Increasing housing completions and a boost in construction spending are expected to push up demand for windows and doors 10% annually to total $34.2 billion in 2016, according to the latest market report from The Freedonia Group.
The report cites vinyl windows and doors as the fastest-growing segment, with a forecast increase of 12% each year through 2016, when the sector will value $9.8 billion. This, as manufacturers improve upon products’ looks to help the segment steal market share from its wood and metal alternatives.
Demand for metal windows and doors, still the market leaders, will be bolstered by increased housing activity in the south and west as well as more commercial construction. Although its 8.8% annual growth rate will put the segment’s value at $14 billion by 2016, it’s being outpaced by both plastic and wood.
Wood products’ demand will grow 10.2% annually for the same period to value $10.4 billion in 2016, the report finds, with the increases driven primarily by new design trends that aim to highlight wood grain inside the home and on its exterior in the midrange and high-end housing markets.