CLEVELAND, Jan. 8, 2020 /PRNewswire/ -- The Freedonia Group's new Global Windows & Doors finds that global demand for doors is forecast to increase 4.5% per year to $123 billion in 2023. These gains will be supported by higher levels of nonresidential building construction in many developing regions and increasing building improvement and repair activity in countries such as the US.
Metal and wood will remain the most popular materials for doors going forward:
- Metal is the preferred material for doors in the nonresidential market because of its strength, security, durability, and low maintenance.
- Wood is the most popular material for the residential market due to its frequent installation as interior doors in homes. Since interior doors frequently see less wear than exterior doors, durability is less important, allowing wood to dominate this market.
Metal and wood are expected to account for 91% of all door sales through 2023. However, both materials will face increasing competition from fiberglass doors in the residential market, as fiberglass can offer the same strength and durability as metal entry doors – and can resemble the look and texture of wood doors – while offering improved energy efficiency.
For more information regarding Freedonia's Global Windows & Doors study visit: https://www.freedoniagroup.com/industry-study/global-windows-doors-3771.htm
Global demand for windows and doors is forecast to also rise 4.5% per year to $261 billion in 2023. Over half of value gains will come from China, by far the world's leading consumer of windows and doors, with 38% of global sales in 2018. Solid increases in the large US market will account for about 12% of the growth in global demand in the 2018-2023 period. Much of the remaining growth will stem from developing regions, where improving standards of living and continued industrialization are fueling sales gains.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group