The world door and window market was valued at more than $82 billion in 2015 and is forecast to grow at a 5.6 percent annual growth rate through 2024, according to a new research report by Global Market Insights Inc., based in Ocean View, Del.

Positive spending on new construction and renovation of existing buildings will drive demand. Rising populations support the global door and window market for new constructions in the residential, commercial and commodity sectors. Commercialization, improving government and state finances, and public funding in emerging economies such as Indonesia, Thailand, India will further enhance business growth.

The global residential door and window market was valued at more than $45 billion in 2015. Increasing expenditure on construction activities to improve residential, infrastructure, and aesthetic beauty in the developed economies of Europe and North America are expected to support the future growth of the industry, the report says.

According to the report, substandard housing in emerging markets will bring huge investments, while smart homes and high-quality housing in the developed world will provide a stable growth platform for the industry over the forecast timeline.  India is set to witness strong increases, the report says, thanks to to rising middle-class incomes and more rapid industrialization.

Vinyl has developed into the preferred material for door and window profiles due to its light weight, recyclability and low maintenance. The segment was valued at $27.5 billion in 2015 and is expected to reach $47 billion by 2024, the report says.

Wood accounted for over 28 percent of global door and window revenue in 2015 and would grow at a 5.7-percent rate from 2016 to 2024. High thermal resistance, aesthetics and easy availability of timber will support the growth over the forecast period.

The Chinese government has issued various laws to minimize the use of wood, which has played a significant role in the development of vinyl profiles. The country accounted for over 50 percent of the overall Asia Pacific door and window market share in 2015.

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