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Demand for windows is forecast to grow 4.5% annually through 2023. Growth in the market segment will primarily be driven by vinyl windows, according to a report published by The Freedonia Group.

Vinyl windows will experience the fastest growth among window materials because of the cost and performance advantages offered by PVC products, rising income levels, and more stringent energy efficient requirements, according to Cleveland-based The Freedonia Group. Metal will continue to account for the leading share of global window sales, though, buoyed by its prevalence in nonresidential buildings and multifamily units.

The Freedonia Group projects wood will continue to lose market share and will post the weakest performance among material types through 2023 as the penetration rate of vinyl and fiberglass windows continues to increase.

The full study, Global Windows & Doors, is available for $6,400 from The Freedonia Group.