Oct 23, 2023
Steady growth forecast for plastic windows and doors market
Increasing demand for buildings, an increase in building renovation and improvement activities, and benefits of plastic doors and windows are the main drivers of growth of the global plastic door and window market, says a report from Allied Market Research. The market generated $65.5 billion in 2022, and is anticipated to generate $113.3 billion by 2032, witnessing a compound annual growth rate (CAGR) of 5.5 percent from 2023 to 2032.
Based on type, the door segment held the highest market share in 2022, accounting for more than half of the global plastic door and window market revenue and is estimated to maintain its leadership status throughout the forecast period. The average cost of doors is higher than windows which helps increase the share of this segment. However, the window segment is projected to manifest the highest CAGR of 5.7 percent from 2023 to 2032.
Based on installation type, the new construction segment held the highest market share in 2022, accounting for more than two-thirds of the global plastic door and window market and is estimated to maintain its leadership status throughout the forecast period. However, the replacement segment is projected to manifest the highest CAGR of 5.6 percent from 2023 to 2032. With the increasing disposable income of people in general, spend on home renovation and improvement is rising. This also includes replacement of old windows and door with more energy-efficient ones.
Based on application, the residential segment accounted for the largest share in 2022, contributing to more than half of the global plastic door and window market revenue, and is projected to maintain its lead position during the forecast period. This segment is expected to portray a CAGR of six percent from 2023 to 2032. AN increase in urbanization which drives the demand for homes and other residential buildings is expected to have a positive impact on market growth.
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