Composite Doors and Windows Market Trends

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

• Need for Expertise in Order to Fit Composite Doors
• Time Consuming Manufacturing Process
• High Price of Composite Doors and Windows