 60 trillion by 2030, contributing one-third of GDP growth. As the income of people has increased they are prone to spend more. Also their demand quality product has gone up. Hence the demand for quality window is increasing. Also their modern feature is expected to boost the market further. Many modern windows are glazed or have other translucent or transparent materials covering them. Several glass windows may be opened or shut to let in fresh air or block bad weather. Further, the windows segment is segmented by material into wood, aluminium, wood plastics composites, and more. Out of these segments, the wood segment is anticipated to garner the second-highest revenue of USD 42,097.4 Million by the end of 2031.
Few of the well-known market leaders in the global doors and windows market that are profiled by Research Nester are Andersen Corporation, Atrium Windows and Doors, Horton Automatics, JELD-WEN, INC., Marvin, MI Windows and Doors, LLC, Pella Corporation, SGM Window Manufacturing Limited, YKK AP America Inc., Nationwide Windows, Special-Lite, and other key market players.
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Recent Development in the Global Doors and Windows Market
In July 26, 2022, Horton Automatic has announced the release of its new C5190 microprocessor, which is expected to greatly boost the value of the company's swing doors.
In January, 31, 2022, Pella Corporation unveiled their newest creation, the Hidden Screen. Based on decades of screen design and invention, the Concealed Screen is the first and only hidden screen for vinyl windows among prominent national window brands.
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