According to a recent study, the global demand for doors and windows is expected to rise 7.1% annually until 2017, pushed by recoveries in the building construction markets of many developed countries.
Global demand for doors and windows is expected to rise 7.1% annually until 2017, to USD 223 billion, significantly exceeding the growth rate of the 2007-2012 period.
According to World Windows & Doors, a new study from The Freedonia Group Inc., growth will be driven by recoveries in the building construction markets of many developed countries, although gains will be somewhat exaggerated by a weak 2012 base, particularly in the US. Continued strong increases in building construction activity in developing areas will also boost demand.
The US market for doors and windows is expected to undergo a strong recovery, with gains of more than 10% per year through 2017, after the declines of the 2007-2012 period. The primary driver of demand will be an expected housing market recovery in the country. Western Europe, another market that saw declining door and window demand between 2007 and 2012, is also projected to see a recovery through 2017, though not as strong as that in the US.
China, the world’s largest door and window market in 2012, will see its share of global demand rise to 36%, with continuing rapid economic growth and industrialization, as well as an increase in the average size of a housing unit in the country, boosting gains. Moreover, according to the report, households will be able to afford more expensive, modern fenestration products, thanks to increases in personal incomes, thereby increasing the value of demand. As such, China is expected to see strong demand gains of 8.7% annually through 2017, slower than that of the previous decade but still one of the highest in the world.
Rapid demand gains are also expected in the other developing areas of the world – particularly in the African and Middle East region and South America. However, these gains will be slightly below the world average, as the global financial crisis did not have as strong an impact as in the developed areas, and these regions are starting from a higher 2012 base. Rising personal incomes will lead to the use of more Western-style building practices, with the consequent use of modern doors and windows and boosting demand gains.