Worldwide Window and Door Demand to Reach $223 Billion in 2017
Through 2017, global demand for windows and doors is expected to rise 7.1 percent annually to $223 billion, significantly exceeding the growth rate of the 2007-2012 period, according to 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 U.S.
The Cleveland-based market research firm says China was the world’s largest window and door market in 2012, and will see its share of global demand rise to 36 percent of the total in 2017. Continuing rapid economic growth and industrialization, as well as an increase in the average size of a housing unit in the country, will boost gains. Additionally, as personal incomes rise, households can better afford more expensive, modern fenestration products, thereby increasing the value of demand. As such, China is expected to post robust demand gains of 8.7 percent annually through 2017, a rate slower than that of the previous decade but still among the highest in the world.
Rapid demand gains are also expected by Freedonia's analysts in the other developing areas of the world–particularly in the Africa/Mideast region and South America. However, 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 adoption of more Western style building practices, encouraging the use of modern windows and doors and boosting demand gains.
The US market for windows and doors is forecast to post a strong recovery and see gains of over 10 percent per year through 2017, after suffering outright declines between 2007 and 2012. The primary driver of demand will be an expected housing market recovery in the country. Western Europe, another market that saw declining window and door demand between 2007 and 2012, is also projected to see a recovery through 2017, though not as strong as that in the U.S.
Source: The Freedonia Group Inc.
The 376-page report, World Windows & Doors, is available for $6,400 from the Freedonia Group. More information is available by calling 440/684-9600 or visiting the firm's website at www.freedoniagroup.com.