Analysis by Type (Doors {Material Type [Wood Plastic Composite, and Fiberglass Reinforced Plastics], Application [Residential, Commercial, and Industrial]}, and Windows {Material Type [Wood Plastic Composite, and Fiberglass Reinforced Plastics], Application [Residential, Commercial, and Industrial]}); – Global Supply & Demand Analysis & Opportunity Outlook 2021-2031
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Regionally, the global composite doors and windows market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these regions, the market in North America region is projected to hold the largest market share of USD 1,021.29 Million by the end of 2031, up from a revenue of USD 742.04 Million in the year 2021. The growth of the market in this region can be attributed to the growing population in North America. North America's current population in 2022 is 376,870,696, a 0.42% growth from 2021. The increasing population has lead a rise in demand for development activities such has construction and renovation in residential and commercial area. Moreover, the features of composite doors and windows which includes water and wind resistance, durability, and more are expected to boost the market further. However, the Asia Pacific region is estimated to grow at a highest CAGR of 4.0% over the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
Growth Drivers
Increasing Spending on Construction Activities - According to the mid-year update of the American Institute of Architects' AIA Consensus Construction Forecast, construction spending on buildings is expected to rise by slightly over 9% in 2022 and by another 6% in 2023. Owing to the increase in spending on construction activities more construction projects are expected to be carried out with various advance facilities, among which one is composite doors and windows. Hence this factor is expected to boost the market growth.
Increasing Urbanization in Emerging Economies - Around 4.4 billion people, or 56% of the world's population, live in cities. By 2050, it's predicted that nearly 7 out of 10 people would live in cities, more than tripling from the current level.
Increase in Income Level of the Population - It was predicted that, compared to 90 million homes in 2019, 130 million families would have an annual income of between US$3,000 and US$9,000 by 2022.
Increasing Use of Composite Doors and Windows in Various End-Use Industries - Dortex launched Hygienic GRP Laboratory Doors which would also sustain in harshest environment such as include rot or rust.
Introduction of New Goods by Various Key Players - REHAU announced the launch of the new system 190 Hung-slider with an integrated RAUSHIELD storm protection system in the United States. With this invention, the tried-and-true high-performance UPVC side-load window series gains an economical alternative for meeting hurricane impact standards in residential and light commercial structures.
Challenges
Given their sturdy construction, composite doors are heavy. Installing them requires a minimum of two persons, and for optimal results, only a professional installation is advised. Hence this factor could hamper the growth of the market.
The global composite doors and windows market is segmented and analysed for demand and supply by type into doors and windows. Out of which, the windows segment is anticipated to garner the largest revenue by the end of 2031, backed by its ability to be more durable. Composite windows require low maintenance as compared to uPVC windows. According to some estimations, composite windows could be 23-35% less expensive than uPVC windows over a 60-year period. Hence owing to which the demand for composite window is expected to increase in future. Moreover, the doors segment is anticipated to grow at a highest CAGR of 4.0% over the forecast period.
Our in-depth analysis of the global composite doors and windows market includes the following segments:
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By Type |
Doors
Windows
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Ans: The major factors driving the growth of the market are growing residential & non-residential construction activities, increasing urbanization in emerging economies, increase in income level of the population, and others.
Ans: The market is anticipated to attain a CAGR of 3.6% over the forecast period, i.e., 2022 – 2031.
Ans: Need for expertise in order to fit composite doors, time consuming manufacturing process, high price of composite doors and windows are some of the major factors expected to hinder the growth of the market.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Andersen Corporation, Chem-Pruf, Fiberline Building Profiles, Pella Corporation, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type and by region.
Ans: The windows segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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