CLEVELAND, Nov. 18, 2019 /PRNewswire/ -- Global demand for windows is forecast to increase 4.5% per year to $138 billion in 2023. Vinyl windows are projected to account for the fastest growth in value terms, spurred by:
- cost and performance advantages of PVC products, especially in developing regions where market penetration has not advanced as far as in higher income areas
- rising income levels and more stringent energy efficiency requirements, which support purchases of higher quality, costlier products
However, metal will continue to account for the leading share of window sales, buoyed by its prevalence in nonresidential buildings and multifamily housing units, where the material's durability and low maintenance requirements are favored.
Wood is projected to continue losing market share and will post the weakest performance among material types through 2023, as the penetration rate of vinyl and fiberglass windows continues to increase throughout the world. These trends and more are analyzed in Global Windows & Doors published by The Freedonia Group.
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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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SOURCE The Freedonia Group