From 2023 to 2032, the global windows and doors market will grow at a compound annual growth rate of 5.5%. This is according to consulting company Allied Market Research, which has published the data in its report “The Window and Door Market”. But different regions of the world will show different dynamics.
The pandemic hit the windows and doors market hard. But the market recovered by the end of 2021. In 2022, it was estimated at USD 208.1 billion and is forecast to reach USD 356.7 billion by 2032.
In 2022, the doors segment gained a larger share of the windows and doors market in terms of revenue. This is due to an increase in the number of commercial and administrative buildings.
The global patio doors market was valued at USD 38 billion in 2022 and is expected to reach USD 59.3 billion by 2032, growing at a CAGR of 4.6%.
The windows segment is expected to grow at a higher CAGR than the doors segment over the forecast period. This will be driven by the increasing demand for sustainable buildings. These require more natural light and air exchange.
In 2022, the solar windows market has already reached USD 9 million. These windows are equipped with transparent solar cells that convert light into electricity but allow visible light to pass through and illuminate the room.
Experts estimate that the solar windows market will reach USD 22.5 million by 2032, with an average annual growth rate of 9.6%.
In terms of materials, the metal segment has accounted for a significant share of sales in 2022. Metal is a strong material and is suitable for the producing of burglar-resistant exterior doors and windows. However, the PVC segment will grow at a higher CAGR due to its low cost, lightness, and durability.
By 2022, Asia Pacific has dominated the global windows and doors market in terms of revenue. It is expected to grow at the highest CAGR, while the German window market has will decline. This will be driven by infrastructure investment in India, Vietnam and China.
The main reason for the market development is rapid urbanisation combined with exponential population growth. This is driving growth in the construction sector.
As incomes rise and property values increase, the trend towards renovation will intensify.
Rising raw material costs and increased construction costs will restrain the market.
The pandemic has also had a negative impact on the growth of all industries, including construction. Most building materials have become more expensive, which has led to a slowdown in the growth of the windows and doors market. The Russian-Ukrainian war, which has led to higher oil and prices, has also exacerbated inflation.
Illustrative photo: Katja-Anna Krug on Unsplash
Global windows and doors market forecast to reach USD 356.7 billion
ID no: 22784
Oct 28, 2024
Nov 22, 2024
