New York , Oct. 14, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Composite 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 Composite Doors and Windows Market Size:
The global composite doors and windows market is estimated to grow with a CAGR of 3.6% over the forecast period. There has been boost the construction activities which in turn is expected to boost the growth of the market. In order to accommodate the predicted 6 billion people who is expected to live in cities by the year 2050, the global building sector would need to build 12,000 structures per day (about 9 billion worldwide). Construction activities increase the demand for composite doors and windows. To allow entry into a building, to allow people to move easily between its rooms, to provide ventilation, and to allow light apertures to enter doors and windows makes it necessary to focus on doors and windows in construction activities. The global composite doors and windows market is estimated to garner a revenue of USD 2,325.33 Million by the end of 2031. Further, the market generated a revenue of USD 1,640.59 Million in the year 2021.
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Composite doors and windows are strong and durable with low maintenance charge. Hence they are preferred more by constructor and also by general public. Further people are expected to spend more on renovation which is another important factor estimated to fuel the demand for doors and windows. According to a poll conducted at the time, the median amount spent on renovations by a household increased to more than USD 13,000 in 2020. The majority of respondents—about 50%—said they have made home modifications.
Global Composite Doors and Windows Market: Key Takeaways
- North America to hold the largest share
- Windows segment to garner the largest revenue
- Asia Pacific to grow with a highest CAGR
Increasing Urbanization in Emerging Economies to Boost Market Growth
The growing urbanization is anticipated to influence the growth of the market. More people are expected to shift in the cities owing to varied reasons including job opportunity, and more. 56% of the world's population, or 4.4 billion people, reside in cities. Nearly 7 out of 10 people are expected to reside in cities by 2050, a more than threefold increase from the current proportion. Hence more construction activities are expected to be conducted in order to provide accommodations to the people.
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Also increasing income level of people could be another factor expected to lead a boost in the growth of market. By 2022, 130 million families were expected to have an annual income between USD 3,000 and USD 9,000, compared to 90 million houses in 2019. Owing to the increased income homeowners tends to spend more of renovating their houses hence increasing demand for composite doors and windows.
Global Composite Doors and Windows Market: Regional Overview
The global composite 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.
Growing Population to Drive Market Growth in North America Region
The global composite doors and windows market in the North America region is estimated to garner a largest revenue of USD 1,021.29 Million by the end of 2031. The growth can be attributed to increasing population in this region. With a 0.42% increase from 2021, North America's population would reach 376,870,696 in 2022. Hence owing to the increasing population the demand for more houses is rising which is leading to a boost in construction activities, further expected to fuel the growth of the market.
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Growing Urban Population to Favour Growth in the Asia Pacific Region
Further, the market in Asia Pacific region is estimated to grow garnering second highest revenue of USD 852.93 Million by the end of 2031. The growing urban population in this region is anticipated to boost the growth of the market. China had an urban population of 882,894,483 in 2021, up 1.86% from the previous year. Also growing construction activities in countries such as Japan is further expected to fuel the demand for composite doors and windows. In Japan, there were approximately 120 million square metres of new building construction projects under way in 2021. The floor space of building construction projects, which includes both residential and non-residential development, increased by about 6% from the previous year.
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).
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Global Composite Doors and Windows Market, Segmentation by Type
- Doors
- By Material Type
- Wood Plastic Composites
- Core
- Resin
- Others
- Fiberglass Reinforced Plastics
- Fiber
- Resin
- Others
- Wood Plastic Composites
- By Application
- Residential
- Commercial
- Corporate Offices
- Malls
- Resorts & Hotels
- Industrial
- Pharmaceutical Industries
- Military Bases
- Water & Wastewater Industries
- By Material Type
- Windows
- By Material Type
- Wood Plastic Composites
- Core
- Resin
- Others
- Fiberglass Reinforced Plastics
- Fiber
- Resin
- Others
- Wood Plastic Composites
- By Application
- Residential
- Commercial
- Corporate Offices
- Malls
- Resorts & Hotels
- Industrial
- By Material Type
The windows segment is anticipated to garner the highest revenue by the end of 2031. Composite windows require low maintenance when compared to uPVC windows hence this factor is expected to boost the growth of this segment. Also they are more durable and hence their demand is high. Over a 60-year period, composite windows would cost 23–35% less than uPVC windows, according to some estimates.
Few of the well-known market leaders in the global composite doors and windows market that are profiled by Research Nester are Andersen Corporation, Chem-Pruf, Fiberline Building Profiles, Pella Corporation, Hardy Smith Designs Private Limited, FiberTech Composite Pvt. Ltd., Nationwide Windows, Vello Nordic AS, Special-Lite, Just Doors UK Ltd, and other key market players.
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Recent Development in the Global Composite Doors and Windows Market
- In August 16, 2022, Plans to produce the first aesthetically pleasing energy-generating windows and doors have been made public by The Andersen Corporation and Ubiquitous Energy.
- In October 3, 2019, Pella Corporation, a leading manufacturer and designer of quality windows and doors, acquired Custom Window Systems (CWS), an Ocala, Florida-based supplier of impact-resistant goods comprised of vinyl and aluminium. With the acquisition, Pella is now able to expand strategically and increase its market share in Florida's high-growth areas and Southeast coastal regions. While incorporating CWS' impact-resistant knowledge into Pella's distribution channels will strengthen Pella's portfolio, CWS would profit from Pella's experience encouraging operational improvements and innovation.
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